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Greece Challenges , in Race to Be Europe's Marijuana Hub

February 16, 2019
Greece Challenges , in Race to Be Europe's Marijuana Hub

Greece has managed to attract a huge investment for medical and industrial cannabis production. More than 30 foreign investment applications with a total worth of almost 350 million Euros (that is equivalent to almost 400 US$) have been received so far. If all of these investments are materialized, it will potentially set up Greece to be EU's top supplier of medical cannabis in the coming year. Although not all the licenses have been approved yet, there are a few cases that are pending in line, but their numbers are very low. Once all of them get approved, the total investment in Greece will definitely exceed Denmark's total of US$ 308 million (equivalent to 407 Canadian dollars) investment.

According to the Athens-Macedonian News Agency, the General Secretariat of Industry in Greece has so far approved only two of the applications from the 30 received and 26 are still pending, while two have been rejected. The net worth of the 26 applications which are still pending for approval is estimated to be roughly 11.8 million square feet of land.

It was in the month of November that the country awarded the first cultivation licenses ,both of them are privately owned companies. It should be noted that the legislature in Greece has approved the fundamental legislation for medicinal cannabis in the month of March 2018. Soon after his fundamental decision, the Ministry of Health came up with an outline of the market authorization process, while a joint ministerial decision was able to define the application process as well as the facility requirements.

Currently, Canada, UK, and the Netherlands are the major exporters of medical cannabis for the EU market, which comes in the shape of Sativex - a cannabis pharmaceutical product containing equal amounts of THC and CBD.

Many of Canada's cannabis companies including The Green Organic Dutchman, Aurora Cannabis, Canopy Growth, ICC International Cannabis, and Aphria have started setting up their cultivation facilities in Denmark. Portugal and Israel are also in the race of supplying medical cannabis to Europe.

According to Prohibition Partners - a UK based analytical firm, Germany, Italy, and the Netherlands (EU's top three medical cannabis markets) are expected to have 225,000 patient count this year (which is almost double from past years). It is expected that the total market for medicinal cannabis in the European Union will surpass € 58 million mark over the next 10 years.

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