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Greece Issues Licenses to Grow Medical Marijuana

November 26, 2018
Greece Issues Licenses to Grow Medical Marijuana

In a move to open the doors for cultivation and ancillary opportunities to domestic as well as international cannabis companies, Greece took a bold step and issued its first cannabis cultivation licenses,both of them going to  private companies. One of them, the Bioprocann S.A Company - intends to cultivate medical cannabis in a 64,500 sq. feet greenhouse area and 21,500 sq. feet indoor area. 

In order to capture the future demand for the product in the EU markets, many companies have already lined up and are ready to pump more than 1 billion Euros (equivalent to almost $1.1 billion) into the lucrative cannabis sector.

As per the existing legal framework in Greece, it can export the product to any country that holds a valid import license.

It should be noted that the legislature in Greece approved the fundamental legislation for medicinal cannabis in the month of March 2018. Soon after this 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. The only thing that's missing now is will the hospitals and patients will have access to it.

As per the Prohibition Partners' European Cannabis Report, cannabis will now be classified as a drug since it is now accepted for medical use for the treatment of certain medical conditions, such as nausea, chronic pain, and nausea caused by some eating disorder and chemotherapy. This is the reason, it has now been downgraded from Table-A to a Table-B substance.

The report further stated, "The impact that medical cannabis could have on Greece's struggling economy could be substantial. If Greece were to benefit from medical cannabis to the same extent as other countries that have introduced medical cannabis, it could inject up to 2 billion Euros into the economy."

According to the reports coming from Reuters, the Ministry of Economy and Development in Greece is expected to issue 12 more licenses by the end of this year.

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