Greece recently approved its first two medical cannabis cultivation licenses to the private companies Biomecann and Bioprocann. The approval of these licenses signifies that both companies can start growing cannabis in Greece, and it is expected to generate hundreds of new jobs and more domestic and international investment. Both licenses are just the first out of 14 licenses that will be issued by Greece Economy and Development Ministry will release by the end of the year. These licenses will permit the companies to grow legal cannabis that will later be distributed to medical patients who are suffering from conditions including anxiety, pain, PTSD and more
Biomecann, a medical marijuana company, found in Larisa, central Greece, on the other hand, Bioprocann, is based in Corinth. Both Biomecann and Bioprocann are the only private cultivation companies that have been approved to grow marijuana in Greece. Officials say they will issue another twelve by the end of the year. Licenses will be valid for up to five years, and they will be renewed annually. According to Reuters, all 14 approved marijuana growers represent more than $212 million in investment and will lead to more than 750 jobs.
When Greece became the sixth nation in the EU to legalize cannabis in 2017, medical marijuana patients in Greece gained access to cannabis prescriptions. Immediately after that, medical cannabis imports were opened in Greece, which revitalized its stagnant hemp industry. Moreover, I March 2018, the domestic cultivation and production of medical cannabis products was legalized in Greece. This will give licensed private cultivators the ability to sell cannabis to local retailers, and export cannabis to different nations. Patients in Greece have not complained about the shortage of medical marijuana products. The SYRIZA government is currently working on establishing a strong cannabis export industry as part of its objective of economic recovery.
Greece is putting the required legislative and regulatory infrastructures to support its fledgling cannabis industry. Furthermore, officials in Greece organized several high-profile events to attract investors. Different nations in the EU have surpassed Greece regarding implementing cultivation industries. However, Greece wants its regulations to offer incentives that are more suitable for major international companies.
It’s no surprise that the Greek economy is going through some troubles that have put the country in a dire financial deficit. Due to the nations inability to pay its debts, Greece has accepted the severe measures imposed in bailout negotiations with European lenders. The progressive SYRIZA government of Greece hopes medical cannabis can offer the financial boost will recover the economy of the nation. Thus, Greece Prime Minister Alexis Tsipras’ has highly acknowledged the marijuana industry. Indeed, the party of Tsipras is forecasting $2.3 billion in revenue stemming from the cultivation and production of medical marijuana.
This means that Greece is planning to become a leading nation on the international medical cannabis cultivation platform. Greece aims to compete with major European exporters including Denmark and the UK. But the Greek government is not yet ready to legalize and regulate the adult use of cannabis.