The Greek government has awarded its first licenses to two private companies for the cultivation of marijuana for medicinal purposes.
According to Marijuanna Business Daily, international companies in the sector are “lining up” to pump more than €1 billion into Greece’s burgeoning marijuanna production industry to tap future European demand.
The first licensed cannabis hothouses will be in Larisa in central Greece, and in Corinth in the Peloponnese. The 14 licences were expected to create more than 750 jobs and represented about 185 million euros ($212.05 million) in investment.
“Exporting is definitely part of our current vision and our strategic approach,” Nikolas Onoufriadis, a principal at Bioprocann, told Marijuana Business Daily in an interview.
Greece’s current legal framework allows for exports so long as the receiving country holds the necessary import license.
“The impact that medical cannabis could have on Greece’s struggling economy could be substantial,” the Deputy Economy Minister Stergios Pitsiorlas said in a Reuters interview.
Greece legalized cannabis for medical use last year and in March lifted a ban on growing and producing it.
Legalizing cannabis for recreational purposes is not under consideration, Pitsiorlas said.
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