Your latest cannabis business info from Europe

Your latest cannabis business info from Europe

2023-03-21

Greece: Largest facility of medical cannabis in Europe

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Medical cannabis production in Greece

Examilia, Corinth, now houses first-ever medical cannabis production facility in Greece, a significant development for the nation’s cannabis market. It cost €40 million and was constructed close to Corinth by the Israeli business Tikun Olam. A 21,000 square meter hybrid greenhouse, a production factory, and an R&D division are all part of the six hectare facility.

Tikun Europe specializes in cannabis-based medicines. This fully approved facility will produce high-quality medicinal cannabis products, such as oils, tinctures, and capsules. Thr production will cover needs of patients in Greece and other European nations.

Current situation of cannabis in Greece

The plant’s launch is an important development for the Greek economy. It will likely lead to the creation of new employment and money for the government. Greece domestic facility is already there. Thus, patients who previously had to rely on imports for their medication will probably have easier access to medical cannabis. The country has gradually eased its marijuana rules in recent years. Greece legalized medicinal marijuana in 2017 and decriminalized recreational usage in 2021. The nation’s Minister of Development and Investments, Adonis Georgiadis, praised the project’s ability to export throughout Europe.

Greece employs 10% in the pharmaceutical industry and exports pharmaceuticals worth about €3 billion annually. The industry produces pharmaceuticals for diabetes, cholesterol, and antibiotics, and it is also the country’s second-largest export. Numerous multinational pharmaceutical companies, like the German company Boehringer Ingelheim, have made significant investments in Greek production facilities.

Investment’s importance for Greece

The investment made by Tikun Europe in Greece is a component of its plan to grow its market share in Europe and establish itself as a top supplier of medical cannabis products. For instance, the business already has operations in other European nations, such as Malta and the United Kingdom, and it has future expansion plans.

The medical marijuana initiative will assist Greece in gaining a larger portion of a market. In addition to the roughly €1.2 billion invested in a dozen new production sites and 18 research centers throughout the nation, investors from North America and Europe are also planning two additional cannabis production facilities. The launch of the nation’s first medical cannabis production facility should have a favorable effect on the country’s economy and healthcare system. Also, we can expect additional sector investments and the establishment of new businesses in Greece.

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