The first two licenses for cultivating and processing cannabis products were approved earlier this week by Greece’s government.
Licenses were granted to Biomecann SA and Bioprocann SA. The licenses will have a duration of 5 years and the two licensees will be reviewed annually.
“Bioprocann will be conducting business from a state-of-the-art growing facility of 48,000 m2 in Corinth, Greece,” states part of a release from the company. “From inception to investment and implementation, the Company is leveraged to become a premium cannabis cultivator business brand with an international footprint.”
Bioprocann, is investing an estimated 12.5 million euros in its operations and will employ 66 people. Biomecann’s investment is 9.5 million euros and it is expected to employ 51 workers. Biomecann is based in Larissa.
According to a Google-translated copy of an official statement announcing the licences, Greece’s government is attempting to provide easy and affordable access to medical cannabis for patients in order to improve their quality of life – and to attract related investment to the country.
Products made from locally-grown cannabis are expected to hit the market in 12-18 months’ time.
“Today’s announcement of the first licenses for the establishment of units for pharmaceutical cannabis proves that Greece is now investment-friendly,” said Deputy Minister of Rural Development and Food Mr. Vassilis Kokkalis.
There should be more licenses to come – and very soon.
According to Deputy Industry Minister Stergios Pitsiorlas, twelve applications have been submitted, representing €185 million of investment in projects that will create 770 permanent jobs. It’s expected the applications will be reviewed and a decision made in each instance by the end of this year.
Greece has been gradually warming to medical cannabis. The nation’s government announced it would allow for the introduction of approved imported cannabis medications to treat a range of conditions back in May last year. In March this year, a ban on growing and processing cannabis for medical purposes was lifted. The regulations stipulate that land used for cultivation must be of an area at least 4,000 square metres and secured by fencing.