Greece Prepares for Medical Cannabis

The Grecian government is expected to finalize medical cannabis sales soon, a move that is could add major economic value to the country.

Greece approved legal medical cannabis over the summer, essentially de-scheduling cannabis by removing it from the government’s list of “Table A” substances (similar to what a Schedule I substance means in the United States). At the time, little information was revealed regarding what kind of regulations the country’s government would put in place.

Now, Greece’s Parliament is discussing medical cannabis consumption and is expected to make a decision by the end of February, meaning that the industry could begin ramping up very soon.

According to The Straits Times, medical cannabis in Greece could attract $2.4 to $3.2 billion dollars’ worth of investments, as well as Greek, Canadian and Israeli countries that are already interested in expanding into the area and launching the Greek medical industry. “In a few weeks’ time, an amendment will be brought to parliament to define the legislative framework for the cultivation and manufacturing of pharmaceutical products based on medical cannabis, which will open the way for Greek and foreign investments,” said Yannis Tsironis, deputy agricultural development minister. Far from being opposed to cannabis, Tsironis attended a cannabis trade fair held in Athens, and is looking forward to the fact that cannabis could bring so much economic prosperity to his country.

Such news couldn’t have arrived at a better time. Back in November, Chief Executive Officer of the Toronto-based cannabis company Cronos Group Inc., Mike Gorenstein, told Bloomberg that they were looking for other countries for expansion. “We’ve probably had discussions with 20 different countries by now, with regulators, entrepreneurs, pharmaceutical companies,” he stated. “If we were to pick another country in Europe to produce in it would be based on a historical track record and strong climate.”

If all goes well, Greece will join over a dozen European Union countries that have now approved medical cannabis.