Greece Issues First Medical Cannabis Licenses

[dropcap class=”kp-dropcap”]O[/dropcap]n Monday, Nov. 19, Greece officials approved the country’s first medical cannabis licenses, allowing private companies to cultivate the herb.

It was over a year ago that Greece lawmakers legalized medical cannabis, and it wasn’t until March 2018 that a ban on cultivation and production was lifted. But according to the Ministry of Economy, Development and Tourism, two licenses were granted, and an additional 12 will be approved by the end of 2018. “There is huge interest, mainly from Canada and Israel … some of them (potential investors) are huge,” said Deputy Economy Minister Stergios Pitsiorlas. The main interest in medical cannabis is for the benefits of exporting to other countries.

Pitsiorlas announced these details at a news conference, where he also shared that medical cannabis products are expected to hit shelves about 12 to 18 months from now (which estimates a range between November 2019 to June 2020). Although “thousands” of residents in Greece utilize medical cannabis to help treat their various medical conditions, there is no current data to be shared. Health Minister Andreas Xanthos noted that whenever medical cannabis does become available though, it would be via prescription that is not covered by health insurance.

Larissa (located in central Greece) will be home to a facility owned by BIOMECANN SA, Corinth (which is south of Athens, the country’s capital) will be home to BIOPROCANN SA. With the eventual arrival of medical cannabis will also come jobs, and the Ministry believes that a total of 14 licensed businesses will create approximately 750 jobs. Monetary estimates also point to a €9.5 million investment in cannabis operations in Larissa, and €12.5 million in Corinth, respectively. Most of the investment funds are said to be coming from Canada and Israel, and they could equal up to €200 million combined.