Greece Opens Europe’s Largest Medical Cannabis Cultivation Facility

The investment by Tikun Europe, a subsidiary of Israel-based Tikun Olam, was welcomed by Greek Minister of Development and Investment Adonis Georgiadis, who called the inauguration a historic day when he spoke at the cannabis facility’s opening ceremony.

Georgiadis added that the cannabis produced is “a product that we will be able to export throughout Europe, as this factory can realize huge exports to all major European countries.”

The factory, located on a private 56,000-square-meter site in Corinth, is an investment of more than €30 million and has a research and development department and high-tech equipment.

Read more about the opening of the largest medical cannabis facility in Europe, located in Greece, and find other important news from around the world. Born2Invest’s team of journalists gathers the most interesting business news in a single mobile application. It’s impossible to keep up with everything you’re interested in, but our companion app will help you keep track of the important news. Our app is being updated throughout the day.

Nikos Beis, CEO of Tikun Europe, said the factory is the largest pharmaceutical plant in the hemp industry in Europe

“A new era begins for our country with the operation of our Tikun Europe plant, paving the way for Greece to become one of the major players in the production and export of medical marijuana products.”

According to Tikun Europe, the new facility can produce finished medicinal cannabis products in various forms – flowers, extracts, capsules, creams, and more.

The company’s goal is to begin cultivation immediately in a 21,000-square-meter greenhouse with an annual production capacity reaching 10 tons of dry flowers at full growth.

The resulting plants will be used for propagation according to strict protocols that will ensure that the unique characteristics of the mother plant are preserved for future generations.

The factory consists of three separate units, including a greenhouse growing area, a plant processing area, and an area dedicated to the production and packaging of finished cannabis products.

The company said the factory meets the European Union’s GACP and EU-GMP standards, as well as national regulations for the cultivation and processing of medical cannabis, and will be operated with full responsibility and respect for the environment.

Greece expects huge investment in cannabis production for medical purposes

The facility is expected to gradually reach full capacity in the near future to supply a wide range of cannabis products.

Since June 2018, when the legal framework for licensing plants for cultivation and production of finished medicinal cannabis products came into effect, the General Secretariat of Industry of the Ministry of Development and Investment has licensed 134 cannabis crops for medical purposes across the country.

Greece expects a huge investment in medical cannabis production, and it is estimated that the country will earn an additional 1.5 billion euros ($1.67 billion) from the sale of cultivation licenses, tax revenues and other income.

“The goal is for Greece to become the leading European country in the production of medical marijuana. Greece’s environment is friendly to this particular plant and we believe we will have a natural advantage,” – Adonis Georgiadis, Greek Minister of Development and Investment, said.

The Greek minister revealed that foreigners will also be able to use medical marijuana in Greece and that they will be able to buy it from pharmacies, with “the only condition being a prescription from a doctor.”

__

(Featured image by tghurd via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in Fakty Konopne, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.