March 7, 2023 08:00 am ETEstimated Read Time: 4 Minutes
Thursday, Jan. 26, 2023, will be a date to remember for cannabis lobbyists in Greece because, on this day, the first-ever medicinal cannabis production plant was inaugurated at Examilia in Corinth. Drizzled in seaside charm, Corinth is renowned for its ancient Roman remains and now claims the limelight as a medical marijuana production hub.
Tikun Europe invested in Greece’s new medical marijuana production venture. The subsidiary of Israel-based Tikun Olam was welcomed with open arms by Greek Development & Investments Minister Adonis Georgiadis, who described the day as “historic.” During the inauguration, Georgiadis noted that Greek patients stand to benefit from using plant-produced medicines, despite cannabis “having a difficult history due to its nature as a narcotic.” Georgiadis added that medical cannabis is “a product that we will be able to export throughout Europe because this factory can carry out huge exports to all major European countries.”
The CEO of Tikun Europe, Nikos Beis, also shared his views on the launch of Greece’s medicinal cannabis production plant. Beis expressed his excitement about the factory being the largest pharmaceutical facility in Europe, where a medical cannabis industry is sprouting across Luxembourg, Germany, and Malta.
“A new era is beginning for our country with the operation of our Tikun Europe facility, paving the way for Greece to become one of the main players in the field of production and export of medical cannabis products,” he told reporters. Based on a statement released by Tikun Europe, the medicinal cannabis production plant is equipped to produce finished products in a wide range of pharmaceutical forms; the 21,000 m2 space is designed to produce 10 tons of dry flower annually.
Greece Anticipates Major Investments in Medical Cannabis Production
According to industry insiders, it won’t be long before Greece’s brand-new medical cannabis production facility reaches full capacity. A broad scope of medical cannabis dosage forms will be produced at the pharmaceutical cannabis production plant, which is expected to attract major investments. The European country’s governmental body is optimistic about the financial rewards associated with Greece’s new medical cannabis production facility. Georgiadis told the Greek Reporter that the site is expected to generate upwards of 1.5 billion euros ($1.67 billion) for the economy each year.
“The goal is for Greece to become the top European country in the production of medical cannabis. Greece’s environment is friendly for this particular plant and we think we will have a natural advantage,” he said.
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Although recreational cannabis remains illegal across the Grecian landscape, the plant was legalized for medical use in 2017. The Greek minister noted that foreigners will also have the opportunity to legally use medical cannabis in Greece since the law stipulates that outsiders can purchase it from pharmacies with “the only condition that they have a prescription from their doctor.”
Since June 2018—when legislative framework was enacted permitting the licensing of plants for medical cannabis cultivation and production purposes—a total of 134 plant installations have been licensed across the nation by the General Secretariat of Industry of the Ministry of Development and Investments.
Kaya Holdings Acquires 50% of Second Medical Cannabis Project in Greece
Another recent advancement in Greece’s medical cannabis industry took place on Jan. 11. when Kaya Holdings, Inc., confirmed that its majority-owned subsidiary Kaya Farms Greece had formed an agreement to purchase half of a Medical Cannabis Project in Epidaurus, Greece (“Greek Kaya”).
Kaya is a veteran U.S. cannabis company that holds and operates cannabis licenses in all categories that touch the plant. Medicinal-grade cannabis will be cultivated inside a 25,000-square-foot extraction and processing facility as part of the Greek Kaya Project. The project also includes a 10,000-square-foot EU-GMP packing area.
This is Kaya’s second foray into the realm of European cannabis. Greek Kaya hopes to capitalize on 50,000 square feet of building space to fast-track sales of KAYS proprietary branded cannabis products across Greece, Germany, and other EU markets. Before the joint venture can kick into high gear, Greek government authorities must approve financing and final licenses.
Expansion efforts will likely take place in the future, with ample space to build an additional 15,000-square-foot production plant on-site. The Epidaurus site also comprises two adjoined industrial buildings stretching over 50,000 square feet on 2.8 acres of land. An independent industrial electrical power center and water supply will be utilized to carry out production.
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