Greece announced that it has issued its first two licenses to private companies for growing medicinal cannabis in the country, which is expected to generate billions of dollars and set to create 770 jobs.
A total of 14 licenses will be issued across the country for the production of medicinal cannabis, with two issued this week and 12 will follow by the end of the year.
Greece legalised cannabis for medical use last year and in March lifted a ban on growing and producing it. There is said to be a huge interest especially from Canada and Israel.
Emphasising that Greece is an investment-friendly country, as highlighted by the implementation of this "strict but at the same time flexible legislative framework", Deputy Minister of Economy and Development Stergios Pitsiorlas, Health Minister Andreas Xanthos and Deputy Minister of Rural Development Vasilis Kokkalis announced the issuing of the first two licenses at a Press Conference on Monday the 19thof November 2018.
The first license was given to BIOMECANN SA for 11 acres in the area Larissa. This is an investment of € 9.5 million, which is said to create 51 jobs.
The second license was given to BIOPROCANN SA, with an investment of 12.5 million euros for 46 acres in Corinth and is estimated to create 66 jobs.
Greek investors are part of the two companies, but the majority of stakeholders are international.
The remaining companies that will receive their license are also international with Greek partnerships, but there are also some Greek companies, according to the head of the Business Licensing Division, Eirini Pittara.