Israelis invest in industrial cannabis production in Thessaloniki

An investment that will total six million euros for the production of initially industrial and then medical cannabis, which will be exported mainly to Europe and Israel, is underway in the coastal area of Epanomi, Thessaloniki.

The project is being spearheaded by a business group consisting of Israeli private investors.

The first phase of the investment, amounting to 1 million euros, has already begun and includes the cultivation of industrial hemp in an area of 40,000 sq.m. (including drying areas for raw materials and warehouses).

It is hoped that the first harvest will take place in October and/or November.

The second phase, amounting to 5 million euros, is expected to enter the starting line in 2022 and envisages the creation of a medical/pharmaceutical cannabis processing unit, as Amit Fahima, a partner of the group, told AMNA.

In its final phase, the investment will employ about 40 staff, with additional hiring's on a seasonal basis (eg during the harvest period).

READ MORE: Bill approved for production of medicinal cannabis by Greek Parliament.