Nine applications for medical cannabis cultivation-processing units in Greece already approved

Monday, 13 May 2019 12:44
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Του S. Zisimos

One “new economy” sector that appears to be attracting investors’ interest in post-bailout Greece is the cultivation and processing of medical cannabis, with initial indications, at least, pointing to the prospect of a noteworthy fillip for the recession-battered economy and employment.

The estimates come a year after the finalization of a legal framework to allow the specific niche sector to operate, with six licenses already approved by relevant ministries for the operation of cultivation and processing units.

Another eyebrow-raising 50 applications for licenses have been submitted, three of which are in the final stages of approval.

In total, the investment plans of the 56 approved and submitted applications by investors reach 590 million euros, with the more optimistic forecast also pointing to up to 3,500 new jobs created in the nascent sector.

While several of the currently submitted applications are expected to be rejected, new applications are being fielded on a monthly basis, as nine alone were fielded last month. 


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