Greece Opens Europe’s Largest Medical Cannabis Cultivation Facility

February 2, 2023 · Born2Invest

The medical cannabis facility is expected to gradually reach full capacity soon 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 Greece.

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.” (Full Story)

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