Greece foresees major investments in medical cannabis production — an expectation that is prompting local pharmacists across the European country to start selling the plant.

According to the Minister for Development and Investment, Adonis Georgiadis, the local government is hopeful that the sale of medical cannabis in Greece will bulk up state revenue to the amount of 1.5 billion euros (USD$1.67 billion) every single 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,” Georgiadis said during an exclusive interview with Greek Reporter

He noted that the sale and production of medical cannabis in Greece is slated to begin this year.

Greek leader announced plans to legalize medical cannabis across the country in 2017 

On June 30, 2017, Greek Prime Minister, Alexis Tsipras declared his intentions to legalize cannabis for medical purposes. During March of the following year, Tsipras proceeded to rescind a cultivation and production ban.

It wasn’t until Friday, May 21, 2021 that the Greek Parliament voted in favor of a measure to legalize medical cannabis cultivation and sale. Despite receiving opposition from leftist political party Syriza, the bill still thrived with 158 “yes” votes against 33 “no” votes.

Medical cannabis investments stimulating production in Greece 

Tikun Europe, a company that was established in Greece during the year 2018, has funneled a major investment into the country’s cannabis production industry. This is according to Georgiadis, who noted that the investment had already been finalized.

Additionally, Georgiadis noted that medical cannabis production efforts in a region of the Balkan Peninsula known as ‘Macedonia’ and Greece’s third-largest city of Patra have already received financial backing from two more major investors in Canada and the United Kingdom.

As the first company in Greece to have bagged a license to legally grow, process and produce medicinal-grade cannabis in the European country. The subsidiary of Israeli Tikun Olam is acknowledged as a worldwide contender in the realm of medical cannabis product research and development.

The Greek minister announced to interviewers from the Greek Reporter that non-local residents, such as overseas visitors, will also have the opportunity to consume medical cannabis across the coastal-rimmed European landscape. 

Furthermore, non-residents would be able to buy it from licensed pharmacies with “the only condition [being] that they have a prescription from their doctor.” On the other hand, he cautioned people against using cannabis for recreational purposes in Greece, since the plant is still prohibited to this extent.