A bill to allow the production of medicinal cannabis in Greece has been approved by the country’s parliament. Those who voted in favor of the bill include the government coalition and centrist parties.

The government’s draft bill was supported by parliamentary committees in a bid to develop a legal framework for medicinal cannabis cultivation and production. In addition to this, the bill will allow for the distribution of medicinal cannabis for export or the domestic market.

“We are discussing the licensing of a single, integrated unit that includes production, processing, and production of finished medicinal products of hemp. That’s what it is about,” said Health Minister Andreas Xanthos.

Not everyone voted in favor of the bill, however. Centrists’ Union, Communist Party, New Democracy and Golden Dawn were among those who voted against. Despite this, opposition parties claim that the approval of the bill is a “step in the right direction.”

Medicinal cannabis in Greece could attract investors

Investors are keen to get a slice of Greece’s medical cannabis market.

The Greek Parliament’s decision to allow for the manufacturing and sale of cannabis-based medical products has stirred up a lot of interest amongst cannabis industry leaders.

Two of the largest cannabis cultivators in the world are getting involved – Canopy Growth and Aphria.

As much as 50 million euros will be invested into medicinal cannabis in Greece. The funds will contribute to the development of a 16,000+ square foot facility for the cultivation of the plant.

As time progresses, the facility will increase in size to 33,000+ square feet. With investments of this kind, there is immense potential for job growth throughout Greece.

Investments will contribute to the production of cannabis pharmaceuticals

A plot located at Naoussa in the western region of Thessaloniki will be turning a vibrant shade of green very soon. This plot will be used by Golden Greece Cannabis with an investment of 400 million euros. After two years, the company aims to invest 1 billion euros.

In addition to Golden Greece Cannabis’ contribution to Greece’s medical cannabis market, Europacific Medical is on board to cultivate plants for patient use, with an investment of 20 million euros.

Greece’s climate is favorable for cannabis cultivation, which is also proving attractive to investors like APA Medical Holdings BV.

Dry and warm, the climate in Greece is very similar to the climate in California, which boasts a cannabis market estimated to be worth US $3.7 billion by 2018, according to BDS Analytics.