As the health ministry prepares the draft law legalising the cultivation, sale and trading of medical cannabis by individuals and legal entities, the first deal for a foreign investment appears to have been sealed.
The major Canadian medical cannabis manufacturer Aphria is proceeding with an investment in Xanthi, northeastern Greece, on 5,000 hectares of land.
The decision was preceded by a series of meetings with Deputy Economy and Development Minister Stergios Pistsiorlas, and working groups with representatives of the government and Aphria will be hammering out the details regarding implementation of the investment.
The climate in Greece was a key factor in the choice of Xanthi, as it is suitable for the cultivation of cannabis.
Aphria is a listed company that is headquartered in Ontario, Canada.
Established in 2013, it specialises in the industrial production of medical marijuana and has a US subsidiary.
The “cannabis economy” is considered one of the fastest growing businesses internationally.