Pharmaceutical cannabis: American interest in export investments in Greece
The market value of medical cannabis is expected to reach $ 56 billion by 2028, according to Evan Michailidis, Partner at law firm Duane Morris
The intense interest of representatives of important American companies for investments in the field of medical cannabis in Greece, was recorded in an online event co-organized on Thursday, May 20, by the Hellenic Investment and Foreign Trade Company SA. (Enterprise Greece), the well-known American law firm Duane Morris and the Office of Economic and Commercial Affairs of the Consulate General of Greece in New York.
Seeing investment opportunities in the pharmaceutical cannabis sector in our country, Duane Morris, addressed companies that are exploring new investment opportunities and the majority of them attended the event, with the participation exceeding the initial forecasts, and reaching 120 participants.
As pointed out during the webinar, the new bill promoted by the Greek government paves the way for the production of processed cannabis products of all forms, including dried buds in 30 gram packages exclusively for export, regardless of whether they are intended to be used as a final or intermediate product or as a raw material for medical and pharmaceutical purpose sin the importing country .
With this important legislative intervention, as it was pointed out, the constant needs of the market are met, but also the demand for dried buds, mainly from Europe. This regulation is accompanied by simplification of approval procedures, improvement of location issues, ensuring the safe and unhindered disposal of medicinal cannabis products, under the control of the National Pharmaceutical Organization, to meet the prescribed needs of patients with serious underlying diseases. Its main goal is to unblock approved investments that remain stagnant in the country and pave the way for attracting young people from mature markets such as the US.
This initiative is expected to assist in the development of business synergies, to contribute to the creation of new highly specialized jobs and to make Greece the center of developments in the European market. At the same time, it is proving that our country is entering a new era, having now modernized its institutional framework in this field towards greater effectiveness, as mentioned in the relevant information.
Mr. Evan Michailidis, Partner of Duane Morris, Mr. George Michailidis, Head of the ISD Office of the Consulate General of Greece in New York and Mr. George Filiopoulos, CEO of Enterprise Greece addressed brief greetings.
During the web conference, Mr. Seth Goldberg, Duane Morris Cannabis Team Lead and Partner, gave a comprehensive presentation of the situation and dynamics of the global market, while the Director of Attraction and Investment Support of Enterprise Greece, Mr. Elias Iliadis, presented the opportunities presented by the Greek market, the country’s competitive advantages, as well as the forecasts of the new regulatory framework.
Finally, two successful investment projects were presented to the participants:
– The work of Kaya Holdings by its President and CEO, Mr. Graig Frank, and President and Managing Partner, Mr. Panos Kininis, and
– The work of Tikun Europe by its CEO and Vice President, Mr. Nikos Bey.
The CEO of Enterprise Greece, Mr. George Filiopoulos, made the following statement: “Listening to the trends of the domestic and international market, the Greek government immediately took corrective action on the regulatory framework for medical cannabis. It is certain that the possibility that is now offered for production with the aim of exporting finished products, brings Greece very close to the investment radar of important American companies.”
Evan Michailidis, Duane Morris Partner, said in a statement: “Duane Morris was one of the first large law firms in the United States to set up a specialized technical team, one of the leading in the world today, dedicated exclusively to the sector of hemp cultivation. As a result, we can easily identify uniquely competitive investment opportunities in the cannabis sector and there are really few as dynamic as those offered by Greece! We believe that Greece can become a leader in the cannabis sector in Europe, where the market value of medical cannabis alone is expected to reach $ 56 billion by 2028. The Greek government seems to recognize the magnitude of the opportunity and is taking the correct steps.