"The 3rd Edition of The European Cannabis Report™ is the most extensive review of the European cannabis industry to date. The report looks at legislation, regulation, market size and market opportunities in over 28 European countries, all of which is intricately detailed over 150 pages. "
GREECE (pages81-84)*
1.Market Overview
Medical cannabis use was legalized in Greece in June 2017.Shortly thereafter, in March 2018, lawmakers approved and law permitting the processing and processing of medical cannabis in Greece. This decision was the latest in Greece's recent history of anti-prohibition stances, including the legalization and reintroduction of hemp in May 2016. The decision to
reintroduce the hemp was borne out of a desire to reignite the cultivation industry and create commercial trade in natural hemp products. In the near future, the country will rely on imported cannabis from nations with an existing, established cannabis cultivation infrastructure to supply its patients.
The government, however, is keen to develop a full process cannabis system in the mid to long term in order to support the ailing agriculture industry and help boostthe economy. Greece will seek to develop a cultivation, processing and distribution sector.
Greece will benefit from a predominantly export-based cannabis industry. As of March 2018, five consortiums have already approached the Deputy Economy Minister, Stergios Pitsiorlas, with investment plans to cultivate cannabis
for medical use. The value of the investment plans is estimated to be € 1b.
2.Regulatory Environment
medical use of cannabis under a state run program. A joint ministerial decision from four Greek ministries is expected during the summer of 2018, setting out the requirements for the licensing of production facilities.
Greece is also awaiting a ministerial decision from The Ministry of Health will set the conditions for medical cannabis registrations, prescriptions, products and dosage.The specifics of production and distribution are still to be revealed by the left-wing Syriza party, though the Prime Minister, Alexis Tsipras, has confirmed that cannabis would be downgraded from Table A to Table B substance
under Greece's regulatory structure. Effectively, this means cannabis will be recognized as a drug that has accepted medical use in the treatment of certain conditions. According to Andreas Xanthos, the Greek Minister for Health, these conditions will include chronic pain, neuropathic pain,
nausea due to chemotherapy, and some eating disorders.
3.Healthcare Analysis
Healthcare in Greece consists of a universal healthcare system provided through national health insurance and private healthcare. Healthcare in Greece is provided by National Healthcare Service (ESY). Healthcare spending took a massive hit during the Greek financial crisis of 2008 and per capita spending on healthcare fell by 28%, although the standard of healthcare has not dropped
significantly.
While Greece aims to introduce domestic cannabis cultivation industry, medical cannabis will at first be imported. Although the full list of available products is
unknown, it is rumored that Sativex and Epidiolex will be imported to begin with.
4. Commercial Opportunities
The impact that medical cannabis could have on Greece's struggling economy could be substantial. If Greece were to benefit from medical cannabis to the same extent as other countries that have introduced medical cannabis, it could
inject up to € 2 billion into the economy.
Greece has a great potential for developing a strong cannabis industry both for medical and industrial applications due its geomorphology and climatic conditions. However, the licensing system favors vertically integrated companies, which can complete the entire cannabis development cycle
including cultivation, production and processing services. Thus, the new legislation on medical may exclude local farmers from the process. Farmers are eager to diversify their production portfolio as long as the regulatory framework allows it, though they can only grow hemp. We estimate that if cannabis is regulated for medical, recreational and industrial potential in Greece the potential market value could reach € 2b, with the creation of 10,000 new jobs.
On 2 March 2018, the Greek government announced plans to cultivate cannabis for domestic consumption and export. In the immediate aftermath, a number of interested parties had contacted the Ministry of Economy and Development. Among the interested parties are two of the world's largest
companies in the sector, both from Canada - Aphria and Canopy Growth.
-Aphria plans in the next four years to develop 92,000 square meters of greenhouse with a production capacity of more than 100 tonnes, creating up to 500 jobs until 2021.
-Canopy Growth aims to invest over € 50 million, initially for the creation of 50,000 sq.m. that will gradually expand to 100,000 sq.m. of cultivation, which
will create between 500 and 1000 jobs.
-Golden Greece Cannabis intends to grow cannabis on a 1-square kilometer plot at Naoussa, west of Thessaloniki, and also foresees the construction of a plant to process and produce pharmaceutical products, for a total investment that will start from € 400 million and exceed € 1 billion after two years.
-Shanghai-based Europacific Medical has a € 20 million investment plan for Greece, as does HAPA Medical Holdings BV, based in the Netherlands.
5. European Panel
Michalis Theodoropoulos, President of the Board, Kannabio Hemp Cooperative
The main barriers to any further legislative change in Greece are due to the rigid and centralized governance system, bureaucracy, and fragmentation
of responsibilities among the ministries. Also, the lack of an independent organization to manage cannabis policies and the exclusion of experts to government consultation processes play a role. Moreover, there is still
strong opposition from conservative parties such as the New Democracy, the Communist Party, and the far right parties, as well as from the Church and the State Drug Rehabilitation Centers (KETHEA, 18ANO).
Increased public awareness and support for the issue is stimulating change, as well as economic success of other regulated cannabis markets. There is already
momentum for small enterprises selling hemp products and cannabis paraphernalia in Greece.
An independent cannabis agency is required to successfully implement the new policies on cannabis regulation. Cannabis is a traditional crop for Greece, and
during the previous century, the country exported large quantities across the Mediterranean.We expect to see a pilot implementation of the new laws on medical cannabis, most probably followed by and the revision of the policy, since the current institutional.
The framework is fragmented and incomplete. In parallel we expect a boom in new businesses related to hemp product distribution and an increase in hemp acreage and cultivation. Under the current government they are unofficial discussions on the regulation of adult use. If the current ruling party remains in power after the next elections, it is possible that there may be a revision of
the country's drug law to decriminalize cannabis use and possession, personal cultivation and adult use
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