As the government finally begins digging its way out of its over $360 billion USD debt, one thing they hope will help achieve that goal is medical marijuana.
Like many politicians in Canada and the U.S., Greece sees marijuana as a revenue stream that could really bolster their economy.
Although marijuana is only legal in Greece for medical use, recent changes will finally help kick the industry into gear.
Applications and Changes
Greece is not wasting a second getting their medical cannabis industry up and running. At this point, the country received 72 applications. Out of the total, 26 were approved, four rejected and the rest are pending.
In order to begin growing, businesses need three separate licenses. So far, none of the approved aspiring growers received all three. Nonetheless, the current government is very progressive on marijuana reform and has pledged to get through the process as quickly as possible.
When Greece legalized medical marijuana in 2017, they imposed a ban on cultivation. However, they repealed that ban in March of 2018.
Recreational marijuana is still illegal, but its use is widespread and “largely ignored.”
An Economic Opportunity
Canada and parts of the U.S. see domestic marijuana sales as a huge cash crop. However, Greece’s goals differ slightly.
Medical marijuana alone will not substantially increase the income from taxes. Instead, Greece seeks outside investment as their magic solution.
According to The National Herald:
“Prime Minister Kyriakos Mitsotakis said getting more foreign companies was one of his top priorities in a bid to speed a slow recovery from a 9 ½-year-long economic crisis and the Aug. 20, 2018 end of three international bailouts of 326 billion euros ($364.22 billion.)”
The potential is certainly there. Bringing in new cannabis investors may not solve all of Greece’s economic problems, but these companies will certainly help:
“…new licenses will eventually lead to around €360 million ($402.21 million) of investment and create up to 2,250 jobs…”
The European Market
With countries like the U.K. finally legalizing medical cannabis and Luxembourg poised to have a complete framework set up within two years, marijuana reform is a hot topic that will likely spread. Europe’s marijuana market has nowhere to go but up.
The National Herald mentions just how lucrative this market could be:
“Greece is primed to be a big player in the European Union cannabis market could be worth up to €123 billion ($137.42 billion) by 2028 and the country could have an edge if it becomes…more business-friendly.”
In such delicate economic times, this edge could have widespread benefits for the entire country.
WeedAdvisor’s Enthusiasm for the Greek Cannabis Industry
While it is unfortunate that Greece went through such an economic crisis, the new administration’s enthusiasm for medical marijuana poses some major opportunities.
As Greece prepares to set up its framework and one day compete on a global scale, WeedAdvisor looks forward to partnering with members of the Greek cannabis industry.
Source: https://weedadvisor.com/
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