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Greek Parliament Considers New Cannabis Investment Bill

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A draft law proposes to ensure the regulation of a safe medical cannabis market at home and for exports.

Greece is steadily moving forward on improving both its investment and regulatory climate to encourage more production of cannabis in the country for export and to normalize cannabis medications from elsewhere.

The draft law of the Ministry of Development and Investment seeks to ensure a regulatory schema for the medical industry. This will include accepting European-wide marketing authorization (so producers do not have to seek individual approval in Greece if approved elsewhere). The restriction on the state monopoly control of products is also coming to an end.

National Distribution

The implications of the bill start with domestic distribution. Producers will be able to distribute domestically through a normalized pharmaceutical channel. This means that they can distribute directly to pharmacies, treatment centres and hospitals.

It also means that Greek producers finally will be able to meet international requirements to export internationally – namely the medical program domestically will fall under the rubric of the national medicines’ agency, which is a first, big requirement for export.

The Export Market Is Calling

The bill stipulates that the production of finished products in 30-gram packets will be permitted. This is a clear bid to enter the European medical market elsewhere (including Germany). The production of such product will also be allowed, regardless of how such products are used in the export country – either as a raw, intermediary, or finished product.

One of the more interesting aspects of this approach, of course, is that it also sets Greece up as a potential producer for not only medical markets but of course, the recreational ones that are now beginning to plan for on-the-ground rollout. See Luxembourg and Switzerland in particular.

The Nevada of Europe?

Greece represents an interesting turn of events for the industry across Europe. Not only is the investment and other climate right for this kind of industry, but the tourist potential from abroad, especially from Europe, is high. Health insurance “travels” here. That means that a German patient-tourist living in Greece, could get a medical cannabis prescription written by a local doctor and get it covered by an insurer at home.

As the Pandemic restrictions continue to lift, and the major issues with access at home continue, it is not unrealistic to expect to see longer-term tourists or even regular, quarterly visits for patients looking for ways to treat their condition more cheaply than they can at home.

For the most up to date information on investment opportunities across Europe, be sure to book your tickets now for the return of the International Cannabis Business Conference to Europe this July!