Home / Agriculture/ Greece eyes pot of gold as medicinal cannabis licensed

Greece eyes pot of gold as medicinal cannabis licensed


Comments / {{hitsCtrl.values.hits}} Views / Friday, 30 November 2018 00:00

Facebook

 

Small bottles containing cannabis seeds are seen at the Balkannabis Expo 2018, in Athens, Greece. - REUTERS

ATHENS, REUTERS: Greece this week issued the first licences to private companies for growing medicinal cannabis in the country, part of an attempt to tap a burgeoning market worth billions. 

Greece legalised cannabis for medical use last year and in March lifted a ban on growing and producing it. Two licences were granted, and another 12 will be issued by the end of this year, the Economy and Development Ministry said. 

“There is huge interest, mainly from Canada and Israel ... some of them (potential investors) are huge,” Stergios Pitsiorlas, the deputy economy minister, told a news conference. 

Legalising cannabis for recreational purposes is not under consideration, Pitsiorlas said in response to a question. 

Pitsiorlas said the first medicinal cannabis products were expected to hit the market in about 12-18 months’ time. The industry was mainly export-oriented, he said. 

Thousands of patients in Greece are thought to use cannabis for a range of serious medical conditions, though authorities don’t have precise figures. 

Several countries, including Britain, Germany, Italy and Denmark, already allow the prescription of medicinal cannabis, and in June Canada became the second country in the world, after Uruguay, to fully legalise marijuana, ending a 90-year ban. 

Under Greece’s licensing system, medicinal cannabis products would be available on prescription from chemists. It would not be subsidised through state health insurance schemes, Health Minister Andreas Xanthos said. 

The first licensed cannabis hothouses will be in Larisa in central Greece, and in Corinth in the Peloponnese. The 14 licences were expected to create more than 750 jobs and represented about 185 million euros ($212.05 million) in investment. 

“Our message is that the country is open for investments,” said Vassilis Kokkalis, deputy minister of agriculture.


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Will the real JVP – Joke; Vital cog; Party poopers – please stand up?

Thursday, 22 August 2019

THE REDS ON THE GREEN HAVE TAKEN THE LIE OF THE LAND – and it is a highly-publicised stand, being the largest political rally of late. It’s a red flag planted claiming a space in the electoral pantheon, which is open to a plethora of interpretati


Amendment of People’s Bank Act: Any sinister motive?

Thursday, 22 August 2019

Parliament of Sri Lanka is scheduled to debate a Bill presented by the Minister of Finance on 24 May and Published as Bill No. 282 in the Gazette (erroneously dated as 9 July 2018). The legal effect of this Bill is stated as follows: nClause 2: This


Solar power can save country from blackouts

Thursday, 22 August 2019

The country faced country-wide power-cuts (except Colombo) in March when electricity generated failed to meet the demand, as the current Government failed to establish even a single major power generation plant or even award for construction. Heavy r


Emerging signals of a US recession

Wednesday, 21 August 2019

US stocks plunge on fears of an economic downturn Last week’s turbulence in financial markets was a reaction to the fresh evidence of a possible recession in the US economy. The Dow Jones Industrials Average dropped a whopping 800 points or 3% last


Columnists More

Special Report

SPECIAL REPORT MORE