Greek Minister: Growers Interested in Investing Over €1.5 Bln in Medical Cannabis

Growers have expressed interest in investing over 1.5 billion euros in the cultivation of cannabis for medical use, said Greece’s Minister of Rural Development and Food Evangelos Apostolou.

Speaking to Bloomberg, the Greek minister said that Greece’s warm and sunny climate along with potential future legislation that would legalize the use and cultivation of cannabis for medical purposes, is luring growers and investors. Such investments could bring more than 1.5 billion euros to Greece and help in the country’s economic recovery.

That would give Greece a share of a global market that could be worth 200 billion euros over the next 10 years, Apostolou told Bloomberg.

According to a Greek government study, a single campus of 12 to 15 cannabis greenhouses could create 400 jobs; an important step in reducing the high unemployment figures.

The Greek government will table in parliament a bill to legalize the use of cannabis for medical purposes and cultivation of the plant. The proposed bill will be submitted before the end of the year so that there is enough time for harvest next summer.

The cultivation and sale of cannabis, Apostolou told Bloomberg, will be strictly for medical purposes. “Thousands of Greek households with family members suffering from serious illnesses like cancer and Parkinson’s disease, will be able to get drugs produced right here, under World Health Organization guidelines,” the Greek minister said.

Regarding possession of cannabis for personal, recreational use, there is no new legislation, and possession and use are illegal.