Trends in the European therapeutic cannabis market
Canadian companies specializing in the cultivation of legal crops of psychoactive cannabis have focused on capital investments in the construction of relevant production areas in Denmark. Portugal, as well as Israel, are taking part in the race for the supply of medical cannabis to Europe. Greece received 30 applications for attracting foreign investments, the direction of investments of which is positioned as the production of medical cannabis for a total amount of about 350 million ($ 400 million), which could potentially make the country one of the main suppliers of legal psychoactive cannabis to EU countries in the next few years.
According to some European research companies specializing in analyzing the EU medical cannabis market, the three largest consumers of legal psychoactive cannabisa in the European Union (Italy, Holland, Germany) expect the number of patients using the therapeutic properties of the plant in 2019 can double and reach the mark of 225 thousand people. The total volume of the medical cannabis market in the EU over the next 10 years may exceed 58 billion
As it has been pointed out more than once on the pages of the specialized electronic edition of Ukrainian cannabis, the majority of medical cannabis in the EU comes from Canada, the Netherlands and the UK. Canadian companies specializing in the cultivation of legal crops of psychoactive cannabis Aurora Cannabis, Aphria, ICC International Cannabis, The Green Organic Dutchman and Canopy Growth have focused on capital investments in the construction of relevant production areas in Denmark. In the race for the supply of medical cannabis to Europe participate Portugal (the European manufacturing center Tilray), as well as Israel, which passed the law on the export of medical cannabis in 2019.
Greece received 30 applications for attracting foreign investments, the direction of investments of which is positioned as the production of medical cannabis for a total amount of about 350 million ($ 400 million), which could potentially make the country one of the main suppliers of legal psychoactive cannabis to EU countries in the next few years. Despite the fact that consideration of applications has not yet been completed, the volumes of financial resources planned for investing in Greek Greece question the primacy of Denmark, in which cannabis projects invest about 407 million Canadian dollars ($ 308 million). According to media reports, the General Secretariat of Industry of Greece (Greece’s general secretariat of industry) has currently approved only two completed applications for implementation. Two more investment proposals were rejected, while the remaining 26 are pending. The total area of investment for the above 26 applications involves the construction of greenhouses for growing medical cannabis on a total area of 110 hectares.
Commentary of the Association "Ukrainian technical hemp"
The Greek Legislature approved the amendment of the current legislation allowing for the cultivation of medical cannabis in March 2018. Immediately after that, the requirements for the facilities and the mechanism for filing relevant applications were approved. In turn, the Ministry of Health has developed a mechanism for obtaining permits for selling medical cannabis in the wholesale and retail markets of the country. In November 2018, Greece issued the first licenses for the legal cultivation of psychoactive hemp to two private companies, Biomecann and Bioprocann.