New Legislation on Medicinal Cannabis Attracts Investors

medicinal cannabis legislation

On the 21st March 2021, the bill on Medicinal Cannabis was passed by the Greek Parliament.

‘Production, export and disposal of final medicinal cannabis products of the species Cannabis Sativa L with a tetrahydrocannabinol (THC) content of more than 0,2%’.

The new legislation creates investment opportunities for foreign investors. The legislation was enacted to “increase investment interest and bring benefits to the Greek economy, by increasing employment and prosperity in general, since the revenues that exports generate automatically strengthen the national economy” as noted and added that the proposed arrangements concern investors, who intend to invest in the pharmaceutical cannabis sector, while benefiting patients who have multiple sclerosis, epilepsy and those suffering from neuropathic to cancer pain.

The new law introduces provisions for the export, disposal and distribution of final medicinal cannabis products of the species Cannabis Sativa L with a tetrahydrocannabinol (THC) content of more than 0.2%, with the main aim of facilitating their export, removing unnecessary barriers and ensuring the smooth and safe supply of the Greek market with final medicinal cannabis products under conditions of the utmost safety and the control of the EOF (Greek Food and Drug Administration).

Under the new legislative provisions, the burden of regulation is shifted to the destination country of export. In particular, the new proposed export procedure, permits medicinal cannabis products to be exported from Greece to other countries and the decision of whether this product is legal and its import and distribution allowed lies on the importing and upon the decision of the foreign competent authority,

The regulations also ensure the safe and unhindered distribution of final medicinal cannabis products under the control of EOF (Greek Food and Drug Administration) to meet prescription patient needs.

It is noted that according to the latest available data of the General Secretariat for Industry, 94 plant installation licenses have been granted so far, but in reality, only one has been built and is ready to be operational in the near future. This is the Tikun Europe plant in Hexamilia Corinthia.

The licenses granted per regional unit are as follows: Central Greece 24 and 15 of them are in the prefecture of Viotia, Central Macedonia 20 and 12 of them in the prefecture of Kilkis, Thessaly 17, Western Greece 10, Peloponnese 10, Crete 4, from 2 in the Regions of Attica, Epirus, Western Macedonia, Eastern Macedonia-Thrace and 1 in the Region of South Aegean and in particular the island of Paros.

Any information or material found in this website is intended for general guidance purposes only and no actions should be taken based on information found on this website without seeking independent specific legal advice.

If you wish to seek legal guidance regarding the production of Medicinal Cannabis in Greece, please do not hesitate to contact us.

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