Greece allows cultivation and processing of Medical Marijuana. Gets $490M, in the first round of investment. 

Greece is all set to use it warm climate to cultivate and process medical marijuana. The country is currently working on an amendment to legalize Medical Marijuana next month.

Golden Greece will be responsible for coordinating with projects group of investors. The project has 10 investors from Canada, Kazakhstan, Poland, and Israel.

Greece has chosen Veroia, to cultivate, process and export medical marijuana. Veroia has warm, dry climate similar to California.

The first round of investment is seen at 490m (£352m), rising to more than $1.7bn, and 80 percent of the jobs in areas such as cultivation, trading, and transport could go to Greeks.

“In Greece, we’re not looking at bringing people in from other areas that have cannabis experience,” says Michael Blady, one of the investors involved in the Veroia project.

“We’re going to train as many people as we need and we’re going to start our own culture here.” — he added.

“While initial plans will focus on extraction, processing, and packaging of medical marijuana, investors are also looking into an eventual recreational cannabis market in the country, provided the government opts for fuller legalization in the future”– he added.

 

Greece is suffering from the finainical crisis for the past 10 years, with unemployment topping 20 percent every year since 2012. Government is trying to boost the economy with Pot Cultivation.

“There’s significant interest by the investor community to exploit the possibilities of the new legal framework for medicinal cannabis in Greece,” said  agriculture minister Evangelos Apostolou

 

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