Greece Looks to Draw Billion-Dollar Investments After Legalizing Medical Marijuana

After the Greek parliament approved a law for the cultivation and sale of medical cannabis this month, five international companies already have expressed interest in pumping over 1 billion euros ($1.2 billion) into the country’s burgeoning sector.

However, investments will largely depend on the secondary legislation that has yet to be developed, according to the daily newspaper Kathimerini.

Ontario-based medical cannabis heavyweight Canopy Growth is said to be one of the five international companies eyeing Greece for cultivation of cannabis for medical use, according to a Greek newspaper.

Marijuana Business Daily reported two weeks ago that Aphria, also based in Ontario, held meetings with industry stakeholders in the country.

Greece’s parliament approved the bill on March 1 that allows for the production, possession and supply of the “Cannabis Sativa L containing more than 0.2 percent of tetrahydrocannabinol (THC),” according to the measure.

Canopy and Aphria are traded on the Toronto Stock Exchange under the symbols WEED and APH, respectively.//mjbizdaily.com