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.

Matt Lamers can be reached at [email protected]

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