Investors are making plans to pump money into Greece’s recently legalized medical marijuana market.
Cultivators are interested in investing more than 1.5 billion euros ($1.74 billion) to construct greenhouses for growing and manufacturing marijuana, according to the country’s minister of rural development and food.
Here’s what you need to know from the Bloomberg report:
- Prime Minister Alexis Tsipras’ government plans to submit an implementation bill for a medical marijuana program by the end of the year.
- If the bill passes on that timeline, it could allow enough time for plants to be ready for a summer harvest.
- One operation with 12-15 marijuana greenhouses could generate 400 jobs, according to a group drafting the implementation bill.
- Greece legalized medical marijuana in July, joining several other European nations with some form of MMJ law, including Spain, Portugal and the Netherlands.