Greek cannabis bill passes key hurdle as Canadian producer eyes investment

International investors are eyeing Greece as a draft bill on medical cannabis moved out of committee this week, positioning the country to be the next to ride the European Union’s medical cannabis wave.

Parliamentary committees approved the government’s draft bill aimed at creating a legal framework for the cultivation and production of medical cannabis, while approving its supply, production and transport for either the domestic market or export.

Companies have already been preparing to pump billions into Greece’s medical marijuana market.

One of those might be Leamington, Ontario-based Aphria.

The company is planning to cultivate and produce medical cannabis in the northeastern region of Xanthi this year, according to the Athens-Macedonian News Agency.

The news agency reported that Aphria representatives met with Deputy Economy and Development Minister Stergios Pitsiorlas to discuss an investment of 1 billion euros ($1.2 billion) in the Greek economy.

Aphria previously confirmed to Marijuana Business Daily that company representatives participated in a “private educational session” on medical cannabis in Xanthi but would not confirm what was discussed.

Aphria is traded on the Toronto Stock Exchange under the symbol APH.

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