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Greece Looks to Marijuana Investors to Boost Recovery

November 15, 2017

Investors in marijuana are looking at Greece’ sunny climate and atmosphere to grow the cannabis for medical purposes and bring some critical cash to the starved economy, the financial news agency Bloomberg reported.

Growers have expressed interest at putting than 1.5 billion euros ($1.74 billion) into projects to build greenhouse parks for the cultivation and manufacture of cannabis, Evangelos Apostolou, Minister of Rural Development and Food, said in an interview.

That would give Greece a share of a global market the government says could be worth 200 billion euros ($235.97 billion) in the next 10 years.

A single campus of 12 to 15 cannabis greenhouses could create 400 jobs, according to a task force preparing a draft bill to legalize medical cannabis in Greece, the report said, a miniscule amount in a country with the highest jobless rate in the European Union.

The ruling Radical Left SYRIZA-led government coalition plans to submit the medical legalization bill by the end of the year in hopes of allowing enough time for cultivation in time for a harvest next summer, according to the task force.

While countries like Uruguay and several U.S. states have legalized general possession to varying degrees, Greece has no such plans. Cultivation and sales will be for medical purposes only, Apostolou said.

“Thousands of Greek households with family members suffering from serious illnesses like cancer and Parkinson’s disease will be able to get drugs produced right here, under World Health Organization guidelines,” he said.

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