The company has already declared that it wants to become ”one of the top three global cannabis companies,” and the authorization from the Greek authorities opens up the entire market of the European Union to the firm.
The Canadian company plans to establish its production in Thessaly, Greece, the region which contains Greece’s largest plain, thought to be suitable for cultivation.
HEXO Corp is pleased to announce that its affiliate, HEXO MED S.A. has received a medical cannabis installation license….
”Receiving licensing in Greece will allow us to bring know-how and brands powered by HEXO to the European market. The new facility will also drive value for current and future Fortune 500 partners by giving them access to licensed infrastructure internationally with the vision of capturing first-mover advantage in the burgeoning European cannabis market,” the company’s statement notes.
Several years ago, the Left-wing SYRIZA government legalized the use and production of medical cannabis in Greece, putting the country in the forefront of this relatively new sector of the economy.
The use of cannabis for recreational purposes, however, remains illegal throughout the country.
So far, Greek authorities have granted six licenses to companies which intend to produce medical cannabis in Greece.
It is projected that the burgeoning industry is capable of bringing Greece’s public revenues up to a possible €600 million, funds which are still much needed as the country tries to find its way out of the eight-year-long financial crisis.