GREEK businesses are preparing for amendments to the Mediterranean country’s cannabis laws allowing the cultivation, sale and export of high percentage THC medical products.
In May this year the Greek Parliament passed the draft production, extraction and distribution of final products of pharmaceutical cannabis of the species Cannabis Sativa containing over 0.2% Tetrahydrocannabinol (THC). The vote came nearly four years after Greece became the seventh European country to sanction cannabis for medicinal use and three years after allowing the cultivation and sale of industrial hemp containing less than 0.2% THC. The latest bill had been expected to be approved by Greek President Katerina Sakellaropoulou within the next six months.
Greek Bureaucracy To Blame
However, there are currently some hold-ups in the process with a number amendments being proposed which have yet to be decided upon.
Greek cannabis lawyer Dimitrios Pessios urged foreign investors to be patient, saying: said: “These new rules are intended to assist potential investors who are willing to invest in Greece but have been deterred by very strict production law.
“This is evidenced by the fact that only three licences have made any progress. The Ministry of Development in accordance with the Ministry of Health is pushing so the rules can be simplified and obtain approval from the Greek Food and Drug Administration – and this is the hardest part.
“The legal framework for the export, distribution and circulation of cannabis products is amended, with the main purpose of simplifying procedures.
“As always the major problem in Greece is bureaucracy which causes delays, however, the Government promised that in a short period of time all the remaining issues will be resolved so medical cannabis can open the path to investments and help to reduce unemployment.”
Greece began licensing operators three years ago under previous medical cannabis law passed in 2018 authorising the cultivation and production of medicinal cannabis. But a grey area remained with regard to the production of THC-rich medical cultivation and sale, leading to the latest draft bill.