First medical marijuana plant in Greece close to completion
The first medical marijuana plant in Greece is nearing completion. The investment by Tikun Europe is expected to start operations in May 2021.
Athens, Greece: 9 November 2020
(c) Tikun Europe
Tikun Europe is a subsidiary of Israel’s Tikun Olam, one of the leading companies in the pharmaceutical cannabis sector. Tikun Europe has invested in a 56,000 sq.m. production site in Corinth for the production and processing of medical cannabis.
Tikun Olam is a world leader in the research and development of medical cannabis products. Founded in Israel in 2005, it is the largest company of its kind in Israel. In addition to production, Tikun Olam invests in research and development as well as clinical trials.
Tikun Europe was founded in 2018 in Greece with the aim of cultivating, processing and producing medical cannabis products. The Tikun Europe plant in Corinth consists of four distinct units:
The greenhouse plant;
The post-harvest plant;
The production and packaging plant for medical products.
The main goal of Tikun Europe’s investment in Greece is to export the medical marijuana products produced here and to cover the domestic demand.
It is expected the full development of the factory and the start of unit’s operation will create more than 130 jobs.
According to the CEO of Tikun Europe, Mr. Nikos Beis, the pharmaceutical and industrial cannabis industry is evolving rapidly with great growth prospects. He shared the forecast that by 2024, the global market for medical cannabis products will reach $ 65 bln.
In November 2018, Greece issued first licenses approving the cultivation and production of finished medical cannabis products. According to the latest data, the number of licenses issued reaches 62. There is still no active production.
Navigator Consulting supports investments in Cyprus and Greece, and has extensive experience in due diligence on different sectors’ investments.
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