Pharmaceutical cannabis: American interest in export investments in Greece

Tuesday, 25 May 2021

Athens, 21 May 2021 | The intense interest of American companies looking for investments in the field of medical cannabis in Greece, was confirmed during the online event, co-organized on Thursday, May 20, by Enterprise Greece and the renowned American law firm “Duane Morris”, along with the Office of Economic and Commercial Affairs of the General Consulate of Greece in New York.

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Pharmaceutical cannabis: American interest in export investments in Greece

Athens, 21 May 2021 | The intense interest of American companies looking for investments in the field of medical cannabis in Greece, was confirmed during the online event, co-organized on Thursday, May 20, by Enterprise Greece and the renowned American law firm “Duane Morris”, along with the Office of Economic and Commercial Affairs of the General Consulate of Greece in New York.


Realizing the forthcoming investment opportunities in the pharmaceutical cannabis sector in Greece, Duane Morris, invited companies that are exploring new investment opportunities and 120 of them eagerly accepted the invite, which led to the participation exceeding the organizers’ expectations.

As pointed out during the webinar, the new law implemented by the Greek government, paves the way for the cultivation and processing of medicinal cannabis-final products, including dried hemp flower in packages of 30 grams exclusively for exports, regardless of whether in the importing country are intended to be used as a final or intermediate product or as a raw material for medical and pharmaceutical purposes.

This important legislative intervention, as it was pointed out, satisfies the requirements of the market, but also the demand for dried hemp flowers, mainly from Europe. This regulation also includes simplified approval procedures, improved zoning rules, availability of product under the National Organization for Medicines oversight, to meet the needs of patients with serious underlying diseases. Its main objective is, to unblock approved investments that remain inactive and pave the way for attracting new investment from mature markets such as the US.

This initiative is expected to develop business synergies, to contribute to the creation of new highly specialized jobs and to place Greece at the center of developments in the European market. At the same time, it is reinforcing the message that Greece, is entering a new era, having modernized, its institutional framework in this field, in a more effective way.

Mr. Evan Michailidis, Partner at law firm Duane Morris LLP, Mr. George Michailidis, Head of the Economic and Commercial Affairs Office of the Consulate General of Greece in New York, and Mr. George Filiopoulos, CEO of Enterprise Greece, addressed short greeting speeches.

During the web conference, Mr. Seth Goldberg, Duane Morris Cannabis Team Lead and Partner, gave a comprehensive presentation of the state and dynamics of the global market, while the Director of Investment Promotion and Facilitation of Enterprise Greece, Mr. Elias Eliades, presented the opportunities of the Greek market, the country’s competitive advantages, as well as the forecasts of the new regulatory framework. Finally, two successful investment projects were presented to the participants:
• The project of Kaya Holdings by its Chairman and CEO, Mr. Graig Frank, and President and Managing Partner, Mr. Panos Kinis, and
• The project of Tikun Europe by its CEO and Vice President, Mr. Nikos Beis.

The CEO of Enterprise Greece, Mr. George Filiopoulos, made the following statement: “Listening to the trends of the domestic and international market, the Greek government immediately took corrective action on the regulatory framework for medical cannabis. It is certain that the possibility that is now offered for production with the aim of exporting final products, brings Greece very close to the investment radar of important American companies”.

Evan Michailidis, a Partner at Duane Morris LLP stated: “Duane Morris was one of the first large law firms in the United States to create a practice group dedicated to the burgeoning cannabis sector and we have one of the top practices in the world. As a result, we can easily recognize exciting cannabis opportunities and there are few opportunities as exciting as those in Greece! We believe that Greece can become a leader in the cannabis sector in Europe, where the market value of medical cannabis alone is expected to reach $56 billion by 2028. The Greek government seems to recognize the enormity of the opportunity and is taking the right steps to encourage investment. We are very proud to have co-sponsored this event with the Consulate General of Greece’s New York Trade Office and Enterprise Greece to present Greece’s case to US investors”.

Mr. Georgios Michailids, Greek Trade Commissioner at the Consulate General of Greece in New York stated the following: “Today's webinar constitutes an excellent paradigm, as to how Greek entities, by establishing synergies with local prominent, private sector, stakeholders, in this case "Duane Morris" law firm, can address potential investors, specializing in certain fields of business activity.
As cannabis usage is gradually being legalized in the US, both for pharmaceutical, medical, and recreational reasons, investment interest is growing rapidly, as potential investors are looking for opportunities both within the States, as well as abroad.
Today's webinar allows Greece, for the first time, to target this specific, highly specialized business audience, showcasing Greece's potential to attract cannabis investments, as well as investment incentives offered by the Greek state in this particular business sector”.

Mr. Graig Frank, CEO of Kaya Holdings stated: “We are pleased to be able to share our experiences in Greece with others. Greece is central to our European growth plan and we firmly believe it will be a leader in the global medical cannabis supply chain”.

Finally, Mr. Nikos Beis, CEO and Vice President of Tikun Europe, said: “Greece meets all the criteria to play a leading role in the global market for medical cannabis, combining its favorable climate and geographical location with the appropriate regulatory framework. Tikun Europe is the only company so far, to complete its investment in Greece. It utilizes the know-how of Tikun Olam Israel and the long experience of clinical research, to lead the growing market of medical cannabis in Greece and to respond to the growing demand of Europe”.

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