GCC Pharma, a wholly-owned subsidiary of the Global Cannabis Corp. (GCC) and its partner SLANG Worldwide Inc., has been granted a license from the government of Greece for the cultivation, processing and manufacturing of cannabis.
This makes possible the construction of a proposed 121,600 square-foot facility on property located just southwest of the city of Chalkida, which is approximately 90 minutes from Athens International Airport.
The facility will be in a pre-permitted agro-industrial area which already has exceptional existing infrastructure and abundant resources to allow for potential future expansion.
GCC, one of the first companies to be fully licensed for cannabis cultivation, processing and manufacturing in Greece, is positioned to become a leader on the European cannabis product market.
“We are extremely pleased to be amongst the first recipients of a cannabis license in Greece. Greece is a leader in the EU and is a strategic entry point into the rapidly growing EU region, with a population exceeding 740 million people,” stated Loannis Papadopoulos, Chief Executive Officer of GCC, in a press release issued by Globe Newswire.
“We are confident that our global relationships, experience and operational expertise will establish GCC as a leader in the EU region,” the CEO added.
In exchange for the contribution of SLANG’s specialized expertise and continuing support, it has been granted a 20% interest in GCC, since it has been instrumental in assisting GCC with the content and design of its license application.
According to fourth edition of The European Cannabis Report, issued on January of 2019 by Prohibition Partners, Greece has a population of 10.7 million people and an annual health care expenditure of €14.3 billion. The value of the medical cannabis market is expected to reach €1.9 billion by 2028.
The use of medical cannabis was legalized in Greece in June of 2017, and lawmakers approved a law authorizing the farming and processing of medical cannabis in the country in March of 2018.
With Greece’s agricultural expertise and its ideal growing climate, it clearly has the opportunity to become a prominent supplier of cannabis and cannabis products throughout the EU.