Multi-million investments to further increase exports of the Greek Life sciences sector
Multi-million investments to further increase exports of the Greek pharmaceutical sector
8 March 2021
Business Development Manager (code: BD 0321)
19 March 2021

New draft law aims at boosting Greek Medical Cannabis exports and investments

New draft law aims at boosting Greek Medical Cannabis exports and investments

The proposed bill on the production, export and distribution of Greek finished medical cannabis products is definitely moving towards the right direction, stated Mr. Costas Vamvakas, CEO, VK PREMIUM Business Consultants.

The draft law compiled by the Greek Ministry of Development and Investments:

  • Pledges the safe and smooth production and distribution of finished cannabis products, under the control of EOF (National Organization for Medicines)
  • removes potential obstacles and complications in order to facilitate exports while significantly strengthening the domestic economy

As regards the export process, medical cannabis products will now be available in the importing country based on a decision of the competent authority in each country without any circulation authorization in Greece.

Concerning the sale of products in the form of dried flowers, the bill stipulates that the production of finished products in packages up to thirty (30) grams will be allowed, a change that facilitates exportation of such products exclusively for medical and pharmaceutical purposes.

In the same context, the safe and unobstructed disposal of finished medical cannabis products to meet prescription needs is also guaranteed, under the control of ΕΟΦ (National Organization for Medicines).

In addition, any investments in medical cannabis facilities in Greece are supported by the Greek Development Law and may be partially funded either through a subsidy or through tax exemptions or a combination. The funding rate (subsidy and/or tax exemption) amounts up to 55% of the investment.

The key changes / amendments proposed by the draft law entitled “Production, export and distribution of finished cannabis medicinal products of the species Cannabis Sativa L with a tetrahydrocannabinol (THC) content of more than 0.2%” are as follows:

  • The restriction on the sale of products through the state monopoly is abolished and the final product can now be sold in the Greek market through direct distribution to pharmacies, drugstores, clinics, private clinics, public hospitals for medical purposes and is under the control of ΕΟΦ (National Organization for Medicines).
  • The approval of the Drugs Committee is no longer required for the production and distribution of medicinal cannabis products, which significantly speeds up the time for issuing all relevant decisions.
  • Power generation stations (photovoltaic, wind or cogeneration) are allowed to be deployed within the medical cannabis facilities to meet the electricity needs of the facility.
  • Cannabis sativa L cannabis propagating material with a THC content exceeding 0,2% is allowed for exports.
  • The export of finished products of medical cannabis containing THC over 0.2% is allowed from the Piraeus Customs, the free zone of Thessaloniki and any competent export authority.
  • ΕΟF (National Organization for Medicines) is the only competent body to issue production licenses for the manufacturing of finished pharmaceutical cannabis products regardless of whether the products are intended for the Greek market or for exports.
  • Products can be exported regardless of whether in the importing country they are intended to be used as a finished or semi-finished products or raw material for medical and pharmaceutical purposes and irrespective of their therapeutic indications.
  • As regards the products intended for export, there is no requirement for obtaining any circulation authorization by EOF. This greatly simplifies the licensing process and facilitates commencement of the plant’s operation.
  • The Production License exclusively for exportation is issued by the ΕΟF within a binding period of ninety (90) days from the submission of the complete file.
  • The packaging of finished medical cannabis products in the form of dried flower up to thirty (30) grams is allowed, for the purpose of export for medical and pharmaceutical purposes regardless of whether in the exporting country they are intended to be used as finished or semi-finished product or raw material for medical and medicinal purposes.
  • The medical cannabis plant should maintain production capacity for at least two forms of pharmaceutical products, one of which concerns products in the form of dried flower and the other concerns products that do not constitute dry flower or do not include dried flower.
  • The bill passing will boost the domestic growth, enhance export activity of Greek medical cannabis companies, which will be able to distribute dried flower products and ready-made cannabis medicines, effectively laying a solid foundation for the emergence of a robust industry amid a dynamically growing global Medical Cannabis market.

VK PREMIUM offers an enhanced palette of advisory services to facilitate medical cannabis investments in Greece.

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