Greek cannabis operator Curity Pharma has received official approval for its cultivation operation, marking a significant step for the company and the country’s growing medical cannabis sector. The Athens-based firm has poured €20 million ($21 million) into a 67,000-square-meter (219,816-square-foot) facility in Larissa Industrial Park, with operations set to commence immediately.
Major Milestone for Greece’s Cannabis Industry
Curity Pharma’s newly secured license comes after approvals from three key Greek ministries: Development and Investment, Health, and Rural and Food. This regulatory green light strengthens Greece’s positioning in the European medical cannabis market.
The company is not holding back on its ambitions. Manos Chatiras, co-founder, CEO, and chair of Curity, emphasized that this license is part of a broader export strategy aimed at making Greek medical cannabis a reference point across Europe.
“This marks a major milestone in our journey to deliver innovative, high-quality pharmaceutical solutions and further strengthen Greece’s position in the European pharmaceutical industry,” Curity Pharma stated.
Southern Europe’s Cannabis Boom
Greece has increasingly become a hotspot for cannabis production in southern Europe, where investors are betting on favorable conditions. The country legalized cannabis production in 2018, sparking a surge in investment.
Several factors make Greece an attractive choice:
- Ideal climate: Long growing seasons with ample sunlight.
- Lower costs: Relatively inexpensive labor and energy compared to northern Europe.
- Government support: Officials actively promoting cannabis as an economic driver.
With these advantages, Greece has drawn the attention of international investors eager to tap into the European medical cannabis market.
A Growing Market with High-Profit Potential
The potential for cannabis cultivation in Greece is substantial. A 2020 study estimated that a 1-hectare (2.5-acre) cultivation facility could generate net profits of €7 billion over ten years with an initial €5 million investment.
Given these numbers, Curity Pharma’s €20 million investment in a 67,000-square-meter facility suggests the company is betting big on the long-term profitability of the sector.
What’s Next for Curity Pharma?
With the cultivation license in hand, the next steps for Curity include:
- Scaling production: Bringing operations online to meet both domestic and export demand.
- Expanding exports: Positioning Greek cannabis as a key player in European pharmaceutical markets.
- Attracting further investment: Leveraging Greece’s competitive advantages to strengthen its industry foothold.
As Curity Pharma moves forward, its success could serve as a model for other operators eyeing Greece as a European cannabis hub.