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Greece Opens First Medical Pot Production Plant

January 30, 2023 Published by

History was made in Greece with the country inaugurating its first ever medical cannabis plant last Thursday.

According to the Greek Reporter, the plant, which opened in the city of Corinth, is backed by an investment from Tikun Europe, a subsidiary of Israel-based medical cannabis company Tikun Olam.

Adonis Georgiadis, Greece’s minister for development and investments, heralded the opening of the plant as a milestone for the country.

Speaking at an event for the opening of the Tikun plant on Thursday, Georgiadis said that cannabis could be “a product which we will be able to export throughout Europe because this factory can carry out huge exports to all major European countries,” as quoted by the Greek Reporter.

According to the outlet, Tikun Europe CEO Nikos Beis hailed the new facility in Greece as “the largest pharmaceutical facility in the industry in Europe.”

“A new era is beginning for our country with the operation of our Tikun Europe facility, paving the way for Greece to become one of the main players in the field of production and export of medical cannabis products,” Beis said, as quoted by the Greek Reporter.

The medical cannabis plant in Corinth, Greece. Credit: Tikun Olam

Greece legalized medical cannabis back in 2017, but the country’s government banned the import of such products in 2021, which effectively made it impossible for Greek patients to receive the cannabis treatment due to the lack of domestic production 

But that appears to be changing.

The country said last year that cannabis would soon be sold in pharmacies throughout Greece.

“The goal is for Greece to become the top European country in the production of medical cannabis. Greece’s environment is friendly for this particular plant and we think we will have a natural advantage,” Georgiadis told the Greek Reporter last year, which said that “foreigners will also be able to use medical cannabis in Greece” and will “be allowed to purchase it through pharmacies” so long as they have a prescription from their doctor.

The outlet reported at the time that Georgiadis anticipated “huge investments in the production of medical cannabis which the government hopes would add up to 1.5 billion euros ($1.67 billion) annually to state revenue.” 

The Greek Reporter has more on the facility:

“According to Tikun Europe, the plant can produce finished medicinal cannabis products in various pharmaceutical forms. The company aims in the immediate initiation of cultivation in the vertically integrated greenhouse unit, with an area of 21,000 m2 and an annual production capacity, reaching in full growth, the quantity of 10 tons of dry flower. The plants received will be used for propagation under strict protocols that will ensure the preservation of the unique characteristics of the mother plants to future generations. The facility is expected to reach its full capacity levels gradually in the near future, to deliver a wide variety of finished medical cannabis dosage forms.”

Tikun received its license to initiate operations on the facility last year. 

“It was a great pleasure to welcome the operating [license] of our production unit, the construction of which was recently completed,” Beis said in a statement at the time. “The operation of the plant will start very soon, bringing us one step closer to the [realization] of our vision: to meet the ever-increasing demand of Greece and Europe for high-quality medical cannabis products. Our factory is the largest pharmaceutical company in the specific industry in Europe and exploits the potential of our country to play a leading role in the global market for medical cannabis.”

The post Greece Opens First Medical Pot Production Plant appeared first on High Times.

Summer 2022 European Cannabis Roundup

July 18, 2022 Published by

Looking back on the trajectory of reform in Europe from the vantage point of 2032, a decade from now, this year, and particularly the spring and summer of 2022, will almost certainly be recognized as the European-wide tipping point for cannabis.

This is largely being driven by current events in Germany. The government just wrapped up several weeks of hearings on how to implement recreational reform. A white paper containing the recommendations of the same will be released in the fall, with draft legislation expected to be published by the end of the year. Beyond that, the timing is understandably a bit hazy, but the bill is widely expected to pass in the early part of 2023, with a recreational market on track to begin by the first part of 2024.

However, Germany is not the only game in town, as much as its impact on the conversation across the E.U. is huge.

The Domino Countries

There are currently several E.U. countries on the verge of recreational reform that stand poised to follow Malta into recreational reform this year by legalizing home grow. These are:

Switzerland – The country is launching its recreational use city trials this year. While outside of the E.U., the country’s forward progress on recreational reform is one of the key markets to watch in Europe right now.

Portugal – Now established as one of the most important medical cultivation countries in Europe, the country is on the verge of formal recreational reform—and will proceed with home grow as a first step to creating a fully integrated recreational market with international juice. Portugal also has the distinction of being the most liberal country on drug policies across the E.U.

Luxembourg – The country’s current government promised to implement recreational reform before the end of their first term (which ends next year). Medical reform was implemented during 2018. Currently, the first step into the adult use market will be home grow also, although given the size of the country, it most likely won’t be a large producer.

Austria – The country will certainly follow its DACH trading partners—Germany and Switzerland—across the recreational line in the near future. Medical reform has already been implemented here and the country as a strong hemp industry.

Medical Reform Is Still in Motion

Adult use reform of course is not the only discussion in the room. Medical reform has also been moving forward in important jurisdictions this year—leaving no major country within the region that does not recognize at least medical efficacy of the plant. Even Albania, in accession talks with the E.U., is moving ahead with medical use.

France – The country formally (and finally) moved forward on a pending medical trial earlier this year. The jury is still out on whether the country’s president Emmanuel Macron, will be pushed by his more liberal government to move forward on some kind of recreational discussion. As the cradle of hemp production in Europe, the country has also been the testing ground for changing CBD policy across the E.U.

Spain – The home of the cannabis club announced their recognition of medical efficacy this summer. This is significant for several reasons, including the fact that Spain is also apparently ramping up its medical cultivation while allowing the clubs to continue to operate.

As a result, Europe is very much having its “2012” moment. By 2024, it is almost certain at this point that there will be, beyond Holland, several European countries where recreational cannabis is legal.

The Global Impact of European Reform

While it is still hard to predict accurately, make no mistake about it: This change is seismic, worth a great deal of money, and will have huge repercussions.

It is unlikely that in the U.S., for example, serious arguments will hold much longer against finally legalizing cannabis on a federal level.

Beyond this, it is almost certain that multiple countries in Asia will follow both events in the E.U. as well as Thailand and probably Indonesia’s early lead. Even if this change is also “only” medical for now, as has been seen worldwide at this point, this is only the first step.

From this vantage point, it is also not hard to envisage a world where the plant is finally, formally recognized, and at an international level.

Does This Mean Smooth Sailing from Here?

Just because legalization is moving however, does not mean there will be no detours much less distractions. This starts with a domestic rollout of reform, which on the recreational front will almost certainly also include some states, cities, and towns also placing a ban on sales.

The discussion about tourism is also much in the balance as Holland continues to make noise about banning cannatourists from Amsterdam. However, it is hard to believe that this will last, even in Holland. Greece, for example, which is already inviting German pensioners to spend a warm winter away from higher gas prices and lower temperatures, will ignore this valuable segment of the market.

On the regulatory front, Novel Food looms as a large and unsolved problem—and not just for CBD but also the full plant discussion.

All of these issues will take time and money to resolve. However, the most important step has clearly been taken in Europe this summer—and that will reverberate in turn, as perhaps the last major push necessary for the final dominoes to begin falling. Regionally and, of course, globally.

The post Summer 2022 European Cannabis Roundup appeared first on High Times.

2021 Roundup of Cannabis Reform in Europe (and 2022 Predictions)

December 28, 2021 Published by

As the world contemplates a whole new year, whether or not COVID will finally recede, there are a few things to cheer about, including cannabis reform. Namely, no matter how many uncertainties face us all, as grey January stretches beyond the holiday lights, there is certainly cheer in the air that will last much longer than the season.

Indeed, there are plenty in Germany right now who are already making plans for infused Weihnacht treats just a few years hence. It is now clear that cannabis will take its place quickly in German traditions, Christmas being just one of them. Canna-Glüwein (hot, mulled wine), anyone?

Beyond this, the rest of the EU now teetering on the edge on this issue, has now woken up to the reality that no matter what they decide to do (Portugal, Spain, Italy, Greece, Malta and, of course, the current laggard, France), now that Germany has just uttered the declaration that is the beginning of the end. If not an inevitable form of economic development and tax money in a world starved of the same.

Cannabis has turned a major corner in Europe in 2021. Here are the major hallmarks of the year.

Red, Amber, Green, Go Deutschland!

Germany’s new “Traffic Light” political coalition has promised to address the issue of recreational reform legislatively in 2022. Unlike the U.S. where multiple attempts to pass federal cannabis reform have failed, this is likely to happen. 

In the initial rollout of reform, however, do not be surprised if the Germans decide to follow the Swiss and allow regular pharmacies to be the first port of call for both medical and recreational users. It would solve several issues at once—starting with the establishment of tight restrictions on cultivation and retail supply chain. 

A short term, interim solution such as this will knock out a far more contentious issue—how to structure a licensing system for everything from cultivation in the country (and by whom) to specialty shops that resemble American or Canadian “dispensaries.” Namely not medical establishments. Plus, online sales.

This is for both Germany and cannabis reform, expect there to be several iterations of reform, starting with state and city experiments that will inevitably see Berlin, Bremen, Dortmund, Frankfurt, Dusseldorf, Cologne and Munich on the front lines (because such ideas have been avidly pushed on a municipal level before).  

Also, don’t forget that it basically took four years after the law changed and two after the cultivation bid was finally awarded, for there to be distribution of German cultivated medical cannabis. Don’t expect the details of recreational to be handled or hammered out much more quickly. See Canada.

In the meantime, however, full decrim will become the law of the land, and patients will be free of prosecution, both for possession and presumably (hopefully) reasonable home growing. Despite the reluctance to actually have cannabis cultivated in the country, either by patients or companies (see the drama over the first cultivation bid), this is not 2017. Germans, albeit grudgingly, now admit that the drug does work, as a drug, even if they are not yet of one voice in the majority that cannabis prohibition has of course, failed.

Regardless, German recreational, just as medical reform was before it, is a huge, huge step which will drive other countries across the region forward too.

Malta and Luxembourg will Lead the Way

It is a sign of how convoluted the Dutch situation is, if not national position, generally, that the island of Malta led the way on actual, formal, federal, recreational cannabis reform within the European Union (EU). Indeed, if there are analogies to be made, Holland is kind of like the European California—creating a market that exists in the grey areas but is only now facing a discussion (and further one far from complete) about how to federally regulate the industry.

Luxembourg also, it appears, was just hanging back until another country took the leap, despite promising the same in 2018 as a new coalition government took the reins there. Now there is no excuse for any more delays.

Portugal will also inevitably now enact reform as soon as the smoke from the general election early next year clears—and no matter who wins. The country needs an economic boost—either from tourism or exports, and this is a natural solution.

Beyond this, Spain may well follow a Dutch model to formalize production for its clubs rather than coffee shops in the next 12 to 24 months.

Also expect to see Austria, Italy, the Czech Republic, Greece and potentially outliers like Belgium begin to move with the herd, even if in the creation of experimental markets. This may or may not start to happen next year, but it will most certainly catch on within the next 24 months.

The Swiss Wild Card

Do not forget, of course, that the Swiss began preparing for a recreational trial rollout that now has a calendar date set for actual lift off in 2022. Companies have been submitting and obtaining approvals for the last eight months or so.

The beginning of this market, with its own strange requirements and rules, will also inevitably drive discussions and the shape of reform just across the DACH if not other EU borders the country shares with other countries. Everyone will be watching what goes down in Der Schweitz—including the unique waiving and blending of certain kinds of certifications—including but not limited to Novel Food and GMP.

Other Notables (or Not)

Try as they might to get some respect, the British cannabis industry, such as it is, has weathered difficult times, and these do not seem at least for now, to be ending any time soon. 

In contrast to the British on both European membership and cannabis reform, North Macedonia will inevitably play a role in the immediate future, even if just as a source of cheaper flower and oil extracts.

Poland is also still teetering on the brink of actual if not accessible medical reform, but expect this now also to speed up.

The Growth of Import Markets Serving Europe

The year 2021 was notable for another reason. Feeder markets will target EU if not Germany at their founder’s mandate, continued to grow. This means that no matter what happens with future cultivation discussions, in any country, starting with Germany, there will be no shortage of other certified cannabis from countries all over the globe at this point, looking for a German home. 

For this reason, there will be significant downward pressure on both the medical and “other” flower and biomass discussions.

Bottom Line On 2021?

If there is an analogy to be made, the situation in Europe now on the ground looks a great deal like the conversation in the U.S. in 2012, post presidential election that returned Obama to his second term in office. Namely, two states, Colorado and Washington State, voted on state mandates to create state markets. They both bloomed in 2014—and the rest, as they say, is history.

The developments this year in Europe, and even some of the stuttering delays, no matter their cause or ultimate resolutions, resemble this period, in many ways. And that spells great news for the industry, on all fronts.

The post 2021 Roundup of Cannabis Reform in Europe (and 2022 Predictions) appeared first on High Times.

Billionaire Entrepreneur Launches Cryptocurrency Bank for Cannabis, Hemp Exchange

July 26, 2019 Published by

The cannabis industry and cryptocurrency have both generated considerable interest in recent years. Now, the two worlds are converging. 

The Greek billionaire Alkiviades David on Thursday launched The Swissx Bank of Cannabis to help facilitate legal marijuana transactions around the world. The bank, which was launched in conjunction with David’s Swiss-based consortium and will be based in the Swiss Alps resort town of Gstaad, will also operate SWX Coin, described as “a cryptocurrency based on Bitcoin’s blockchain with single unit pricing is pegged directly to the median global price of premium hemp flower.” It is billed as the cryptocurrency to be tied to cannabis.

The Swissx Bank of Cannabis says it offers customers and investors in the cannabis industry “a secure, transparent venue for all transactions,” as well as “a coin tied to a commodity.”

So how will it work? The bank has created what it calls “The Farmer’s Wallet,” which will operate under the SWX Coin’s block-chain and through which it will pay members of the Swissx Hemp Farmers’ Cooperative. 

The cooperative was created to keep pace with the demand for David’s Swissx Hemp Flower products. It offers a guarantee to purchase all crops grown by those participating in the cooperative.  

For David, it’s just the latest project within his ambitious THC and CBD empire. The heir to a Greek Coca-Cola bottling company, David has been an active, and controversial, player in the burgeoning cannabis industry. In May, he was arrested for allegedly attempting to smuggle more than $1 million worth of cannabis products onto the Caribbean island of St. Kitts and Nevis, and later addressed the bust in a post on his Instagram account.

“St. Kitts is not going to get all these delicious goodies for another couple of weeks,” he said in the video. “We’ve sorted out all of the issues that we had as you can see. No need for an extraction team. We’re headed back.”

That same month, David announced that he had landed in Puerto Rico alongside a licensed marijuana grower and $3 million worth of hemp seed in an effort to provide relief to farmers affected by Hurricane Maria in 2017.

On Thursday, David hailed the Swissx Bank of Cannabis as a game-changer.

“First we changed the game for CBD products, then we created tremendous opportunity for farmers and their regional economies throughout the Caribbean,” David said in a press release. “Now we’ve used Swiss financial know-how to create the first bank and cryptocurrency entirely optimized for the legal cannabis industry. The Swissx Global Exchange will be an authoritative resource for the entire industry, better than Nielsen, bigger than Nasdaq. Together, the Bank and Currency and Exchange don’t just insure Swissx’s international operations run perfectly, it will become the engine for the fastest growing business sector in the world.”

The post Billionaire Entrepreneur Launches Cryptocurrency Bank for Cannabis, Hemp Exchange appeared first on High Times.