A public consultation has been launched today until 16 March on draft law of Ministry of Development and Investment entitled: «Production, export and disposal of finished products medicinal cannabis products of Cannabis Sativa L with a tetrahydrocannabinol (THC) content exceeding 0,2%».
The aim is to reform the legislative framework for the export, Availability and Traffic of finished medicinal cannabis products in order to facilitate exports in line with the procedure for generic medicines produced in Greece.
In particular, with the new proposed export procedure, a medicinal cannabis product can be marketed in the country of importation, based on a decision of the foreign competent authority, without the need for marketing authorisation in Greece. For its circulation in Greece, the existing legislative regime remains in force, which provides for a specific marketing authorisation to be issued by the Greek Food and Veterinary Organisation (EOF) before it is made available to patients.
In Greece, the first authorization and establishment permits for the cultivation and production of finished medicinal cannabis products were granted in November 2018 and now exceed 60.
According to the Minister of Development, Adonis Georgiadis, the proposed bill aims to remove unnecessary obstacles to the export of finished medicinal cannabis products abroad and to ensure the smooth and safe supply of the Greek market with medicinal cannabis products under conditions of maximum safety and under the control of the Greek National Organisation for Animal Health (EOF).
The regulation concerns investors who intend to invest in the medicinal cannabis sector. Indeed, given the investment interest in establishing in Greece production units for finished medicinal cannabis products, primarily with a view to exporting these products to third countries, improvements to the existing framework are envisaged to facilitate and develop exports, on the one hand with the possibility of issuing a production licence exclusively for the export of medicinal cannabis products, and on the other hand with the production and export of medicinal cannabis products in the form of dried flower exclusively for pharmaceutical purposes, given the medical and pharmaceutical demand.
In addition, this proposed regulation also aims to ensure the safe and uninterrupted availability of medicinal cannabis products, under the control of the EOF, to meet the prescription needs of patients suffering from multiple sclerosis, epilepsy and those suffering from neuropathic to cancer pain.
Over 60 licences
In the promising field of medicinal cannabis, investment interest is high. It should be noted that according to the UN World Drug Report, in 2024 the global market for medicinal cannabis products will reach $65 billion from €20 billion in 2018, while the European market will reach €58 billion by 2028.
In Greece, the first authorization and establishment permits for the cultivation and production of finished medicinal cannabis products were granted in November 2018 and now exceed 60.
Overall, medicinal cannabis could contribute up to 2 billion euros to the Greek economy, Tikun estimates, which will be the first company to market medicinal cannabis produced in Greece in the global market. The company's plant is being completed and is expected to be operational in May 2021.
