New Money Greece reports…

The relevant investments are included in the aid incentives of the Development Law and can be financed either through a subsidy or through tax exemptions or a combination of them.

The proposed bill for pharmaceutical cannabis firmly moving in the right direction as indicated by Konstantinos Cotton, Managing Director of the company VK PREMIUM Business Consultants .

In the draft law of the Ministry of Development and Investment  outlines

  • the safe and smooth production and distribution of finished cannabis medicinal products is ensured, under the control of AEO
  • potential obstacles and difficulties are removed, in order to facilitate the export of these products , significantly strengthening the domestic economy.

With regard to the export process in particular, medicinal cannabis products will now be available in the importing country based on a decision of the competent authority in each country, without the need for its marketing authorization in Greece.

Regarding 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 , which enhances their export for exclusive use for medical and pharmaceutical purposes, regardless of will be used in their exporting country (as a final or intermediate product or raw material).

In the same context, the safe and unobstructed disposal of finished cannabis medicinal products to meet prescription needs is also guaranteed, under the control of the AEO.

At the same time, the investments of Pharmaceutical cannabis are included in the incentives of the aid of the Development Law and can be financed either through a subsidy or through tax exemptions or a combination of them. The aid rate (subsidy or tax exemption) can reach up to 55% of the investment.

The main changes / amendments proposed in 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 the following:

  1. The restriction on the sale of products through the state monopoly is abolished and the final product can now be sold on the Greek market through their direct distribution in pharmacies, drugstores, clinics, private clinics , public hospitals, which is under the control of the National Medicines Agency ( EOF) for medical purposes
  2. The approval of the Committee on Drugs is no longer required for the approval of the production and distribution of medicinal cannabis products, which significantly speeds up the issuance of relevant decisions.
  3. It is allowed to install power generation stations (photovoltaic, wind or cogeneration) within the medical cannabis facilities to meet the needs of the unit.
  4. It is allowed to export the propagating material of cannabis varieties of cannabis sativa L with a THC content of more than 0.2%
  5. The export of finished cannabis products of more than 0.2% in THC is allowed from the Piraeus customs, the Thessaloniki free zone and any competent export authority.
  6. The AEO is the only competent body for approving production license FARM finished products. cannabis regardless of whether the products are intended for the Greek market or exports.
  7. Products may be exported regardless of whether in the importing country they are intended to be used as a final or intermediate product or raw material for medical and pharmaceutical purposes and regardless of their therapeutic indications.
  8. For products intended for export, the issuance of marketing authorization by AEO is not required. This greatly simplifies the process of licensing and commissioning of the unit.
  9. The Production License exclusively for export is issued by EOF within an exclusive period of ninety (90) days from the submission of the complete file.
  10. 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 final or intermediate product or raw material for medical and pharmaceutical aims
  11. The medicinal cannabis plant must maintain production capacity for at least two forms of pharmaceutical products. hemp of which one corresponds to the shape of the dry flower and the other not a dry flower nor dry flower as content than the.

The passage of the bill will boost the domestic growth and export activity of companies in other countries, which will now be able to have dried flower products and ready-made cannabis medicines, effectively laying a solid foundation for the development of a strong industry, in a dynamically growing industry worldwide.

Source:  https://www.newmoney.gr/roh/palmos-oikonomias/epixeiriseis/farmakeftiki-kannavi-enischionte-i-exagoges-ke-i-ependisis-me-to-neo-schedio-nomou/?mc_cid=27eafa407e&mc_eid=ffca6542f9