The Weekly Europe Cannabis News
HEXO Is The Latest Canadian Cannabis Company To Get A License In Greece
Canada and Israeli investors have shown the most interest in Greece’s cannabis industry, which is still in its infancy.
And Canada is showing no signs of slowing down.
HEXO, a Canadian cannabis company, is now the latest of them all to obtain a Greek medical cannabis license which was issued by the government. Having the license now enables them to establish facilities in Thessaly, Greece, intended for growing, processing, and cultivating cannabis as HEXO intends to strengthen their presence in Europe.
“This is a major step for Hexo as we continue to execute towards becoming a top three global cannabis company,” said CEO Sebastien St. Louis.
“Receiving licensing in Greece will allow us to bring know-how and brands powered by Hexo to the European market. The new facility will also drive value for current and future Fortune 500 partners by giving them access to licensing infrastructure internationally with the vision of capturing first-mover advantage in the burgeoning European cannabis market.”
Recreational use is still illegal in Greece although since the Radical Left SYRIZA government already issued 6 licenses for companies in the country, medical cannabis use is already growing significantly.
Science-Based, Efficient Cannabis Businesses In Germany Will Benefit More Than Sales-Driven Firms
Germany stands to be the biggest and fastest-growing cannabis market in all of Europe. However, based on regulatory and medical firms, companies that intend to commercialize cannabis without much science and efficient systems behind them have a risk of failing.
That’s because according to insiders, cannabis firms in Germany that prioritize efficiency and science will always have a competitive edge.
An interview with Karl Broich, who is the current president of the Federal Institute for Drugs and Medical Devices (BfArM), medical cannabis is a “system rupture” in Germany since prescriptions are allowed even if they aren’t asking for the same efficacy requirements that were needed for other kinds of pharmaceutical drugs. He says that the way it’s running now is the kind of system that he would like to “get away from as soon as possible.”
He also added that it’s the job of the BfArM to ensure more cannabis products get into the market as long as they have proven benefits and efficacy. In other words, those whose products are proven to be useful can stand out from the rest of the (tight) competition.
“It is in the interest of companies to conduct clinical research,” since it gives local regulators and physicians more confidence in working with cannabis medicines.
“I have the impression that cannabis companies from outside Germany often don’t know what’s going on here,” said Franjo Grotenhermen, managing director and physician at the International Association for Cannabinoid Medicines. “I understand that these products do not play such an important role in Canada, the Netherlands, the USA and Israel,” he explains.
“If companies wait too long, we may see synthetic modulators of the endocannabinoid system – FAAH inhibitors, MAGL inhibitors, selective CB2 receptor agonists – for which clinical studies have started, introduced and established as a standard first-option therapy (before marijuana) for conditions for which we may use cannabis today,” said Grotenhermen.
Low-THC Abundant In Italy Despite Court Ruling
Italy’s “cannabis light” industry, which is their term for low-THC cannabis products, was given the boot due to a court decision by the Supreme Court of Cassation on May 30.
However, industry experts disclosed to Marijuana Business Daily that the ruling was deemed ambiguous. The industry has been thriving since 2017, which is when a law intended to promote hemp cultivation, when into effect. The law was mistakenly interpreted as legitimizing sales of cannabis light, products that contain only trace amounts of THC.
“Concerning the ‘efficacia drogante’ exception that the ruling makes at the end, medical science established that the limit is 0.5% THC and it was recognized in previous Supreme Court sentences,” explains Guiseppe Libutti to MJBizDaily. Libutti is a business lawyer who specializes in handling cannabis light cases.
“At this time, we have to remain calm and wait for the full (ruling) to fully understand its impact. Anything else is speculative,” he explains.
Despite the ambiguous ruling, cannabis businesses in Italy see things as “business as usual”.
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