Greece’s unemployment rate, the highest in the European Union, was measured at 20.7 percent in October 2017. Although far from the record high of 27.9 percent in July 2013, it still remains more than double the Eurozone’s average. Unemployment in the country has been above 20 percent since November 2011.
To meet its goal of bringing the rate of unemployment down to 19 percent by the end of 2018, the government plans to start projects across the country to cultivate, process and export medical marijuana.
Greece has a warm, sunny climate and fertile land considered favorable to cannabis cultivation.
Earlier, growers had expressed interest in investing more than 1.5 billion euros (approx. $1.7 billion) into cultivation and manufacturing projects in the country, owing in part to potentially favorable legislation.
Now Prime Minister Alexis Tsipras is expected to propose legislation that gives the green light to marijuana cultivation projects within the next few days.
Passage of the bill, which will be posted on the government’s website, is expected to happen just in time to allow for a harvest in summer.
One such project, planned in Veroia in the north, is expected to create more than 2,000 jobs within the next two to three years.
“In Greece, we’re not looking at bringing people in from other areas that have cannabis experience,” Michael Blady, an investor in the Veroia project, told The Independent. “We’re going to train as many people as we need and we’re going to start our own culture here.”
Earlier estimates suggest that a single campus of 12 to 15 greenhouses could create more than 400 jobs, providing much-needed relief for the consistently high rate of unemployment in the country.
Projects like these are also likely to alleviate the low-wage problem in Greece. Average monthly salaries in the country are currently among the lowest in the EU. The medical marijuana industry can generate significantly higher salaries for employees.
“There’s significant interest by the investor community to exploit the possibilities of the new legal framework for medicinal cannabis in Greece,” minister for agriculture Evangelos Apostolou was quoted as saying. He further emphasized that the government was willing to assist any investment project that would generate jobs and boost the economy.
Following the passage of the bill, investors will be looking into a possible future legalization of marijuana for recreational use as well, which will allow for bigger investments and more jobs in the country.
Budbo, a blockchain-based supply chain management solution, aims to streamline marijuana discovery, exchange and supply for the global cannabis market, while providing the much-needed security and transparency within the industry.
The company is currently conducting Tier 2 of its token sale, after successfully completing presale and Tier 1 in a matter of days.
Tier 2 lasts for 12 days or until sold. Visit bubdo.io to participate.
