Kaneh Bosm BioTechnology (CSE:KBB) announced the acquisition of portfolio company EU Cannabis which holds a license application process for medical cannabis in Greece.
As quoted in the press release:
EU Cannabis controls a 13-acre land package situated in Northern Greece, which upon receipt of the medicinal Cannabis licence will be dedicated to medical grade Cannabis cultivation, extraction, distribution, as well as research and development. In the coming days, EU Cannabis plans to commence the installation of fencing and security gates according to established best practice guidelines. While awaiting conditional approval from the Greek government, EU Cannabis will concurrently finalize an alarm, signage and security plan that is fully compliant with Greece’s current medical Cannabis regulatory environment.
Eugene Beukman, Chief Executive Officer of Kaneh Bosm states, “EU Cannabis affords Greece a turnkey service offering that will allow for the expedited development of a vertically integrated medical Cannabis facility. By leveraging access to capital, global connections and Cannabis expertise, EU Cannabis will act as a partner and advisor to the Greek government’s quest to establish a safe and sustainable medical Cannabis industry. EU Cannabis provides an unparalleled network of local partners and industry expertise necessary achieve a world-class Cannabis operation. EU Cannabis’ expanding cultivation capabilities will be complemented by Kaneh Bosm’s established distribution network of approximately 35,000 pharmacies throughout 16 countries”.
Upon receiving conditional approval from the appropriate Greek authorities, EU Cannabis plans to break ground on the construction of three separate structures with a total footprint of 97,000 square feet.