Israeli cannabis leader dominates Greek market

Tikun Olam Europe, a subsidiary of Tikun Olam Ltd., an internationally recognized pioneer in medical cannabis research and development, stands at the forefront of shaping Greece's nascent medical cannabis market. Nikos Beis, the company's CEO and Vice President of the Board, emphasized Greece's transition to one of Europe's most advanced medical cannabis programs. With a vision to set industry benchmarks, Tikun Olam Europe invested in cutting-edge infrastructure, culminating in a state-of-the-art EU-GMP facility sprawling across 56,000 square meters.

Despite the promising progress registered so far, the journey towards this landmark achievement did not come free of challenges. Greece's initial declassification of cannabis as a Schedule D substance in 2017 lacked a legislative framework, leading to a lot of uncertainty in both parliament and civil society. However, undeterred by regulatory ambiguities, Tikun Olam Europe persisted, driven by a commitment to excellence and innovation. Beis emphasized the significance of their investment in navigating complexities and achieving market acceptance, resonating with authorities and healthcare professionals alike.

Greece's allure as a medical cannabis destination stems from multifaceted advantages. The nation boasts lower operational costs, a conducive climate for cultivation, and membership in the European Medicine Agency (EMA), facilitating international exports. Additionally, Greece's robust pharmaceutical industry, nurtured over the past two decades, provides a reservoir of skilled professionals crucial for the sector's success.

Underpinning Greece's medical cannabis program is a rigorous regulatory framework akin to traditional pharmaceuticals. Every cannabis product undergoes stringent scrutiny, mandating Marketing Authorization Licenses from the Greek National Organisation for Medicines (EOF). This meticulous approach ensures that medical cannabis products adhere to pharmaceutical standards, fostering confidence among healthcare practitioners and patients.

Looking ahead, Tikun Olam Europe aims to expand its product pipeline while prioritizing the education of prescribing doctors so that the country avoids imbalances between exports and domestic sales, an issue Portugal is struggling with at the moment. By establishing a replicable model for medical cannabis education, the company seeks to transcend national borders and catalyze industry growth across similar regulatory landscapes.

Since 2022, the Israeli cannabis magnate poured a consistent amount of resources and effort to impose itself in the emerging medical cannabis market in Greece.

In the summer of 2022, TIKUN Europe achieved a significant milestone with the arrival of its inaugural mother plants from Israel. This event signaled the commencement of cultivation activities at its Korinthos facility in Greece.

Transported on July 22nd under the meticulous supervision of Skyserv Ground Handling Services at Athens International Airport, Eleftherios Venizelos, the mother plants were safeguarded in specially designed containers to ensure optimal conditions throughout the journey. The presence of TIKUN Europe's executives underscored the importance of this momentous occasion.

With an unwavering commitment to quality and innovation, TIKUN Europe planned to nurture these mother plants within a state-of-the-art, vertically integrated greenhouse spanning 21,000 m2. Upon reaching maturity, the facility was anticipated to yield an impressive 10 tons of dry flower annually. Stringent protocols governed the propagation process, safeguarding the genetic integrity of the mother plants for generations to come.

In November of the same year, Tikun Olam’s European subsidiary and the Greek pharmaceutical group Lavipharm forged a strategic partnership for the distribution of Tikun's upcoming products in the Greek market. This collaboration signified a significant step forward in providing Greek patients access to advanced medical cannabis treatments.

Under the terms of the agreement, Lavipharm oversaw the commercial distribution of Tikun's new product lines, which included finished medical cannabis products manufactured exclusively at Tikun's Greek facility, as well as a specialized line of cannabidiol (CBD) food supplements produced at a certified facility in France. The contract spanned five years, with an option for renewal, reflecting the long-term commitment of both parties.

The partnership capitalized on the burgeoning demand for medical cannabis in Europe, particularly in therapeutic areas such as Oncology, Chronic Pain, and the Central Nervous System. Mr. Nikos Beis, CEO of Tikun Europe, expressed enthusiasm for the alliance, emphasizing its role in expanding access to high-quality medical cannabis products for patients with severe conditions. He underscored the strategic decision to collaborate with major pharmaceutical partners like Lavipharm and Pharmaserve Hellas to deliver effective treatments and CBD supplements, thus enhancing consumer well-being.

Mr. Telemaque Lavidas, Executive Board Member of Lavipharm, echoed Beis's sentiments, highlighting Lavipharm's commitment to providing patients with access to medical cannabis treatments previously unavailable in Greece. He emphasized the partnership's objective of improving patients' quality of life and expanding Lavipharm's portfolio to meet evolving healthcare needs. Lavidas also emphasized the importance of collaboration between major pharmaceutical companies to ensure healthcare professionals had access to scientifically validated information for the benefit of patients.

In the beginning of 2023, Tikun Olam unveiled Europe's inaugural and most cutting-edge medical cannabis production facility in Examilia, Korinthos. The inauguration ceremony was graced by the presence of esteemed figures including the Minister of Development and Investments, Adonis Georgiadis, the Deputy Minister of Research and Technology Christos Dimas, and Deputy Minister for Planning and the Urban Environment Nikolaos Tagaras. SYRIZA MP of Korinthos Georgios Psychogios, along with other dignitaries representing political, local government, scientific, business sectors, and media, also attended the event.

“Today, after 5 years of demanding and collective work, we are here to inaugurate the largest and most modern medical cannabis production unit, both in Greece and Europe, and one of the largest units in the world. With this investment and the strategic partnerships we have entered into, Greece can now play a leading role in the medical cannabis market. This market is under development at an international level and at the same time is growing rapidly. We warmly thank all the political leaders who in recent years believed in the prospects of this market, contributing to the completion of a project that will primarily benefit Greek patients. As a company, we are committed to producing high-quality products ensuring that patients around the world have access to safe and effective pharmaceuticals.”, said Nikos Beis, the CEO of Tikun Olam Europe, at the time.

As Tikun Olam Europe pioneers the burgeoning Greek medical cannabis market with its state-of-the-art production unit, all eyes are on its potential for reaping substantial rewards. With its unwavering commitment to innovation and quality, TikunOlam stands poised to harness the full potential of this emerging market. As the industry continues to evolve and expand, will Tikun Olam's strategic investments and partnerships position it for significant growth and success in Greece and beyond ? That remains to be seen, as many questions regarding future reforms and legislation still remain unanswered.

As Greece strides forward as a trailblazer in the European medical cannabis arena, the global cannabis industry watches with anticipation, poised to leverage the country's strategic advantages and pioneering spirit for continued innovation and progress.

Written by DANIEL CIUREA

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