The first of these are expected to be available to patients in September 2023. cannabis medicinal products to be produced by his division Tikkun Olam in Greece, which was opened yesterday.

With the commissioning of the Tikun Olam facility at Corinthia Sixmiles, the story begun by the previous government, which began laying the groundwork for the legalization of medical cannabis in the country, is entering its final phase, thus paving the way for significant investment in the emerging global business. activities, but also offering alternative methods of care for patients with chronic diseases.

Tikun Olam’s investments in Greece from Israeli funds, as well as with the participation of Greek investors such as Vassilis Milionis (of Hellas Power fame), exceeded 40 million euros. It is located on a 56-acre private property with 21,000 sq.m. modern hybrid greenhouses and 3000 sq.m. a standard pharmaceutical plant capable of producing cannabis finished medicinal products in various dosage forms. The facility has three separate blocks: a greenhouse cultivation block, a primary processing block, and a cannabis finished medical product production and packaging block.

The division already employs 100 people and is expected to double the number of employees when fully developed. At the moment, production is actually at an experimental stage, at 20%-30% of the plant’s capacity, which is usually 10 tons per year. The drugs, which will be produced at the Tikun plant in Corinth, will be directed to the Greek market and, at a later stage, also to foreign markets.

Investments exceeded 40 million euros and were implemented on an area of ​​56 acres.

For serious illnesses

According to Nikos Bey, Managing Director of Tikun Europe, the Greek division will produce 12 product codes, which will be distributed under different names by Lavipharm and Pharmaserv Hellas. The drugs will be prescription drugs, and the patient will bear the entire cost, since the participation of insurance funds is not provided. According to him, the drugs that the company will produce relate to complex offerings of cannabis finished medicinal products with proven effects in the prevention and treatment of symptoms such as cancer pain, chronic neuropathic pain, spasmodic pain in multiple sclerosis and other serious diseases. Tikun Olam continues to support research into other diseases such as epilepsy, autism, Crohn’s disease.

Tikun started its medical cannabis business in 2005 from Israel and has expanded over time with manufacturing facilities in the US, Canada and Australia as well as Europe.

Based on data from the latest European and global market trends in the industry, there has been an increase in the number of businesses growing and processing medical cannabis for commercial purposes in many European countries. However, Canada still holds the reins as the largest exporter to Europe, but this is changing as more countries around the world start exporting and Canadian producers move crops to Europe. At least 15 European countries have plants for the cultivation and processing of medicinal cannabis for commercial purposes.

The European medical cannabis market is predicted to grow by 21.96% per annum between 2022 and 2027, and from $4.96 billion in 2022 it will reach $13.37 billion in 2027.