Marijuana Company Kaya Receives License For Medical Cannabis Facility In Epidaurus, Greece

Kaya Holdings, Inc.’s KAYS majority owned subsidiary Kaya Farms Greece's second joint venture project, "Greek Kaya," has been issued its crucial cannabis installation license, allowing for the development of a planned medical cannabis facility in Epidaurus, Greece.

Greek Kaya plans to utilize the facility to cultivate and manufacture KAYS proprietary cannabis brands (CBD/THC) for distribution in the Greek, German and other EU markets as permitted by local regulations.

The Greek Kaya Project is designed to include 25,000 square feet of indoor cannabis cultivation, a 15,000 square foot EU-GMP extraction and processing facility, and a 10,000 square foot EU-GMP packing area. There is ample room for expansion up to an additional 15,000 square feet on site.

Management expects to reach an agreement on favorable terms to purchase the property over the coming months, subject to final negotiations and project financing. Management also noted that while they expect to conclude the deal to acquire the property, the license is transferrable to another location in Greece and therefore has intrinsic and strategic value.

"This new license further demonstrates our commitment to establishing a Mediterranean (Greece/Israel) based cannabis eco-system that will serve the EU and other global markets," commented KAYS CEO Craig Frank. "We are gaining access to markets expected to rival the U.S. in size and opportunity, but at a fraction of the cost required in the U.S.," Frank continued. "This will prove critical as the cannabis market expands beyond North America."

Photo: Courtesy of Kaya Holdings, Inc.

Related News

The Week In Cannabis: Tilray Earnings And Reactions, Weed And Covid, Italy, Marijuana At The Airport And More

Kaya Holdings Boosts Operations In Greece With 50% Acquisition Of Epidaurus Medical Cannabis Project