Cannabis In Europe: From Marijuana Busts To New Industry Partnerships, Here's What's New In Poland, Greece And UK
Hemp&Health agreed to acquire a 5% stake in the Portuguese company Hibisco Discreto, which owns the Voyager Genetics brand.
New Polish And Portuguese Hemp Partnership
Hemp&Health, a Polish medical cannabis company, agreed to acquire a 5% stake in the Portuguese company Hibisco Discreto, which owns the Voyager Genetics brand, reported Business of Cannabis. The shares were bought for €20,000 ($22,065).
Under the deal, Hemp&Health, which is listed on the Warsaw Stock Exchange, has the option to acquire an additional 5% of the shares for the same price within six months following the date of the transaction.
Voyager Genetics focuses on researching innovative genetics, crossbreeding medical cannabis to create new strains, and collaborating with licensed pharmaceutical growers to supply clones to other licensees.
Meanwhile, the Polish Public Opinion Research Center (CBOS) recently revealed that 73.4% of Poles support the decriminalization of cannabis. Moreover, a significant rise in the demand for medicinal cannabis has been evidenced over the past few years.
In 2019, only 2,909 cannabis prescriptions were issued, but this number rose to 276,807 in 2023, marking a 9,420% increase over the period.
Last month, Poland's Ministry of Health recently implemented stringent regulations on medical cannabis prescriptions, now requiring in-person consultations and sidelining teleconsultations.
Greece's Big Cannabis Bust
Law enforcement agents in Greece eradicated over 8,300 illegally grown cannabis plants previously discovered on a corn farm in central parts of the country. According to Reuters, this was one of the largest seizures of cannabis in the Mediterranean nation.
Authorities removed approximately 1,300 plants and destroyed an additional 7,000, some reaching heights of 3.5 meters (138 inches). The larger plants were removed because their roots had become intertwined with corn.
The farm owner who was allegedly part of a criminal group, which planned to sell the weed for a profit of 15 million euros, was arrested for illegal cultivation and trafficking cannabis.
Early in 2024, adults with prescriptions finally got access to medical marijuana in pharmacies, some seven years after Greece legalized the plant for medicinal use.
UK Scientific Research Org Gets Funding For Medical Cannabis Research
Scotland-based James Hutton Institute received £350,000 ($460,383) to undertake several advanced agricultural research projects.
Led by the UK independent scientific research organization, the project is focused on standardizing medical cannabis products to meet stringent pharmaceutical requirements, reported Business of Cannabis.
Titled Exploiting Controlled Environments for the Development of Optimised Cannabis Sativa Phenotypes for Pharmaceutical Applications (or CE-CannPharm), the three-year project is from James Hutton Institute's Advanced Plant Growth Centre (APGC).
It's one of three that are financed by the Biotechnology and Biological Sciences Research Council (BBSRC).
