A new project for the cultivation, processing, packaging and exporting of medicinal marijuana has been proposed for a site located in Veria.
Located in the north of Greece where the climate is similar to that of California, if the plans get the go ahead, more than 2,000 jobs are expected to be created over the next two to three years.
With 10 current investors from around the world, the first round of investment is expected to be some €400 million (AU$611,943,722) and is projected to rise to more than €1.5 billion.
Eighty per cent of the jobs will be created in areas such as cultivation, trading and transport, and according to one the investors, Michael Blady, will be given to Greek locals, reports Bloomberg.
“In Greece, we’re not looking at bringing people in from other areas that have cannabis experience,” Mr Blady said.
“We’re going to train as many people as we need and we’re going to start our own culture here.”
The Syriza government has expressed its enthusiasm over the Veria project and is set to propose legislation, which could see such projects go ahead as soon as the end of January.
“There’s significant interest by the investor community to exploit the possibilities of the new legal framework for medicinal cannabis in Greece,” said Agriculture Minister Evangelos Apostolou, adding that the government is willing to assist any project aimed at boosting the economy.
Another attractive aspect to cultivating marijuana is the pay taken home by employees, which ranges between US$80,000 and US$100,000 (AU$99,700 to AU$124,700) annually – a significant jump from Greece’s current average monthly salary of €586.00 (AU$896.50).
It is expected the bill will be posted to the government’s website to allow the public to weigh in on the decision.
Meanwhile in the instance that the government moves towards further legalising the use of marijuana beyond medicinal purposes, investors are already considering the recreational cannabis market.