Tikun Olam Europe: Inauguration of Europe's first medical cannabis production unit in Examilia, Korinthos

Korinthos, 26/01/2023: . TikunOlam Europe, the pioneer pharmaceutical industry in the research, development and production of medical cannabis products in Greece, inaugurated the first and most innovative medical cannabis production unit in Europe in Examilia, Korinthos. The inauguration ceremony took place in the presence of 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, the SYRIZA MP of Korinthos Georgios Psychogios, as well as other representatives of the political leadership, the local government, the scientific and business world and the media.

The TikunOlam Europe production unit is located in a privately owned area of 56,000 square meters in Korinthos, a total investment that exceeded 40 million euros. A vertically integrated production process, with a R&D department and state-of-the-art facilities and with cutting-age equipment. The site has three distinct units: the greenhouse cultivation unit, the primary processing unit and the production and packaging unit for finished medical cannabis products.

During the inauguration ceremony κ. Nikos Beis, CEO of TikunOlam Europe δstated: "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."

The Minister of Development and Investments, Mr. Adonis Georgiadis,after thanking all the executives of the Ministry of Development for the hard work they have done regarding the investments in medical cannabis, stressed: "Today is a historic day not only for TIKUN OLAM Europe and the investment in Korinthos, but because today we pave the way for something that did not exist in Greece. A way to provide Greek patients with pharmaceutical cannabis products. But also a way for a product that we will be able to export throughout Europe, because this unit has the ability to make huge exports to all the major countries of Europe and so Greece will play a leading role in the coming years, spearheaded by this factory and the other factories that will come and work on what is called medical cannabis."

Moreover, the Deputy Minister of Research and Technology Christos Dimas σημείωσε: «An important day today for Korinthos, for Greece but especially for those patients who will benefit from the healing properties of medical cannabis. TikunOlam TIKUN OLAM Europe 's investment is knowledge-intensive and has already created new, quality and well-paid jobs in our country."

During his speech Deputy Minister for Planning and the Urban Environment Nikolaos Tagaras said: "It is a special day for Korinthos because such a large pharmaceutical company has chosen to make this great investment in our country that creates many job opportunities for the local community. The political community is here with responsibility, next to the investors who choose and support Greece. For all of us, it is a national bet to pave the way for more innovative investments and we win it every day all together."

Speaking about the investment the SYRIZA MP of Korinthos Georgios Psychogiosconveying the message of the President of SYRIZA-PROGRESSIVE ALLIANCE Alexis Tsipras, he said characteristically: "I want to express my congratulations to the company for an innovative and pioneer project both for Korinthos, but also for the country, which came to life on the basis of the interests of local communities, maintaining the standards of Europe. I would like to point out that despite the fact that when this framework was made it was reprehensible by many, I am glad that we are now here to monitor the development of medical cannabis for both investors and patients who will now be able to access these medicines."

At the same time, in the context of the event, Mr. Nikos Karanikas said that an innovative idea becomes a reality with the inauguration of this unit, congratulating the entire team of TikunOlam Europe for the implementation of a demanding project, emphasizing that "ttoday we are here having overcome all obstacles and I could not feel more joy".

With the inauguration of this unit, our country acquires a high level of know-how that will help Greek and European patients to come closer to safe and effective treatments of recognized value.

The medical cannabis market 

Based on data on the latest European and global market trends for the industry, there has been an increase in the creation of units for the cultivation and processing of medicinal cannabis for commercial purposes in many European countries. However, Canada retains the lead as the largest exporter in Europe, but this is changing as more and more countries around the world begin their exports while at the same time Canadian producers shift the crop to Europe. In at least 15 European countries there are units for the cultivation and processing of medicinal cannabis for commercial purposes.  

In Europe, medicinal cannabis remains linked to the existing healthcare system, with treatment programmes strictly controlled by regulators as well as the licensing process done by state bodies. In particular, pilot projects on medicinal cannabis are progressing across the continent of Europe. Notably, the German medical cannabis market continues to grow steadily, with a 43% increase in cannabis sales in pharmacies at the end of 2021, with most of the growth coming from products sold to patients with private prescriptions. Medicinal cannabis products in Germany must have an EU-GMP certification, which adheres to high standards for the production and testing of medicines. More time is needed to build up production capacities at EU-GMP level than for non-certified treatment plants. 

In Greece, licenses are still at an early stage, although the first companies have already made their appearance by investing dynamically in the field with the creation of factories for the cultivation and processing of medicinal cannabis. 

As far as CBD products are becoming increasingly legalized, as of February 2022, the European Commission has registered at least 12 valid applications for CBD as novel foods, while the trend for approval of new applications is expected to continue in the very near future. In Greece, in June 2022, the relevant JMD (1/6/2022  
- 2712) was published, in which the terms and conditions of the legal production, placing on the market and marketing of dietary supplements containing Hemp of the species Cannabis Sativa L, i.e. CBD, are communicated. Until now, CBD products have been distributed exclusively through CBD stores or other hemp products. This special distribution has not so far contributed to the reliability and effectiveness of the category, even if the special stores give weight to cannabis products. Almost all developed European and not only countries (UK, Canada, Israel, etc.) currently have at the disposal of their patients the "tool" of medicinal cannabis for significantly improved quality of life. 

Regarding TIKUN

TIKUN Olam is a pioneering company in the research, development, and production of medicinal cannabis products worldwide. Defining the market of medicinal cannabis in 2005, it began its activity in Israel and in the course of time expanded with production units in the USA, Canada, Australia, Asia (Israel) and Europe (based in Greece). With more than 15 years of clinical and laboratory studies and an extensive database of tens of thousands of patients worldwide, TIKUN Olam's innovative pharmaceutical formulations are based on cannabis strains that have been awarded worldwide. Its medications offer support for serious conditions, such as Parkinson's disease, Crohn's disease, Autism, multiple sclerosis, epilepsy, side effects from chemotherapy, neuropathic pain, etc.  

About TikunOlam TIKUN OLAM Europe

TIKUN Olam Europe's presence in Europe began in Greece, taking advantage of the country's potential to develop into an international center for the production of medicinal cannabis, with most of the production aimed for exportation to European countries.

With a total investment of €40m, in a 56,000m2 area in Corinth,2 in Corinth, TIKUN Europe has created the largest, for this sector, production unit in Europe, with a vertically integrated production process and an R&D department, in state-of-the-art facilities and with hi-tech equipment.

TIKUN Olam Europe’s activity is fully aligned with the Greek legislation provisions for the cultivation and processing of cannabis, aiming at the creation of pharmaceutical formulations that will be produced in a GMP environment and by applying strict control standards and procedures which ensure high quality and safety.

The company utilizes TIKUN’s know-how, while having direct access to its large patient database. TIKUN's pharmaceutical formulations have effectiveness which has been verified following clinical studies and Real-World Data (RWD).

In addition, TIKUN Europe has been on the market since the beginning of 2022 and the TIKUN CBD product line produced in a certified factory in France, based on innovative formulas developed by its R&D division. The TIKUN CBD series acts on the annoyances of everyday life, while at the same time benefiting the entire human body. In other words, it ensures homeostasis, providing holistic, natural balance.

Media info

V+O Communication, Nasia Bourni - Tel. Contact 210 72 49 000 / +30 6936775484 - Email nb@vando.gr

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