MACRO GREECE MARKET SYNOPSIS

EU CANNABIS CORP.

ItalyPop: 60.6m Pop: 2.876m

Pop: 2.0816m

Pop: 1.816mPop: 0.66m

Pop: 7.057m

Pop: 7.128m

TurkeyPop: 79.51m

BulgariaKosovo

Macedonia

Monenegro

Serbia

Albania

The cradle of Western civilization is

situated at the crossroads of Europe, Asia,

and Africa. Greece, officially know as the Hellenic Republic, occupies the southern

tip of the Balkan Peninsula. Greece shares land borders with Albania to the northwest, the Republic of Macedonia and Bulgaria to

the north, and Turkey to the northeast. Based upon the United Nations 2018

estimates , the current population of Greece

is 11,149,970. Greece’s Capital City, Athens is the largest metropolitan center, followed by Thessaloniki with populations of 3,090,508 and 788,952 respectively. Over 40% of the total Greek population inhabit Athens and its surrounding areas.

Greece’s Gross Domestic Product (GDP) for 2018 is estimated at $313.4 billion USD. As of

2014, agricultural based industries employ 13.0% of eligible work force. Agricultural revenues account for approximately 3% of overall GDP contributions. The service sectors and tourism comprise the majority of the Greek economic output with an 85% contribution to annual GDP. Approximately 16,500,000 tourists visit Greece each year; establishing the mountainous country as the seventh most visited destination in the

European Union and the sixteenth most

visited country in the world.

DEMOGRAPHICS GREEK

85%Services &Tourism

3%Agricultural

12%Other

Greece has a long history of cannabis production, and prior to the prohibition era, the southern european nation produced high quality hashish that was exported throughout Europe. Greece enjoys over 300 days (or 3,000 hours) of unadulterated sunshine per year, equipping the country with a very attractive climate for outdoor cannabis cultivation.

CURRENT

MARKET CONDITIONS

• 1987 brought drug legislation in line

with United Nations drug treaties• Cannabis remains the most widely

used illicit drug in the world• Cannabis prohibition has proven to

be an ineffective strategy for reducing individual or social harms including:

- Decreasing burdens on criminal

justice systems- Limiting negative social and public

health impacts

- Minimizing support organized crime

and violence

• Governments are interested in

alternative approaches to cannabis

control that promote and protect health,

safety and human rightsLooking to promote and protect the health, safety and human rights

• Several European and Latin American

countries have decriminalized the

personal possession of cannabis

CURRENT

MARKET CONDITIONS

2011

2013

2016

2017

CURRENT

MARKET CONDITIONS

In 2011 the Greek government briefly toyed with the idea of decriminalizing cannabis in small amounts, this was never made law; cannabis remains illegal in all forms and quantities, although the law can be confusing at times due to many recent amendments.

In June 2017, Greek Prime Minister Alexis Tsipras announced that a joint ministerial decision regarding the legality of medical cannabis had been made. The decision, published

in the Government Gazette, declared the medical use of

cannabis to be legal for patients with a doctor’s prescription.

In 2013, amendments were made to significantly reduce max penalties compared to the previous

maximum penalties of five years’ imprisonment for possession. The 2013 amendment also removed

the limits for personal consumption, which were previously set at 2.5g of hashish or 20g of flower. Greek law does not differentiate between cannabis and other illegal drugs in the punishments levied. v

In July 2016, the Greek government formed a working group to assess the possibilities of medical cannabis, with a report to be issued in October of that same year. The working group or cannabis task force concluded that a single campus of 12 to 15 cannabis greenhouses could create 400 jobs.

Unemployment in the country has been over 20% since Nov 2011, one of the highest levels in the

European Union.

GREECE HAS A LONG AND DISTINGUISHED HISTORY AS A PRODUCER OF FINE-QUALITY CANNABIS. IN PARTICULAR, THE SOUTHERN

REGION KNOWN AS THE PELOPONNESE (OF WHICH THE CAPITAL CITY IS KALAMATA) IS KNOWN TO HAVE A LONG-PRESERVED POOL

OF LANDRACE GENETICS THAT HAVE A REPUTATION OF ALMOST UNPARALLELED QUALITY.

• Protecting young Greeks by keeping cannabis out of the hands of children

and youth;• Keeping profits out of the hands of

criminals, particularly organized crime;• Reducing the burdens on police and the

justice system associated with simple possession of cannabis offences;

• Preventing Greeks from entering the criminal justice system and receiving criminal records for simple cannabis

possession offences;• Differentiating between industrial hemp

applications and cannabis derived

products;• Protecting public health and safety by

strengthening, where appropriate, laws and enforcement measures that deter

and punish more serious cannabis

offences, particularly selling and distributing to children and youth, selling outside of the regulatory framework, and operating a motor vehicle while under the influence of cannabis;

• Ensuring Greeks are well-informed through sustained and appropriate

public health campaigns and, for

youth in particular, ensure that risks are understood;

• Establishing and enforcing a strict

system of production, distribution and sales, taking a public health approach, with regulation of quality and safety (e.g., child-proof packaging, warning labels), restriction of access, and application of taxes, with programmatic support for addiction treatment, mental

health support and education programs;• Providing access to quality-controlled

cannabis for medical purposes

consistent with federal policy and court decisions;

• Enabling ongoing data collection,

including gathering baseline data,

to monitor the impact of the new framework.

PROACTIVE CANNABIS LEGISLATION SHOULD BE PILLARED UPON THE FOLLOWING MANDATES:

Greece should look to enact regulations and legislation, which encourages and acts as a catalyst for a sophisticated commercial industry that cultivates and distributes cannabis by mail, courier and storefront to individuals who require it for medical purposes. The Government can look to control and measure production via an extensive application and quality assurance process for licensed producers. The Greek cannabis industry should operate under the authority of federal regulation, which set out product quality control measures and strict security standards to protect public health and safety.

RECOMMENDED

REGULATIONREVISIONS

• Protection of public health and safety as the primary goal of the new regulatory framework, which includes minimizing harms and

maximizing benefits;• Compassion for vulnerable members

of society and patients who rely on access to cannabis for medical

purposes;• Fairness in avoiding disproportionate

or unjustified burdens to particular groups or members of society and in avoiding barriers to participation in

the new framework;

• Collaboration in the design,

implementation, and evaluation

of the new framework, including communication and collaboration

among all levels of government and

with members of the international community;

• Commitment to evidence-informed

policy and to research, innovation, and knowledge exchange;

• Flexibility in implementing the new cannabis regulatory framework.

Greece should recognize that cannabis regulations should be dynamic and build on a foundation of continued research and the collection of empirical data.

RECOMMENDED

REGULATIONREVISIONS

THE GREEK LEGISLATURE CAN LOOK TO THE FOLLOWING GUIDING PRINCIPALS AS A BENCHMARK FOR EFFECTIVE AND SUSTAINABLE CANNABIS LEGISLATION:

• Promotion, advertising and marketing restrictions

• Cannabis-based edibles

and other products

• THC potency

• Tax and price

• Public education• Prevention and treatment• Workplace safety

• Production• Distribution

• Illegal activities

• Place of use

• Access

• Affordability• Products

• Retail

• Personal cultivation

• Impaired driving

• Personal possession

• Public safety• Evidence and research

MINIMIZING HARMS OF USE

MINIMUM AGE

ESTABLISHING A SAFE AND RESPONSIBLE SUPPLY CHAIN

ENFORCING PUBLIC SAFETY AND PROTECTION

MEDICAL ACCESS

RECOMMENDED

REGULATIONREVISIONSCANNABIS REGULATIONS CAN EXPAND UPON AND LEVERAGE THE FOLLOWING LEGISLATIVE OBJECTIVES:

19+

RECOMMENDED

REGULATIONREVISIONS

PROVIDE GREEKS WITH THE INFORMATION THEY

NEED TO UNDERSTAND THE REGULATED SYSTEM

PROVIDE SPECIFIC INFORMATION AND GUIDANCE TO THE DIFFERENT

GROUPS INVOLVED IN THE REGULATED CANNABIS MARKET

PROVIDE GREEKS WITH THE FACTS ABOUT CANNABIS AND ITS

EFFECTS

ENSURE THAT GREECE SHARES ITS LESSONS AND EXPERIENCE

WITH THE INTERNATIONAL COMMUNITY

FOR THIS SYSTEM TO BE SUCCESSFUL, FEDERAL AND MUNICIPAL GOVERNMENTS, AS WELL AS OTHER KEY STAKEHOLDERS WILL BE REQUIRED

TO WORK TOGETHER ON INFORMATION SHARING, INCLUDING THE DATA REQUIRED FOR OVERSIGHT, AND ON THE CO-ORDINATION OF EFFORTS TO SET UP ALL OF THE COMPONENTS OF THE NEW REGIME, INCLUDING PRODUCTION, DISTRIBUTION AND RETAIL. TIMELY DATA COLLECTION, EVALUATION AND REPORTING OF RESULTS WILL ALSO BE KEY TO THE

SUCCESSFUL DEVELOPMENT OF THE SYSTEM.

ARTICLE IN

BLOOMBERG

DENMARK

URUGUAY

SPAIN

CANADAWASHINGTON STATE, OREGON , COLORADO, CALIFORNIA, NEVADA,

MAINE , ALASKA

USE/TEST

CASES

STATSUS CANNABIS TAX REVENUES COULD

EXCEED

$132bBY 2025

A 2017 report from cannabis industry analytics

firm New Frontier Data estimated that US cannabis tax revenues could exceed

$132.8B USD by 2025.

(Source: https://newfrontierdata.com/wp-content/uploads/2015/11/

CIAR_Webinar_FINAL.pdf)

12 TO 15 CANNABIS GREENHOUSES COULD CREATE

400JOBS

A single campus of 12 to 15 cannabis greenhouses

could create 400 jobs.

(Source: https://www.bloomberg.com/news/articles/2017-11-14/

greece-turns-on-to-medical-cannabis-in-bid-to-spur-investment)

GREECE WELCOMES

OVER

16.5mTOURISTS A YEAR

Greece welcomes over 40,000,000 tourists each

calendar year.

(Source: https://www.wttc.org/-/media/files/reports/economic-

impact-research/countries-2017/greece2017.pdf)

IN 2017 COLORADO

COLLECTED OVER

$247mIN TAX REVENUE

In 2017, the State of Colorado collected

$247,368,473 USD in tax revenue derived from

cannabis sales.

(Source: https://www.colorado.gov/pacific/revenue/colorado-

marijuana-tax-data)

GREECE ENJOYS

OVEROF UNADULTERATED SUNSHINE EACH YEAR

(3,000 HOURS)DAYS300

LondonBerlin Warsaw

Bucharest

Paris

Madrid RomeBarcelona

GREECE

DISTRIBUTION HUB

THE POPULATION OF THE EUROPEAN UNION IS 743.1M, AFFORDING GREECE CANNABIS AND INDUSTRIAL HEMP

ENTERPRISES WITH A UNIQUE OPPORTUNITY TO SERVICE THIS MASSIVE POTENTIAL MARKETPLACE.

PERMITS TOCULTIVATE & DISTRIBUTE CANNABIS IN GREECE