An affiliate of Quebec-based cannabis producer Hexo has received a license allowing it to establish cultivation, processing and manufacturing facilities in Greece, the company announced Thursday.
Greece aims to challenge Denmark, Portugal and Malta as a hub to meet demand for medical cannabis in Europe.
The affiliate, Hexo Med, is planning to construct a greenhouse and other facilities on 700,000-squar- foot plot in Larissa, Greece.
Construction of the approximately 320,000-square-foot facility is expected to start in the fourth quarter, the company said.
Meanwhile, Hexo reported third quarter 2019 financial results.
The company’s gross cannabis revenue declined in the quarter ending April to 15.9 million Canadian dollars ($11.9 million), from the previous quarter’s $16.1 million.
Hexo reported net revenue of CA$13 million for the quarter, which New York-based investment bank Jefferies said was below consensus estimates.
The Quebec company says it is on track to sell $400 million of marijuana products in the next fiscal year.
Hexo also said it plans to launch hemp-based products in eight American states next year.