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 compete with 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 a 700,000-square-foot plot in Larissa, Greece.
Construction of a roughly 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 CA$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 said it is on track to sell CA$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.