Kaya Farms Greece has acquired 50% of a Medical Cannabis Project in Epidaurus, Greece. This marks the company's second cannabis venture in the EU nation.
The Epidaurus site consists of 2 connected industrial buildings (approximately 50,000 square feet in total under-air space) situated on 2.8 acres of land, with its own independent industrial electrical power center and ample water supply to service the needs of the facility. The Greek Kaya Project will include 25,000 square feet of indoor cannabis cultivation, a 15,000 square foot EU-GMP extraction and processing facility, and a 10,000 square foot EU-GMP packing area. There is ample room for expansion with room to construct an additional 15,000 square feet on site.
Greek Kaya plans to cultivate and manufacture KAYS proprietary cannabis brands (CBD/THC) for distribution in the Greek, German and other EU markets as permitted by local regulations. The joint venture is awaiting project financing and final license approval from Greek government authorities.
The Epidaurus project is smaller in scale than the Company's 15-acre project in Thebes, Greece, allowing KAYS to fast track cultivation and processing of its proprietary branded cannabis products for distribution in legal EU markets while awaiting greater legal cannabis demand to emerge prior to developing a large-scale capacity in Thebes.
"We expect that 2022 will be a breakthrough year for us as our efforts to gain a foothold in the European cannabis market begin to come to fruition," remarked KAYS' CEO Craig Frank. "We have strengthened our international ties substantially in 2021 and now have the network to undertake bold steps to claim our stake in a global cannabis sector still in its infancy".
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