THE

MAIN PROVISIONS OF THE LEGISLATION WHICH IS UNDER DISCUSSION BEFORE THE HOUSE

OF THE REPRESENTATIVES FOR THE LEGALISATION OF THE IMPORTATION AND/OR

PRODUCTION AND/OR CULTIVATION OF PHARMACEUTICAL CANNABIS

The purpose of

the proposed legislation is to amend the Drugs and Psychotropic Substances Act

of 1977 to 2016, in order to add additional provisions allowing the regulation

of imports of cannabis and cannabis seeds into the Republic. Moreover, the

Drugs and Psychotropic Substances (Pharmaceutical Cannabis) Regulations of 2017

(“Regulations”) will regulate among others:

(a) the

cultivation, production, importation and exportation of pharmaceutical cannabis

and its use for the conduct of scientific research for medical purposes, for

the preparation of galenical products by pharmacies for medical or

pharmaceutical production,

(b) the free

provision of pharmaceutical cannabis to eligible patients.

Persons

eligible to apply for a License to produce Pharmaceutical Cannabis

In particular,

the draft regulations stipulate that natural persons who should be adults and

have their habitual residence in the Republic or in another State Member State,

as well as legal entities formed under the laws of the Republic or of another

Member State, which have a registered office or place of employment in the

Republic and whose staff and directors are all adults are eligible to apply for

a license.

Moreover, the

potential applicants shall have at

least five years of experience in the cultivation and production of pharmaceutical

cannabis in the world market. The competent authority,  will grant the right to file applications for

two Producer licenses. The

said license will be valid for a period of up to 15 years.

For more

information as to this contact Stelios Americanos & Co LLC on the following

emails:

[email protected] or [email protected];