ATHENS, Greece, June 22, 2020 (GLOBE NEWSWIRE) -- Kalacan Hellas S.A. (“Kalacan” or the “Company”) (Privately Held) is pleased to announce that it has received its medical cannabis installation license (the “License”). The License, one of the largest issued by the Greek government, authorizes Kalacan to establish cultivation, processing and manufacturing facilities, as well as conduct Licensed Activities, including import and export of cannabis. Securing an EU-based license provides Kalacan with a first-mover production and distribution platform in the developing European cannabis market.
Kalacan’s Chairman and CEO, Mr. Athanasios Katsikas commented: “Greece and Kalacan are now on the cannabis world stage, and we will continue to build towards becoming a global leader. We look forward to developing this exciting industry in Greece and Europe generally, with a direct benefit going back into our community and country.”
Kalacan anticipates building large-scale greenhouses and EU GMP processing and manufacturing facilities on the 77,258 m2 licensed plot in the region Kalamata, Greece. The new facilities are expected to initially create hundreds of jobs in the local community, which will continue to increase as Kalacan expands operations further. Construction of the first phase, with a footprint of 6,000 m2, is expected to begin later this year. Further development of the site’s entire licensed capacity is expected to be completed in phases as the market matures. Once entirely constructed and operating at full capacity, the Company estimates total production of dried high-THC cannabis to be 100,000 kilograms annually, with further capacity of more than 12 million units of finished consumer packaged cannabis-based products, targeted for export across Europe and to other select markets.
About Kalacan
Kalacan is a European biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products. Kalacan is based in Athens, Greece, where it is federally licensed as a vertically-integrated producer of medical cannabis (THC & CBD). Kalacan operates at the highest global standards of product quality, innovation, safety and compliance. Positioned as one of the first EU-based commercial producers in the regulated European cannabis market, Kalacan’s flagship products will be medicinal-focused tinctures, capsules and edibles marketed under the Company’s KALAVITA WELLNESS brand. For more information about the Company please visit kalacan.com.
Forward-Looking Statements
This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (“forward-looking statements”). Forward-looking statements are based on certain expectations and assumptions and are subject to known and unknown risks and uncertainties and other factors that could cause actual events, results, performance and achievements to differ materially from those anticipated in these forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements as a result of new information or future events, or for any other reason.