January 12 (SeeNews) - US-based Kaya Holdings said that its majority-owned subsidiary Kaya Farms Greece has agreed to acquire 50% of Greek Kaya - an Epidaurus-based medical cannabis project.
This move marks the company's second cannabis venture in Greece, Kaya Holdings said in a statement on Tuesday. The terms of the deal were not disclosed.
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Greek Kaya plans to cultivate and manufacture Kaya Holding's proprietary cannabis brands 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 statement read.
The Epidaurus site consists of two connected industrial buildings, of some 4,640 sq m in total under-air space, situated on 1.13 ha of land. The Greek Kaya project will include 2,323 sq m of indoor cannabis cultivation, a 1,393 sq m extraction and processing facility, and a 929 sq m packing area. An additional 1,393 sq m can be built on the site, according to the statement.
Kaya Farms Greece is also the owner of a medical cannabis cultivation and processing project, Greekkannabis, in Thebes. Greekkannabis has a development license from the Greek authorities and a purchase option on 6.1 ha. The farm has large-scale cultivation capacities and the company expects to develop the site once legal cannabis demand warrants an increase in capacity, the statement read.
"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," Kaya Holding's CEO Craig Frank said in the statement. "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," he added.
Kaya Holdings is a publicly-traded and vertically integrated legal cannabis company operating a number of majority-owned subsidiaries that retail, cultivate, produce and distribute medical and recreational cannabis products, including flower, concentrates, oils and extracts, cannabis-infused foods and beverages, topicals, and cannaceuticals.