HEXO (TSX:HEXO) announced a plan for the development of a processing, production and distribution centre in Greece, through a partnership with Qannabos.
As quoted in the press release:
HEXO’s plan to establish operations in Greece marks the Company’s first foray into the European cannabis market. The move will provide the company presence in Europe to supply a full suite of brands in France, the United Kingdom, and other European markets once regulations permit.
“I’m excited to add European distribution capabilities for HEXO and its joint venture partners,” said Sebastien St-Louis, HEXO Corp.’s CEO and co-founder. “By bringing brands powered by HEXO, our infrastructure and our know-how to Europe, we will be well prepared to serve a burgeoning market. This new capability will allow us to bring even more value to our hub and spoke partners in the beverage, cosmetics, and food space by giving them access to licensed cannabis infrastructure and brands in Europe. Additionally, HEXO believes that we will quickly be able to leverage our joint venture partners’ networks to take significant first mover advantage and market share.”
The agreement between HEXO and QNBS plans for the development of 350,000 [square feet] of licensed infrastructure that will be used for manufacturing, processing and distribution of medical cannabis products, powered by HEXO, destined for the European market.