HEXO Corp. (TSX:HEXO) announced this morning, in conjunction with their joint venture partner Qannabos, that the companies are planning to implement a vertically integrated cannabis processing, manufacturing, and distribution center in the European country of Greece. This will be HEXO Corps. first established venture onto the European continent.
HEXO is a cannabis company operates 300,000 sq. ft. of cultivation space and it is expected that the company will have completed the expansion of another 1,000,000 sq. ft. facility in Canada. The increase in production space is to meet the expected demand of recreational cannabis users in Canada.
Qannabos has partnered with HEXO due to their synergies in relation to the cannabis industry. Qannabos is a cannabis company located in Greece that develops low-cost cannabis product to distribute to medical patients in the country. The two partners will be developing 350,000 sq. ft. licensed facility to eventually distribute cannabis derived products to the European market. The move will provide the opportunities for the companies to establish a presence in Europe to supply branded product lines throughout the continent.
“We are thrilled to be partnering with HEXO to bring legal medical cannabis expertise to Greece,” said QNBS’ co-founder, Leonidas Garyfallos. “Our goal is to create high-quality products and to build relationships with clients that are based on trust; trust in our quality, trust in our approach to business, and trust in our ability to deliver on our commitments. These are values that HEXO prioritizes and we look forward to working with them to serve the European market for years to come.”