Cannabis company Kaya Holdings, Inc. (OTCQB:KAYS) announced Tuesday that its majority-owned subsidiary Kaya Farms Greece has entered into an agreement to acquire 50% of a medical cannabis project in Epidaurus, Greece.
The move marks the company's second cannabis venture in the EU nation. Terms of the deal were not disclosed.
What It Means For Kaya?
The Epidaurus site consists of two connected industrial buildings, comprising roughly 50,000 square feet under open-air space on 2.8 acres of land. The site has its own independent industrial electrical power center and ample water supply to service the facility's needs.
The Greek Kaya Project will include 25,000 square feet of indoor cannabis cultivation, a 15,000 square foot EU-GMP extraction and processing facility and a 10,000 square-foot EU-GMP packing area.
In addition, there's plenty of room for expansion to construct an additional 15,000 square feet on the site.
The new project joins the company's 15-acre project in Thebes, Greece, allowing KAYS to fast-track the cultivation and processing of its proprietary branded cannabis products for distribution in legal EU markets.
A year ago, Kaya bought a 50% interest in Athens-based Greekkannabis SA, which holds a license to build a facility that would cover some 225,000 square feet of cannabis cultivation and 80,000 square feet of cannabis processing on a 15-acre property in Thebes.
What's Next?
The Fort Lauderdale, Florida company, said that plans to cultivate and manufacture KAYS proprietary cannabis brands (CBD/THC) for distribution in the Greek, German and other EU markets as permitted by local regulations once the joint venture gets financing and receives all regulatory approvals.
"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's CEO Craig Frank said. "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."
KAYA'S Price Action
Kaya's shares traded at $0.1326 per share at the time of this writing Tuesday afternoon.
Photo: Courtesy of Johnny Chen on Unsplash
