Almost three dozen proposed investments in Greece are awaiting approval from the government that could transform the country into an international hub for cannabis production.

The proposed investments, which could lead to the creation of almost 1,500 new jobs, are estimated to be worth more than €350 million and come as Greece emerges from a decade of a crippling financial crisis.

Currently, government officials are reviewing more than 30 proposed foreign investments in medical and industrial cannabis production.

A diverse group of foreign investors from countries such as Israel, Canada, Saudi Arabia, Germany, Belgium, France and Russia have selected Greece for its highly-developed agricultural sector, as well as exceptional climactic conditions necessary for cannabis plant to thrive.

In November 2018, the Greek government issued the first medical marijuana cultivation licenses to privately owned companies Biomecann and Bioprocann.

The European Union’s three largest medical marijuana markets – Italy, the Netherlands and Germany – expect patient counts to more than double to a combined 225,000 this year, according to a report titled “The European Cannabis Report” by the U.K.-based analytics firm Prohibition Partners.

Over the next 10 years, the value of the EU’s medical marijuana market could surpass €58 billion.