Kaya Holdings Touts International Potential After Buying 50% Stake In Athens-Based Greekkannabis

Cannabis company Kaya Holdings Inc. KAYSD agreed to buy a 50% interest in Athens, Greece-based Greekkannabis SA.

Through its subsidiary, Kaya Brands International Inc., the company initially acquired a 25% interest in Greekkannabis via a share transfer deal with current Greekkannabis shareholders on Jan. 11. 

The remaining 25% interest is being issued to Kaya Brands in exchange for a minor compensation.

Greekkannabis is a cannabis company with a license to build a facility covering around 225,000 square feet of cannabis cultivation and 80,000 square feet of cannabis processing on a 15-acre property in Thebes.

Fort Lauderdale, Florida-based Kaya noted that this business move is “the cornerstone of KAYS' planned Kaya Kannabis project” with the goal of setting up a base to reach the medical cannabis market from Greece, which is an EU member.

Kaya Holdings estimated that Greekkannabis has a solid potential to yield strong revenues and pre-tax income in the next five years. Thanks to this deal, Kaya will now be able to produce and export medical-grade cannabis to the European Union and other international markets.

"GKC and KAYS/ have been collaborating since January 2019," GKC vice president and managing director Panos Kinnis said. "We approached KAYS because we were seeking a partnership with a cannabis company that would provide us with experience, know-how and industry depth. We discovered that KAYS had all the requisite advantages we were seeking without the complexities that came with some of the larger Canadian, Israeli and U.S. firms."