Philip Morris International, the American tobacco conglomerate, is set to buy more than half of Greece’s tobacco production in the coming three years according to the Greek International Business Council’s announcement.

In a statement, the Council announced Philip Morris' "stamp of approval to Greece's producers as the multinational will absorb in the next three years a significant part of the production by 15,000 tobacco producers in Northern Greece."

Philip Morris International is a leading international tobacco company, with products sold in more than 180 countries.

"In 2012, we held an estimated 16.3% share of the total international cigarette market outside of the U.S., or 28.8% excluding the People’s Republic of China and the U.S," a statement about their company says.

The Greek International Business Council considers this as a stamp of approval on Greek agriculture. Source: Invest in greece