Greek medical cannabis cultivator Hellenic dynamics Aiming for London Stock Exchange listing via reverse takeover, with hopes of £ 50million valuation ($ 70.5 million), reported City AM.
“What we were looking for was a way to successfully list, but also to have enough oomph in our list to accelerate our plans,” said Davinder Rai, vice president and CEO of Hellenic Dynamics.
The company, which was launched in 2019, grows, exports and sells THC-dominant dried cannabis flowers in European markets like Germany. Hellenic is headquartered in London, but runs its cultivation operations in a 200,000 square meter former military bunker in northern Greece, City AM wrote
Hellenic’s management team will join Sir Anthony Joliffe, former mayor of London, who will bring “significant experience as a listed company”.
“As soon as Kanabo was listed in London, we got phone calls from our lawyers saying, ‘Look, London is open, London will be where a number of cannabis companies end up listing, and you would be very good. company if you’re listed in London, ”Rai said.
“I hope we will become the first European grower to participate in this exchange.”
Last September, the Financial Conduct Authority opened the doors of the London Stock Exchange to medicinal cannabis companies, after which companies like Kanabo Group and MGC Pharmaceuticals were the first to seize the opportunity.
In the UK, cannabis products containing no more than 0.01% THC can be purchased without a prescription, while medical cannabis products containing more than 0.01% THC cannot be purchased. only on prescription from an approved pharmacy.
photo by Matthew Brodeur at Unsplash