Greek medical cannabis grower Hellenic Dynamics aims to list on the London Stock Exchange via a reverse takeover, hoping for a valuation of £50 million ($70.5 million), reported City A.M.
“What we were looking for was a way of listing successfully, but also having enough oomph in our listing to accelerate our plans,” Hellenic Dynamics vice president and CEO Davinder Rai told the outlet.
The company, which launched in 2019, cultivates, exports and sells THC-dominant dried cannabis flower to European markets like Germany. Hellenic is headquartered in London, but runs its cultivation operations in a 200,000 sq. meter ex-military bunker in Northern Greece, wrote City A.M.
Hellenic’s leadership team will join Sir Anthony Joliffe, a former Lord Mayor of London, who will bring “significant listed company experience.”
“As soon as Kanabo listed in London we were getting phone calls from our lawyers saying, ‘look, London is open, London is going to be the place that a number of cannabis companies will end up listing, and you’d be in very good company if you listed in London,” Rai said.
“I’m hopeful we become the first European cultivator to get onto that exchange.”
Last September the Financial Conduct Authority opened the doors of the London Stock Exchange to medicinal cannabis companies, after which companies like the Kanabo Group and MGC Pharmaceuticals were first to seize the opportunity.
In the United Kingdom, cannabis products with no more than 0.01% of THC can be purchased without a prescription, while cannabis medical products with more than 0.01% THC can only be bought by prescription in a licensed pharmacy.
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