Greek Medical Marijuana Company Heads for London Exchange | greece , economy

LONDON – In a reverse acquisition, Greek medical marijuana company Hellenic Dynamics is listed on the London Stock Exchange as the sector seeks to expand and attract more businesses in Greece.

Yahoo Finance said it will be handled through UK SPAC Plc, a London-listed letterbox company, which plans to bring the company public in a deal valued at approximately $ 62.5 million.

The deal combines two of the hottest trends in the public markets in recent years: SPACs and cannabis, both of which are attracting investor attention, and Greece, which is keen to enter the medical marijuana business.

Hellenic Dynamics, founded in 2019, is currently building a 200,000 square meter cannabis cultivation factory in Northern Greece and hopes to start selling medical grade cannabis oils and flowers in 2022 added.

“This is an important step for Hellenic as we want to establish ourselves as the leading breeder of THC-dominant medicinal cannabis in Europe and develop special cannabis strains that are specific to individual medical conditions,” Hellenics Vice President Davinder Rai told the website.

Europe’s cannabis market is valued at around $ 3.47 billion but could explode 10-fold in the next five years as deregulation opens doors and floodgates.

“With increasing patient demand for medical cannabis and the willingness of governments to regulate and open this important market, we are very optimistic about our future as a publicly traded company,” said Rai.

UK SPAC Chairman Peter Jay said: “I am delighted that the company has signed this extremely exciting and impressive company with the ambition and potential to become one of the largest growers of medicinal cannabis in Europe.”

Hellenic Dynamics announced in May that it would be listed on the London Stock Exchange with a planned IPO, which was then scheduled for June.

The website Proactive said the company is aiming for a valuation of $ 70.86 million, citing its partnership with the prestigious American Farm School in Greece, which focuses on agricultural genetics research.

“London will be the place where a number of cannabis companies will be listed and you would be in very good company if you were listed in London,” Rai told CityAM at the time.

In January, the New Democracy government said it hoped increasing medical marijuana cultivation would help boost the economy after being severely brought to its knees by the COVID-19 pandemic.

A proposal from the Minister of Development and Investment, Adonis Georgiadis, indicated that cannabis would not be subject to the same laws as those sold domestically, which must follow existing laws that require approval from the Hellenic Organization of Pharmaceuticals, Kathimerini said.

Exported products are subject solely to the laws of the country they are imported into, as well as the system to promote production and export, especially given the increased interest from investors, the report added.