TIDMHELD
RNS Number : 7329H
Hellenic Dynamics PLC
31 July 2023
31 July 2023
Hellenic Dynamics plc
("Hellenic Dynamics" or the "Company")
Successful Application for EU Grant
London, 31 July 2023: Hellenic Dynamics Plc (LSE: HELD), a
medical cannabis cultivator specifically focused on the cultivation
and supply of tetrahydrocannabinol (" THC") dominant strains of
medical cannabis flowers destined for the rapidly growing medical
cannabis markets across Europe, is pleased to announce it has
successfully received a European Union ("EU") grant via the EU
Horizon Europe project of EUR EUR304,425 as announced in the
European Commission's Funding and Tenders' Portal.
Hellenic Dynamics' is the sole medicinal cannabis cultivator in
the research consortium that was awarded the Reliable Artificial
Intelligence and Data Optimisation project of the EU Horizon Europe
grant. The project aims to identify the critical technology gaps
and invent, optimise , assess and demonstrate the key enablers for
optimised Artificial Intelligence ("AI"). The overall budget for
this EU Horizon Europe project is just under EUR EUR9 million over
a period of 36 months.
The consortium consists of 29 partners from 11 countries
including Kingston University, Queen Mary University of London, and
Fujitsu Technology Solutions. It was noted the application for the
EU grant funding received the highest score possible.
This successful grant application will further assist Hellenic
Dynamics' cultivation strategy by utilising AI in best cultivation
methodology to provide consistent medical cannabis products to the
Company's licensed distributors.
Davinder Rai, CEO of Hellenic Dynamics, commented:
"The rubber stamp from the EU as the only cannabis cultivator in
the Horizon Europe project to successfully achieve this grant shows
the strong reputation of the Company. The successful application
received the highest possible mark for the grant and this is
testament to the Company and our strong management team. Hellenic
will now be in a position to benefit from the advantages artificial
intelligence can bring to the medical cannabis cultivation
industry. I look forward to implementing this technology into our
facility and working with our 28 partners across 11 European
countries and seeing the benefits this could bring to the industry
as a whole, none more so that allowing patients access to a
sustainably consistent source of medicine."
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) 596/2014 as
amended by regulation 11 of the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310. With the publication of this announcement,
this information is now considered to be in the public domain.
The Directors of the Company take responsibility for this
announcement.
Enquires:
Hellenic Dynamics plc +44 (0)20 3818 7850
Davinder Rai davinder@hellenicdynamics.com
Cairn Financial Advisers LLP
Emily Staples / Jo Turner +44 (0)20 7213 0880
Peterhouse Capital
Lucy Williams / Charles Goodfellow +44 (0)20 7469 0930
J&H Communications
George Hudson +44 (0)7803 603130
About Hellenic Dynamics plc
Founded in 2019, Hellenic Dynamics is specifically focused on
the cultivation and supply of THC ("tetrahydrocannabinol") -
dominant strains of medical cannabis flowers, destined for the
growing medical cannabis markets across Europe. Hellenic Dynamics'
core strategy is to develop and operate its 40,000 square metre
active cultivation licence from its 195,506 square metre facility
located near Thessaloniki in Northern Greece. In full production,
Hellenic Dynamics is capable of producing over 54,000 kg of dried
flowers per annum.
Hellenic Dynamics will take advantage of its relatively low cost
base resulting from a comparatively low cost of power, having its
own running water supply and the labour rates for skilled and
semi-skilled labour in Northern Greece.
25 European countries now allow medical cannabis via
prescription and the European cannabis market is expected to reach
EUR43.3 billion per annum by 2027. Sales of Hellenic Dynamics'
dried THC-dominant cannabis flowers and extracts are initially
intended for export into Europe's largest market - Germany, in
addition to other European markets including domestically in
Greece.
As the first medical cannabis cultivator to obtain a listing on
the main market for listed securities of the London Stock Exchange,
Hellenic is significantly different to the number of CBD
(Cannabidiol) related companies that have appeared over the recent
years. Hellenic Dynamics cultivates THC-dominant medical cannabis
flowers. THC-dominant medical cannabis products are only available
via a medical prescription. Medicinal cannabis has been approved
for use both in the United Kingdom and Germany, plus 23 other
European countries, for conditions including but not limited to
chronic pain, intractable chemotherapy-related nausea, anxiety,
insomnia, Tourette's syndrome, substance use disorder, multiple
sclerosis, IBS, spinal cord treatment, lack of appetite due to
HIV/AIDS, cachexia, anorexia and glaucoma.
For further information please visit our website
www.hellenicdynamics.com
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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END
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(END) Dow Jones Newswires
July 31, 2023 05:05 ET (09:05 GMT)
Hellenic Dynamics (LSE:HELD)
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から 5 2023 まで 5 2024
