TIDMHELD
RNS Number : 1983O
Hellenic Dynamics PLC
29 September 2023
Hellenic Dynamics plc
("Hellenic Dynamics" or the "Company")
Business Update
London, 29 September 2023 , Hellenic Dynamics Plc (LSE: HELD), a
medical cannabis cultivator with a dedicated focus on producing
tetrahydrocannabinol ("THC") dominant strains of medical cannabis
flowers for the burgeoning European medical cannabis markets,
provides the following significant business update.
Business Highlights and Updates
-- Effective completion of Phase One development of its cultivation facility
-- Cultivation, in Partnership with Elgo Dimitra, ready to commence
-- Further exclusive strategic cultivation agreement with Nine
Lions Bioscience Corp., a renowned Canadian-based supplier of
cannabis genetics, for exclusive European cultivation
Hellenic Dynamics is pleased to announce that the construction
and outfitting of its cultivation facility in Greece will be
completed imminently and first cultivation is scheduled to occur on
or before 10 October 2023. This is a pivotal milestone towards the
Company being able to provide high-quality medical cannabis to the
rapidly expanding markets across Europe.
The Phase One infrastructure work, which was undertaken
following the Company's Admission to the standard segment of the
London Stock Exchange in December 2022, concludes the work
programme stipulated by the construction and installation licence
application and covers a 127,743 square meter section of the
Company's site, including all buildings the Company wishes to
assign for future cultivation requirements. Development has
included demolition and construction activities across the whole
200,000 square meter site, refurbishment and rebuilding of certain
buildings, connection of all utilities and drainage, fibre
connectivity and the installation of state-of-the-art cultivation
systems and related cultivation equipment from industry-leading
suppliers. As a result of the completion of this work, the Company
can now proceed to its operational licence and Phase 2 development
which allows it access to 40,000 square meters of cultivation
capacity, capable of producing over 54,000 kg of product per annum.
The development has been done in line with the Company's initial
projected budget and the Company believes it has established one of
the most sophisticated cultivation facilities at one of the lowest
capex costs in the European cannabis market.
The nearing of Phase One completion allowed the Company to
advance certain commercial agreements in conjunction and the Board
of Hellenic Dynamics is also pleased to be able to advise of the
following progress in this regard.
Elgo Dimitra
1. In accordance with its memorandum of understanding announced
on 22 March 2023 with Elgo Dimitra - the public research institute
overseen by the Greek Ministry of Agriculture, on or before 10
October 2023, Hellenic Dynamics will start cultivating under Elgo
Dimitra's licence. This allows the Company to calibrate its newly
installed equipment and benefit from Elgo Dimitra's scientific
knowhow and experience in cultivating medicinal cannabis .
Collaborating with a public body marks a significant milestone,
underscoring the Company's commitment to responsible cultivation
practices and adherence to regulatory requirements.
Nine Lions Bioscience Corp.
2. Hellenic Dynamics has entered into an exclusive agreement
with Nine Lions Bioscience Corp., a globally renowned,
Canadian-based cannabis genetics breeder with over 25 years of
experience in the industry and several Cannabis Cup awards. Under
this agreement, Hellenic Dynamics will import and cultivate a
selection of distinctive high-THC medical cannabis strains at
Hellenic Dynamics' facility in Greece, for onward commercial
cultivation to meet the specific needs of the Company's European
customers on a European exclusive basis.
The Company now expects to be in a position to expand its total
cultivation area, which includes the sale of further product
outsourcing and developments ("POD") units, with further news to be
published in due course.
Davinder Rai, CEO of Hellenic Dynamics, commented: "The
commitment of the Hellenic Dynamics team to secure the first and
currently only main market listing for a medical cannabis
cultivator on the London Stock Exchange has been reflected in the
seamless progress over the past nine months. During this time,
Hellenic Dynamics has successfully completed the demolition,
construction, and outfitting of our facility. By collaborating with
industry leading suppliers of state-of-the-art equipment, I believe
we have established one of the most cost-efficient cultivation
facilities in Europe. As a company, Hellenic Dynamics remains
highly conscious of its expenditure, and achieving what the Company
has with the funds secured from the Admission speaks volumes about
the dedication and hard work of the entire team. I eagerly
anticipate our company's future as one of the most cost-effective
producers of consistently high-quality medical cannabis flowers for
the European market. Our partnerships with Elgo Dimitra and Nine
Lions further solidify our presence and capabilities in the rapidly
growing European medical cannabis industry."
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
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 Dynamics 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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September 29, 2023 07:05 ET (11:05 GMT)
Hellenic Dynamics (LSE:HELD)
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