TIDMHELD
RNS Number : 7774T
Hellenic Dynamics PLC
22 March 2023
22 March 2023
Hellenic Dynamics plc
("Hellenic Dynamics" or the "Company")
Memorandum of Understanding with ELGO-DIMITRA - Institute of
Plant Breeding and Genetic Resources of Greece
Hellenic Dynamics (LSE: HELD) is pleased to announce it has
entered into a five year memorandum of understanding ("MoU") with
ELGO-DIMITRA, the Institute of Plant Breeding and Genetic Resources
located near Thessaloniki, Greece which sets out the intentions of
ELGO-DIMITRA and the Company to collaborate on projects and
research.
ELGO-DIMITRA is a public sector entity functioning under the
Greek Ministry of Agriculture, Development and Food, focusing on
agricultural research, agricultural product quality and
certification. The key actions proposed in the MoU include the
research, cultivation, improvement evaluation and utilisation of
specific strains of medical cannabis genetics. It is the intention
that, through this research, new varieties and species of cannabis
with improved yield, quality and adaptability will be created.
In the event that the parties agree to jointly undertake
specific projects or collaborations, in the context of the MoU, a
separate written contract will be drawn up which will define the
obligations and responsibilities of each party.
Hellenic Dynamics believes that by jointly researching medical
cannabis flowers with ELGO-DIMITRA at the Company's facility,
Hellenic may be able to exploit the joint research in seeking
registration of its specific medical cannabis tetrahydrocannabinol
("THC") dominant genetics onto the Greek national genetics
database. This in turn could lead to Hellenic Dynamics in future
gaining Intellectual Property ("IP") protection on certain
genetics, which the Company believes could be enforceable across
Europe.
The ambition of Hellenic Dynamics remains to define certain THC
dominant medical cannabis flowers cultivated at the Company's
production facility in Greece against specific pain and other
indicators in patients. This cooperation agreement with
ELGO-DIMITRA could add significant upside to the Company and help
accelerate its ambition if efficacy in patients can be
identified.
This MoU, is in addition to Hellenic Dynamics's near-term plan
to be the dominant cultivator of competitively priced THC dominant
medical cannabis flowers in Europe, where the rapidly growing
medical cannabis markets are expected to reach EUR43.3 billion per
annum by 2027 .
In December 2022, Hellenic Dynamics became the first medical
cannabis cultivator to list on the London Stock Exchange's main
market for listed securities.
Davinder Rai, CEO of Hellenic Dynamics, commented: "This MoU
with ELGO-DIMITRA is very exciting as it means the Company could
gain IP protection on its strains of THC medical cannabis flowers
which could be incredibly valuable , especially if efficacy can be
shown in patients against specific pain indicators."
Professor Serkos Haroutounian, President of the board
ELGO-DIMITRA , commented:
"The experienced and specialized staff of ELGO - DIMITRA's
Research Institute provide knowledge and contributes to the
development of the agricultural production of Greece. With the M oU
signed, the Institute of Plant Breeding and Genetic Resources,
which deals with the experimental cultivation of medicinal
cannabis, intends to proceed, in cooperation with Hellenic
Dynamics, with the creation of new varieties of medicinal cannabis,
the control of stabilisation of genetic material and selection of
mother plants, the study of innovative systems cultivation in
greenhouses and closed chambers as well as in the submission of new
research proposals ."
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 low cost 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 recent
years. 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.
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
March 22, 2023 03:00 ET (07:00 GMT)
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