After the instant success of Israeli company Kanabo, another European medical cannabis company has announced that it is planning to list on the London Stock Exchange very soon.
City AM reports that Hellenic Dynamics will enter the stock exchange market with a valuation of around £50 million in June.
Hellenic Dynamics grows its plants in a 200,000-square metre ex-military bunker in Northern Greece, but its headquarter is in London, and it will be joined by Sir Anthony Joliffe, the former Lord Mayor of London and experienced businessman, as chairman.
Hellenic Dynamics focuses on growing, exporting and selling THC-dominant dried cannabis flowers to markets like Germany, where there is demand for the products, and the flowers can be legally imported.
While in the UK current legislation doesn’t allow cultivators and businesses to sell products containing more than trace levels of THC, the Greek company offer THC-heavy solutions to markets where they are permitted.
As more countries in Europe (and globally) ease their medical cannabis restrictions and realise the potential health benefits of the drug, companies such as Hellenic Dynamics will be able to thrive.
For example, Hellenic Dynamics says THC content of 18 per cent and above is the norm, and in Germany, the most requested cannabis products from doctors and pharmacists are those with THC of over 21 per cent.
The company has already made its impact in the industry, and entering onto the LSE, it may grow into one of the giants of the European medical cannabis market in the coming years.
Hellenic Dynamics vice president and CEO Davinder Rai said: “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 several cannabis companies will end up listing, and you’d be in very good company if you listed in London.
“I’m hopeful we become the first European cultivator to get onto that exchange.”