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European Cannabis Stocks Review: Hellenic Dynamics & Cantourage Both Set To Go Public In Coming Months

Hellenic Dynamics

Greek medical cannabis cultivator Hellenic Dynamics is reportedly poised to become the first company of its kind to list on the London Stock Exchange (LSE), nearly 18 months since it first announced its intention to go public. 

According to Reuters, AIM-listed cash shell company UK SPAC Plc, which announced plans to acquire Hellenic in August 2021, has now submitted a prospectus to the Financial Conduct Authority (FCA) to complete its proposed £45m ($51.80 million) reverse takeover (RTO). 

UK SPAC chairman Peter Jay is understood to have told shareholders they will ‘receive a copy of the prospectus together with the notice of the general meeting to approve the resolutions necessary to enable the Company to complete the RTO process and confirmation of the completion date’ shortly. 

In January this year, BusinessCann reported that Hellenic Dynamics was due to join the standard segment of the LSE ‘later that month’. 

Hellenic had initially intended to list in October 2021, after its deal with UK SPAC was initially announced months earlier, stating in January that new changes to the listing process meant it was ‘taking a little longer’ than it had initially anticipated. 

The further delays are understood to be due to guidance that requires Hellenic to prove that its operations in every territory, including cultivation in Greece and distribution in Germany, meet UK law.

This requires Hellenic to procure expert legal opinions, all ‘underpinned by a KC barrister in the UK’, to reassure the FCA its overseas operations subscribe to UK legal requirements regardless of local law. 

What’s more, as it will be the first cannabis cultivator to list on the LSE, it has had to work incredibly closely with the FCA. 

Since Hellenic approached the financial watchdog in July 2021 regarding its IPO, Vice President Davinder Rai says it has ‘for want of a better word, been teaching the FCA exactly what a cannabis cultivator can do, and what it can’t do’, adding that companies that follow will ‘100%’ have an easier time. 


Hellenic was not the only company edging closer to a public listing this week, as German medical cannabis wholesale distributor and manufacturer Cantourage announced plans to go public imminently. 

Cantourage told various German news outlets last week that its plans to go public were ‘relatively far advanced’, but that it had not yet decided which stock exchange it would target and that it would likely be in the new year. 

Co-founder Philip Schetter told FAZ that he was ‘sounding out which stock exchange was most suitable’, suggesting that the USA, Canada and Great Britain were all being considered. 

However, later reports suggest that Cantourage was targeting the entry-level-scale Frankfurt Stock Exchange, and is hoping to list on the exchange as soon as this month. 

It is also understood to have recently completed a private placement, seeing it valued at nearly €100m, giving some indication as to how significant its listing could be. 

According to the company, its ‘stock market story’ will focus on its significant position in the medical cannabis market, which it claims represents 20% of Germany’s dronabinol segment. 

Alongside launching its own medical cannabis clinic in the UK earlier this year, Cantourage works with 38 growers in 17 countries, and recorded revenues of €5m last year, which it expects to multiply by a factor of ‘three to four’ in the coming years. 

Outside of the flourishing medical cannabis market, Cantourage says it is also poised to enter the German recreational market as and when it becomes an option. 

It said: “The company stands for offering cannabis to patients, but also to other people who want to consume it, as long as it’s legal.”

Celadon Pharmaceuticals 

Celadon Pharmaceuticals announced this week that Jonathan Turner, former director at FTSE250 listed Oxford Instruments, has been appointed as the company’s new Chief Financial Officer. 

He will replace Katie Long, who will return to her role at Tessera Investment Management Limited after seeing the company through its IPO and initial months as a publicly listed company. 

Ms Long will remain on Celadon’s board until February 2023 when Mr Turner will join full-time as part of a phased transition starting this month. 

Celadon’s CEO James Short said: “The Board would like to take this opportunity to thank Katie for her invaluable contribution since joining Celadon in February 2021, which has been a pivotal time in the Company’s development. We wish her well on her return to Tessera.”

It comes a month after the LSE debutant published its interim results, its first set of financial figures since going public in March. 

Over the six months to June 30, 2022 the company reported £11.2k in revenues, which came entirely from LVL’s clinical study, up from no revenues in the same period a year earlier, with a gross loss of £12.4k.

Operating losses for the period also doubled year-on-year to £2m, which Celadon says reflected ‘the scale up in the group’s people, operations and cost base pursuant to our enlarged group business plan’. 

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