The Greek medical cannabis company Hellenic Dynamics will become the first of its kind to list on the capital’s prestigious market.
The company has announced it will enter the market via a SPAC-takeover and directors are forecasting a £50m valuation,
Founded in 2019, the company cultivates and export cannabis plant with high THC levels for medical use.
Former Lord Mayor of London Sir Anthony Jolliffe will take up the role of chairman of the the company ahead of the move.
When the listing is complete, it will mark the first time a Europe-based cultivator has achieved access to London’s prestigious money market.
Hellenic Dynamics will become the latest in a slew of companies to head to London’s financial markets to raise capital in recent months.
In September 2020, the Financial Conduct Authority clarified regulations around cannabis-based companies publicly listing in the capital.
In February 2020, Israel-based Kanabo became the first to make the new possibility a reality and since then there has been a steady stream of companies doing the same, both on the LSE and at the smaller Aquis market.
Hellenic Dynamics vice president and CEO Davinder Rai told CityAM: “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 a number of 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.”
He also told the business paper how he was inspired to become involved in the industry by his father’s ill health and struggles with opioid-based pain treatment side effects.
Rai said: “I really think as a pain management medicine [cannabis] has more of the benefits with far less of the side effects.”
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