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Kanabo acquires slice of Hellenic Dynamics ahead of London Stock Exchange listing

Two cannabis companies making an impression on the London Stock Exchange have gone into business together.

Kanabo, the first company to list on the capital’s prestigious market, has signed an agreement with the company poised to be the latest to follow suit: Hellenic Dynamics.

The Greek-based cultivation firm announced their intention to raise capital via the LSE last week.

Under the terms of the agreement, Israel-based Kanabo will buy up to 1,000kg of EU GMP certified cannabis material from Hellenic Dynamics.

Kanabo will use the plant matter to extract THC and CBD oil for its medical use vape application.

As part of the deal, Kanabo has also acquired an interest amounting to over £750,000 worth of shares in Hellenic Dynamics which it will receive as part of the firm’s proposed listing.

According to a statement, the deal signals ‘the desire of both parties to see this investment as part of a broader potential relationship between the two companies’.

Avihu Tamir, CEO of Kanabo, said: “The MoU with Hellenic and the subsequent investment is part of Kanabo’s strategy to quickly grow its core business whilst pursuing complementary, synergistic, acquisitions and investments in the medical cannabis space, leveraging our position as a quoted company.

“We welcome the enthusiastic support of investors for our approach.”

Davinder Rai, vice president of Hellenic Dynamics, said: “This agreement and investment in the business underscores the quality and scale of our specialist cultivation ambitions.

“We look forward to working closely with Kanabo and this deal highlights the demand and growth opportunity for Hellenic in the European medical cannabis market.”

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