Medical cannabis firm Hellenic Dynamics has confirmed that it will go public in London through a SPAC deal valuing the company at £45.2m.
Through its reverse takeover deal with blank cheque vehicle UK SPAC Plc, the company will list on the LSE’s main market.
Today’s announcement comes after City A.M. earlier this year revealed that the company was planning to float.
Vice president Davinder Rai said: “This is a major step forward for Hellenic as we look to establish ourselves as a leading cultivator of THC dominant medical cannabis in Europe and develop specialist strains of cannabis specific to individual medical ailments.
“With patient demand for medical cannabis increasing and a willingness among governments to regulate and open up this important market we are very optimistic about our future as a listed company.”
Formed in early 2019, the company 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.
The company grows its plants in a 200,000-square metre ex-military bunker in Northern Greece, but is headquartered in London.
In September, the Financial Conduct Authority allowed medicinal cannabis companies to list on the LSE, opening up the UK market to a growing sector already popular in North America.
The regulator’s green light led to a flurry of activity, with companies like Kanabo Group and MGC Pharmaceuticals enjoying profitable market opens.