AIM-listed cash shell company UK SPAC Plc has confirmed that the Financial Conduct Authority (FCA) has approved the prospectus of UK SPAC in connection with the proposed acquisition of Hellenic Dynamics.
The approval covers the re-admission of the enlarged share capital to the standard listing segment of the Official List and to trading on the London Stock Exchange’s Main Market.
The development will make Hellenic Dynamics the first medical cannabis cultivator listed on the Main Market. Although there are a few companies listed on the London Stock Exchange’s Main Market that fall within the “cannabis” sector, no medical cannabis cultivator is listed.
Completion of the proposed acquisition of Hellenic Dynamics will take place on 5 December 2022. The admission and commencement of dealings on the London Stock Exchange of the enlarged issued share capital is expected to occur on the same day.
Chief Executive Officer of Hellenic Dynamics, Davinder Rai, said: “Chronic pain is one of the most expensive issues for the NHS and 26% of the UK population is suffering from it. As a result, over 1 million people in the UK use illegal cannabis with medical intent.
“It is our aim to be the supplier of choice to the NHS of high quality, competitively priced and fully regulated THC-dominant medical cannabis.
“Hellenic’s admission to the Main Market as the first medical cannabis cultivator marks a major step forward not just for the company but also for the millions of people around the world who will benefit from our life-enhancing medical products.”
Hellenic Dynamics is a private Greek company specifically involved in the cultivation and production of THC-dominant strains of medical cannabis flowers and end-user medical cannabis products, destined for the growing medical cannabis markets across Europe.
Sales of Hellenic Dynamics’ THC-dominant medical cannabis products are intended for export into the emerging medical cannabis markets in Europe along with supply to the Greek domestic market.
Hellenic Dynamics has signed two term sheets for off-take which it anticipates will be the first two years of production with medical cannabis distributors in Germany. In addition, the company has entered into an MOU with Kanabo Group Plc, pursuant to which Kanabo may purchase certain quantities of medical cannabis products for distribution in the United Kingdom and Germany.