Proactive Investors - Medical cannabis company Hellenic Dynamics Plc (LSE:HELD) has made its London debut, with share trading beginning this morning.
It comes after the company issued £1.125mln of new shares in an oversubscribed equity raise.
Under the ticker HELD, the shares were priced at 0.2p after an hour of dealing.
The funding was undertaken to support the group’s plans to cultivate and export THC dominant medical cannabis products to the 25 countries in Europe that now allow medicinal cannabis for patients via prescription.
The company, in a statement, said the European cannabis market is expected to grow to €37bn by 2027, which would make it twice the size of the Canadian and North American markets combined.
It presently has a 195,506 square meter facility in northern Greece, capable of yielding some 54,000 kilograms of medical cannabis flowers per year.
"Today marks an important milestone not just for Hellenic Dynamics, but for millions of patients across Europe who are looking to be prescribed THC dominant medical cannabis,” chief executive Davinder Rai said in a statement.
“At the beginning of this pioneering transaction both the directors of Hellenic and UK SPAC knew we were forging new tracks for the FCA, and the London Stock Exchange and today's Admission is testament to the entire transaction team.”
The listing comes via a reverse takeover transaction, announced in August 2021, which saw Hellenic Dynamics merge into cash-shell U.K. SPAC PLC.
Shares issued in the reverse takeover and the equity raise were priced at 0.3p.