Last checked at 23 Jan 2024 14:00
23 January 2024
Hellenic Dynamics plc
("Hellenic Dynamics" or the "Company")
First Instalment of EU Grant
London, 23 January 2024: Hellenic Dynamics Plc (LSE: HELD), a medical cannabis cultivator with a dedicated focus on producing tetrahydrocannabinol ("THC") dominant strains of medical cannabis flowers for the fast growing global medical cannabis markets, announces that, further to the announcement on 31 July 2023, the Company has received the first instalment of its European Union ("EU") grant via the EU Horizon Europe project.
Hellenic Dynamics, the sole medical cannabis cultivator in the research consortium that was awarded the Reliable Artificial Intelligence and Data Optimisation project of the EU Horizon Europe grant, has received a first instalment of EUR ?228,318 of the total ?304,425 awarded to the Company. The project aims to identify the critical technology gaps and invent, optimise, assess and demonstrate the key enablers for optimised Artificial Intelligence ("AI"). The overall budget for this EU Horizon Europe project is just under EUR ?9 million over a period of 36 months.
Hellenic Dynamics is part of the RAIDO research consortium which consists of 29 partners from 11 countries including Kingston University, Queen Mary University of London, and Fujitsu Technology Solutions.
Davinder Rai, CEO of Hellenic Dynamics, commented: "As the sole medical cannabis cultivator to receive this EU grant, we are very excited to enter the artificial intelligence epoch as members of the RAIDO research consortium via the European Union. The results of this research are expected to contribute materially to the improvement of the quality and consistency of our products, as well as to help us meet the Sustainable Development Goals of the Company through the minimisation of our energy consumption."
The Directors of the Company take responsibility for this announcement.
Enquires:
Hellenic Dynamics plc | +44 (0)20 3818 7850 |
Davinder Rai | davinder@hellenicdynamics.com |
Cairn Financial Advisers LLP | +44 (0)20 7213 0880 |
Emily Staples / Jo Turner | |
Peterhouse Capital | +44 (0)20 7469 0930 |
Lucy Williams / Charles Goodfellow |
About Hellenic Dynamics plc
Founded in 2019, Hellenic Dynamics is specifically focused on the cultivation and supply of THC ("tetrahydrocannabinol") - dominant strains of medical cannabis flowers, destined for the growing global medical cannabis markets. Hellenic Dynamics' core strategy is to develop and operate its 40,000 square metre active cultivation licence from its 195,506 square metre facility located near Thessaloniki in Northern Greece. In full production, Hellenic Dynamics is capable of producing over 54,000 kg of dried flowers per annum. Hellenic Dynamics will take advantage of its relatively low cost base resulting from a comparatively low cost of power, having its own running water supply and the labour rates for skilled and semi-skilled labour in Northern Greece. 26 European countries now allow medical cannabis via prescription and the European cannabis market is expected to reach ?17.39 billion per annum by 2028. Sales of Hellenic Dynamics' dried THC-dominant cannabis flowers and extracts are initially intended for export into Europe, in addition to other international markets and domestically in Greece.
As the first medical cannabis cultivator to obtain a listing on the main market for listed securities of the London Stock Exchange, Hellenic is significantly different to the number of CBD (Cannabidiol) related companies that have appeared over the recent years. Hellenic Dynamics cultivates THC-dominant medical cannabis flowers. THC-dominant medical cannabis products are only available via a medical prescription. Medicinal cannabis has been approved for use both in the United Kingdom and Germany, plus 24 other European countries, for conditions including but not limited to chronic pain, intractable chemotherapy-related nausea, anxiety, insomnia, Tourette's syndrome, substance use disorder, multiple sclerosis, IBS, spinal cord treatment, lack of appetite due to HIV/AIDS, cachexia, anorexia and glaucoma.
For further information please visit our website www.hellenicdynamics.com
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identi?ed by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements re?ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.