REG - Hellenic Dynamics - First Instalment of EU Grant

Hellenic DynamicsAnnouncement

23/01/2024 14:15

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RNS Number : 6565A  Hellenic Dynamics PLC  23 January 2024

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
(http://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 identified 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 reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.

 

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