REG - Hellenic Dynamics - Successful Application for EU Grant

Hellenic DynamicsAnnouncement

31/07/2023 10:15

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RNS Number : 7329H  Hellenic Dynamics PLC  31 July 2023

31 July 2023

Hellenic Dynamics plc

("Hellenic Dynamics" or the "Company")

 

Successful Application for EU Grant

 

London, 31 July 2023: Hellenic Dynamics Plc (LSE: HELD), a medical cannabis
cultivator specifically focused on the cultivation and supply of
tetrahydrocannabinol ("THC") dominant strains of medical cannabis
flowers destined for the rapidly growing medical cannabis markets across
Europe, is pleased to announce it has successfully received a European Union
("EU") grant via the EU Horizon Europe project of EUR €304,425 as announced
in the European Commission's Funding and Tenders' Portal.

 

Hellenic Dynamics' is the sole medicinal cannabis cultivator in the research
consortium that was awarded the Reliable Artificial Intelligence and Data
Optimisation project of the EU Horizon Europe grant. 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.

 

The consortium consists of 29 partners from 11 countries including Kingston
University, Queen Mary University of London, and Fujitsu Technology
Solutions. It was noted the application for the EU grant funding received the
highest score possible.

This successful grant application will further assist Hellenic Dynamics'
cultivation strategy by utilising AI in best cultivation methodology to
provide consistent medical cannabis products to the Company's licensed
distributors.

 

Davinder Rai, CEO of Hellenic Dynamics, commented:

"The rubber stamp from the EU as the only cannabis cultivator in the Horizon
Europe project to successfully achieve this grant shows the strong reputation
of the Company. The successful application received the highest possible mark
for the grant and this is testament to the Company and our strong management
team. Hellenic will now be in a position to benefit from the advantages
artificial intelligence can bring to the medical cannabis cultivation
industry. I look forward to implementing this technology into our facility and
working with our 28 partners across 11 European countries and seeing the
benefits this could bring to the industry as a whole, none more so that
allowing patients access to a sustainably consistent source of medicine."

 

This announcement contains inside information for the purposes of article 7 of
the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the
Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication
of this announcement, this information is now considered to be in the public
domain.

 

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

Emily Staples / Jo Turner
+44 (0)20 7213 0880

 

Peterhouse Capital

Lucy Williams / Charles Goodfellow          +44 (0)20 7469 0930

 

J&H Communications

George Hudson                                         +44
(0)7803 603130

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 medical cannabis markets
across Europe. 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.

 

25 European countries now allow medical cannabis via prescription and the
European cannabis market is expected to reach €43.3 billion per annum by
2027. Sales of Hellenic Dynamics' dried THC-dominant cannabis flowers and
extracts are initially intended for export into Europe's largest market -
Germany, in addition to other European markets including 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 23 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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