TIDMHELD
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 EUR228,318 of the
total EUR304,425 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 EUR9 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
EUR17.39 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.
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END
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January 23, 2024 09:00 ET (14:00 GMT)
Grafico Azioni Hellenic Dynamics (LSE:HELD)
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Grafico Azioni Hellenic Dynamics (LSE:HELD)
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