A Greek medical marijuana producer is heading for the London Stock Exchange (LSEG.L) thanks to a SPAC deal to take the company public. UK SPAC Plc, a London-listed shell company, said on Monday it had agreed on a reverse takeover with Hellenic Dynamics, a European medical cannabis cultivation company. The deal values Hellenic at £45m ($62.5m). The transaction combines two of the hottest trends in public markets over the last few years: SPACs and cannabis. Both corners of the market have attracted huge amounts of investor attention, as well as some concerns about hype and froth. Hellenic Dynamics, founded in 2019, is currently building a 200,000 square meter cannabis cultivation factory in Northern Greece. The company hopes to start selling medical-grade cannabis oils and flowers by early next year and has already signed two term sheets for distribution deals. Europe’s cannabis market is worth around £2.5bn but forecast to grow tenfold over the next half-decade thanks to a wave of deregulation. Hellenic join other cannabis companies including Kanabo (KNB.L) and Cellular Goods (CBX.L) on the London market, after clarification of rules last year opened the flood gates for medical marijuana businesses to list in London.

420 Intel – Marijuana Industry News, 08/01/2021 20:00:00

Open article: https://420intel.com/articles/2021/08/02/spac-deal-brings-greek-cannabis-company-london