Hellenic Dynamics PLC - Cultivator and supplier of medical cannabis products with a facility in northern Greece - Receives first instalment of an EU grant via the Horizon Europe Project. In July, the company successfully applied for a grant of EUR304,425 from the EU project. The project has a total budget of EUR9 million and aims to "identify the critical technology gaps and invent, optimise, assess and demonstrate the key enablers for optimised artificial intelligence", Hellenic says. Last Wednesday, Hellenic received a letter of intent for funding from Piraeus Bank SA, one of Greece's largest banks, to "develop and grow its business for the long term benefit of shareholders".

Chief Executive Officer Davinder Rai says: "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."

Current stock price: 3.53 pence per share, up 2.3% in London on Tuesday afternoon.

12-month change: down 70%

By Hugh Cameron, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.