UK SPAC set to list first medicinal cannabis company in UK

LONDON (Reuters) – London-listed shell company UK SPAC said on Tuesday it has submitted a prospectus to Britain’s markets watchdog to complete its 45 million pound ($51.80 million) reverse takeover (RTO) of Greek medical marijuana producer Hellenic Dynamics.

The transaction has been “lengthy and complex” as Hellenic will be the first cultivator of medicinal cannabis to list on London Stock Exchange’s main market, UK SPAC said.

Shareholders will “shortly receive a copy of the prospectus together with the notice of the general meeting to approve the resolutions necessary to enable the Company to complete the RTO process and confirmation of the completion date”, UK SPAC chairman Peter Jay said in a statement.

The deal highlights two popular trends in markets in recent years – SPACs and medicinal cannabis.

($1 = 0.8688 pounds)

(Reporting by Huw Jones, Editing by Louise Heavens)