Hellenic Dynamics
Hellenic Dynamics is dealing with down its second petition for obligatory liquidation this yr because it continues to endure funding delays.
This week, Hellenic revealed an replace to traders stating {that a} new petition for obligatory liquidation had been filed on November 01 by a shareholder.
In accordance with the petition, which is now resulting from be heard within the Excessive Court docket on December 18, Hellenic owes £32,274.26.
Nonetheless, Hellenic’s administrators are pushing again on the petition, claiming that because the petitioner is just not a creditor of the corporate, the petition ‘quantities to an abuse of the method of the Excessive Court docket’.
As such, Hellenic will probably be making an utility for the petition to be dismissed.
This marks the second such petition to be filed in opposition to the corporate this yr, after Hellenic averted obligatory liquidation in August after reaching a cost settlement with creditor Hill Dickinson LLP.
Hill Dickinson had filed a ‘winding-up’ petition resulting from an impressive debt of £85k, however Hellenic secured two small loans from administrators, enabling it to make an preliminary cost and set up a compensation schedule.
The state of affairs underscores the corporate’s precarious monetary place, because it additionally waits on a €1 million mortgage initially introduced again in April 2024.
The mortgage, with a 3.5% annual rate of interest, was initially meant for use for working capital and increasing cultivation capability at Hellenic’s facility in northern Greece.
Following repeated delays, it said that it was unable to publish its FY24 outcomes by 31 July 2024, seeing its shares suspended from the London Inventory Trade in August, that are but to be reinstated.
Final week, Hellenic issued one other replace on the illusive mortgage, stating that ‘regardless of continued reassurances from the lender, the mortgage has not been obtained’.
It added that there was ‘no certainty that the mortgage will probably be obtained’, or on what date this may very well be anticipated, and it’s now exploring various financing choices.
Synbiotic
German hemp and hashish buy-and-build group Synbiotic introduced the most recent addition to its appreciable roster this week, following the acquisition of a 50.2% stake in Greensby.
Greensby, a European platform designed to attach sufferers, pharmacies, telemedicine suppliers, and shoppers within the hemp and hashish market, will now be built-in into Synbiotic’s platform.
As such, Greensby will broaden to incorporate hemp merchandise and cultivation equipment for leisure hashish, providing as much as 4,000 merchandise. As one of many largest comparability portals for medicinal hashish in Europe, Greensby permits customers to match costs, entry strain-specific knowledge, and consider batch-dependent cannabinoid and terpene profiles.
“Greensby unites all of the wants of the hemp and hashish business on a single platform,” mentioned Emilio Ropero, CCO of Synbiotic. “We’re creating an interface to optimally serve all market individuals, from sufferers to shoppers.”
The deal entails a capital improve inside SynBiotic, the place greensby shareholders will obtain 37,000 new shares in SynBiotic, valued at €259,000.
Information of the acquisition got here simply over per week after it introduced that its acquisition of Weeco Pharma, accomplished in Might, was baring fruit.
The German importer and wholesaler of medicinal hashish, has reportedly confirmed to be extremely profitable. By the tip of October 2024, Weeco had already achieved €6.75 million in gross sales, surpassing its annual goal. The corporate now initiatives over €8 million in income for the total yr 2024. In consequence, gross sales forecasts for 2025 and 2026 will probably be revised upwards within the coming weeks.
Daniel Kruse, Managing Director of SynBiotic, highlighted Weeco’s speedy worth progress, describing it as a ‘actual asset’ for traders. He added that SynBiotic’s focus for the subsequent 18 months will probably be on the rising medicinal hashish market, with plans for additional acquisitions in cultivation and provide chain operations.
SynBiotic can also be reportedly utilizing this momentum to draw potential traders by an intensive November roadshow, showcasing the success of Weeco and the group’s broader progress
Stenocare
After being pressured to cut back its gross sales forecast for the total yr twice in current months, Stenocare has introduced plans to dump its cultivation enterprise.
This week, the Danish medical hashish firm, introduced plans to pursue a brand new trading-focused enterprise mannequin, seeing it shift its focus from vertical integration to a extra trading-focused mannequin specialising in prescription-based medical hashish merchandise.
This transformation contains the choice to exit manufacturing actions at its Danish cultivation facility and redirect sources to buying and selling and advertising and marketing efforts aimed toward increasing world gross sales.
To facilitate this transition, Stenocare has signed a conditional settlement with Hedemann Løvstad Ejendomsselskab ApS (HLE) to terminate the lease for its cultivation facility. The deal contains transferring possession of manufacturing gear to HLE, relieving Stenocare of roughly 18 million DKK in price obligations over six years.
This determine contains 14 million DKK in long-term lease and gear prices and a further 4 million DKK in annual financial savings on manufacturing workers and operational bills beginning in 2025.
The choice to exit manufacturing displays challenges with extended and unsure approval timelines from the Danish Medicines Company, which made reaching breakeven on the facility unlikely. By eliminating these monetary burdens, Stenocare goals to boost its operational agility, streamline its organisation, and reallocate sources to give attention to progress alternatives.
Stenocare’s board and administration view this transition as a obligatory step to make sure the corporate’s long-term success and defend shareholder pursuits. The settlement with HLE is contingent on the profitable completion of a capital elevate introduced in October 2024.
