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LONDON - Hellenic Dynamics Plc (LSE:HELD), a medical cannabis cultivator, announced Thursday that the High Court has refused its application to rescind a winding-up order against the company.
According to a statement based on a company press release, ICC Judge Briggs ruled on July 2 against the company’s request following several months of hearings on the matter.
The medical cannabis producer had maintained that the petitioner should not have been classified as a creditor. The company stated that when the petition was filed, it was not facing significant pressure from creditors and had secured support from funding partners to continue operations.
Former directors devoted "significant time, energy, and financial resources" to seeking a rescission, including personally covering legal costs associated with the process, the company said. Despite identifying potential funding partners during this period, Hellenic Dynamics was unable to secure necessary financing due to its circumstances.
The company reported it is continuing to explore options to preserve value for creditors and shareholders "in so far as possible."
Hellenic Dynamics, which focuses on producing medical cannabis flowers for global markets, directed inquiries to the Official Receiver, which can be contacted at the phone number and email provided in the announcement.
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