The Daily Dish (08/02/21)

Greek Cannabis Company Announces London SPAC Merger

Hellenic Dynamics, a Greek Medical Marijuana producer is heading to the London Stock Exchange through an SPAC merger with UK SPAC Plc in a deal that values the company at $62.5 million.

The company, which was founded in 2019, is currently building a 200,000 square meters cannabis cultivation factory in Northern Greece. 

The company plans to start selling medical grade cannabis oils and flowers by early next year with a distribution deal already in place.

Europe’s cannabis market is currently valued at around £2.5 billion, but is forecasted to grow tenfold over the next 5 years amidst a wave of deregulation. 

Grab’s Sales Jump 39% in Q1 Ahead of SPAC Deal 

Southeast Asia’s Biggest food delivery group posted record sales of $507 million in Q1, ahead of the planned closure of its SPAC Merger with Altimeter Growth Corp in a deal that values the company at $40 Billion.

While many Southeast Asian firms have been impacted by the lockdowns and various restrictions, Grab continues to benefit from a boom in food and parcel deliveries. 

The company expects that the demand for mobility services will continue to experience fluctuations as a resurgence in the pandemic had affected its markets.

While Grab originally started off as a ride-hailing business in 2012, it has leveraged its position to move into food and grocery deliveries and digital payments. Grab is the region’s most valuable start up, with operations which span across eight countries and over 400 cities. 

Cazoo Turns a Profit before $7 Billion SPAC Deal 

Cazoo is on track to hit $1 Billion in revenues this year, as the used car website turned a profit in the second quarter. The online vehicle sales platform intends to go public through a SPAC merger with Ajax 1 in a deal which values the company at $7 Billion.

Cazoo’s revenues surged over 600% to about $196 million in the second quarter, with the number of vehicles sold through the platform rising 429% to 10,962.

In Q2, the company also brought vehicle refurbishment in-house and now has five vehicle preparation centres in operation across the country.

It also launched a car subscription service, offering consumers both new and used cars with the option to purchase, finance or subscribe, all entirely online.

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