corporations

Akanda completes acquisition of Holigen and wants to lead cannabis in EMEA

Published

2 years ago

2 May, 2022

Photo: DR | Akanda Corporation

Akanda today completed the acquisition of Holigen, a subsidiary of Flowr Corporation, advancing its leadership position in cannabis in Europe, Middle East and Africa (EMEA), the corporation announced in Press release. Akanda thus adds culturing, manufacturing, distribution assets and a premium genetics library, accelerating the model promoted by the company “from seed to patient” and positioning it for “adult-use markets as regulations change.” evolve”.

The international medical cannabis company, which is listed on the NASDAQ: AKAN exchange, has announced that it has closed the acquisition of Holigen Limited from The Flowr Corporation (TSXV: FLWR , OTC: FLWPF), thereby improving the company's ability to respond to growing demand for medical cannabis.

“Holigen provides the superior genetics, capability and a route to market that Akanda needs to ensure it captures more than our share of the emerging cannabis market across the EMEA region,” said Tej Virk, CEO of Akanda. “Together with Holigen, we are positioned to be a leader in today's medical cannabis environment and have the ability to scale the recreational opportunity as it develops. Now that the acquisition is complete, I look forward to working with Tom Flow and his team to leverage both companies' platforms.”

Cannareporter met with Tej Virk and Tom Flow at the Holigen facility and will publish the interview with Tej Virk tomorrow.

Pursuant to the terms of the agreement, Akanda acquired 100% of the issued and outstanding shares of Holigen for a combination of approximately $3,0 million in cash, 1,9 million shares of Akanda common stock and assumed 4,3 million of RPK Biopharma's debt. In addition, to further align Akanda and Flowr, concurrent with the completion of the acquisition, Akanda purchased 14.285.714 shares of Flowr common stock for an aggregate gross income from Flowr of approximately $790. Akanda provided at least $678 in interim financing to Holigen to support its capital needs prior to closing the deal.

About Akanda Corporation

Akanda is an international medical cannabis and wellness platform company that seeks to help people live better lives through better access to high quality products. Akanda's portfolio includes Bophelo Bioscience & Wellness, a GACP-qualified cultivation campus in the Kingdom of Lesotho, Southern Africa; Holigen, a Portugal-based producer, manufacturer and distributor with an award-winning EU GMP certified indoor grow facility; and CanMart, a fully licensed pharmaceutical importer and distributor that supplies pharmacies and clinics in the UK. The company's patient seed supply chain also includes partnerships with Cellen Life Sciences' Leva Clinic, one of the first fully digital pain clinics in the UK, and Cantourage, which operates a platform to bring medical cannabis to Europe.

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[Disclaimer: Please note that this text was originally written in Portuguese and is translated into English and other languages using an automatic translator. Some words may differ from the original and typos or errors may occur in other languages.]

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