Akanda will export a ton of cannabis from Portugal to Germany

The agreement between the Portuguese company Akanda and Cansativa GmbH will start with the export of one ton of cannabis produced in the Sintra facilities to the German distributor, announced Akanda in Press release. With this transaction, Akanda aims to capture approximately 10% market share in German medical cannabis imports. Tej Virk, CEO of Akanda, also foresees the next growth as markets open up to adult use.

Akanda Corp, an American company listed on the NASDAQ index, which fully owns Holigen and RPK Biopharma, announced earlier this week that it is preparing the first shipment of medicinal cannabis grown in Sintra to Germany.

According to release of the company, the Akanda facilities in Sintra received its first purchase order, having signed an agreement to deliver XNUMX kilos of high quality medical cannabis flowers to German pharmacies through the tiring. Cansativa is the only company in Germany authorized to distribute domestically grown cannabis. Cansativa will have the right of first refusal, which means that the German company can purchase a larger quantity than the agreed amount, being able to absorb Holigen's entire production capacity of XNUMX kilos per year.

“Akanda's entry into the German medical cannabis market gives the company an edge over its North American competitors in Europe and this is the focus of the company's growth,” said Akanda CEO Tej Virk. “The German Adult Use Bill is expected to be introduced later this year or early next year and legislation to be passed in late 2023. Other European countries may follow, given Germany's prominence as the largest economy of the European Union. If cannabis is legalized for adult use, the German cannabis market could reach €4,7 billion a year, according to the Institute for Competition Economics in Düsseldorf.”