Akanda Completes Acquisition of Holigen, Advancing Cannabis Leadership Position in Europe, the Middle East and Africa (EMEA)
May 02 2022 - 7:00AM
Business Wire
Adds prized cultivation, manufacturing and
distribution assets and an award-winning genetics library,
accelerating Akanda’s seed-to-patient model
International medical cannabis company Akanda Corp. (“Akanda” or
the “Company”) (NASDAQ: AKAN) today announced it has closed the
acquisition of Holigen Limited (“Holigen”) from The Flowr
Corporation (“Flowr”) (TSXV: FLWR, OTC: FLWPF), accelerating
Akanda’s seed-to-patient business model in the EMEA region,
improving the Company’s ability to meet growing demand for medical
cannabis and positioning it for adult use markets as regulations
evolve.
“Holigen provides the added superior genetics, capacity, and
route-to-market Akanda needs to ensure that we capture more than
our share of the rapidly emerging cannabis market across the EMEA
region,” said Tej Virk, Chief Executive Officer of Akanda.
“Together with Holigen, we are positioned to be a leaderin today’s
medical cannabis environment and to have the ability to scale to
the recreational opportunity as it unfolds. Now that the
acquisition has closed, I look forward with to working with Tom
Flow and his team to leverage the platforms of both companies.”
Under terms of the agreement, Akanda acquired 100% of the issued
and outstanding shares of Holigen for a combination of
approximately US$3.0 million in cash (C$3.75 million), 1.9 million
Akanda common shares, and the assumption at RPK of approximately
US$4.3 million (€4.0 million) of debt which is non-recourse to
Akanda. In addition, to further align Akanda and Flowr,
concurrently with the closing of the acquisition, Akanda purchased
14,285,714 Flowr common shares for aggregate gross proceeds to
Flowr of approximately US$790,000 (C$1.0 million) at a price per
share of C$0.07. Akanda has provided at least US$678,000 of interim
funding to Holigen to support its working capital needs prior to
closing.
About Akanda Corp.
Akanda is an international medical cannabis and wellness
platform company seeking to help people lead better lives through
improved access to high quality and affordable products. Akanda’s
portfolio includes Bophelo Bioscience & Wellness, a GACP
qualified cultivation campus in the Kingdom of Lesotho in Southern
Africa; Holigen, a Portugal-based cultivator, manufacturer and
distributor with a prized EU GMP certified indoor grow facility;
and CanMart, a UK-based fully licensed pharmaceutical importer and
distributor which supplies pharmacies and clinics within the UK.
The Company’s seed-to-patient 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 for bringing medical cannabis to Europe.
Connect with Akanda: Email | Website | LinkedIn | Twitter |
Instagram
Cautionary Note Regarding
Forward-Looking Information and Statements
This press release contains certain "forward-looking
information" within the meaning of applicable Canadian securities
legislation and may also contain statements that may constitute
"forward-looking statements" within the meaning of the safe harbor
provisions of the United States Private Securities Litigation
Reform Act of 1995. Such forward-looking information and
forward-looking statements are not representative of historical
facts or information or current condition, but instead represent
only Akanda's beliefs regarding future events, plans or objectives,
many of which, by their nature, are inherently uncertain and
outside of Akanda's control. Generally, such forward-looking
information or forward-looking statements can be identified by the
use of forward-looking terminology such as "plans", "expects" or
"does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or may contain statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "will
continue", "will occur" or "will be achieved". Forward-looking
information may relate to anticipated events or results including,
but not limited to business strategy, product development,
manufacturing plans, regulatory landscape, potential acquisitions
and synergies, integration plans and sales and growth plans. The
forward-looking information and forward-looking statements
contained in this press release are made as of the date of this
press release, and Akanda does not undertake to update any
forward-looking information and/or forward-looking statements that
are contained or referenced herein, except in accordance with
applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20220502005351/en/
Investor Contact Matt Chesler, CFA FNK IR
ir@akandacorp.com Media Contacts United States: Annie
Grant Allison + Partners akanda@allisonpr.com
Europe: Imogen Saunders Irvine Partners
imogen@irvinepartners.co.uk
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