Akanda Plans First Shipment of Medical Cannabis to Germany and Anticipates Leading Market Share Position
September 26 2022 - 7:30AM
Business Wire
- Akanda prepares first export shipment to Germany of high THC
indoor cultivated premium cannabis from its Portugal-based Holigen
operation in the coming weeks
- Akanda aims to capture approximately 10% market share German
medical cannabis imports based on recent data
International medical cannabis platform company Akanda Corp.
("Akanda" or the “Company”) (NASDAQ: AKAN) expects to take a
leading position in the fast-growing German medical cannabis
market, as it prepares for first export shipment from its
Portugal-based Holigen operation in the coming weeks. Akanda’s EU
GMP certified indoor grow facility in Sintra received its first
purchase order and is expected to make its first export shipment to
Germany imminently. Akanda recently entered into an agreement to
deliver 1,000 kilograms of high-grade medical cannabis flower to
German pharmacies through the Cansativa platform. Cansativa is the
only company in Germany permitted to distribute domestically grown
cannabis. Cansativa will have a right of first refusal (ROFR) to
take on additional quantities that could result in the full
capacity utilization of Holigen’s 2,000 kilograms per annum indoor
production capacity. The deal ranks as one of the largest supply
agreements in the European medical cannabis industry.
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Akanda prepares first export shipment to
Germany of high THC indoor cultivated premium cannabis from its
Portugal-based Holigen operation in the coming weeks (Photo:
Business Wire)
Akanda is targeting a leading 10% market share position of
German medical cannabis imports, with room for additional expansion
and growth. Germany imported approximately 21,000 kilograms of
medical cannabis in the second half of 2021 and first half of 2022
combined, based on official import numbers. Imports to Germany grew
by 27%1 over the past quarter. Germany has imported medical
cannabis from numerous countries, with Portugal becoming an
increasingly larger player gaining ground on Canada, the leader in
this space. Holigen is one of few publicly traded companies that is
a Europe-based cultivator, manufacturer and distributor of EU GMP
certified medical cannabis. Holigen hosts a one-of-a-kind 20,000
square foot indoor cultivation site in Sintra dedicated to the
cultivation of high THC premium cannabis as well as a large 7
million square foot (180+ acres) outdoor facility located two hours
south in Aljustrel.
“Akanda’s push into the German medical cannabis market gives it
an edge over its North American competitors in Europe, and this is
the focus of the company's growth,” commented Akanda’s CEO Tej
Virk. “German adult-use draft legislation is expected to be
introduced either at the end of this year or early next, and the
legislation to pass later in 2023. Other European countries may
follow soon after given Germany’s prominence as the largest economy
in the European Union. If cannabis is legalized for adult-use, the
German cannabis market could reach €4.7bn ($4.6bn) per year2,
according to the Düsseldorf Institute for Competition Economics.
Akanda’s strong positioning in the medical market, gives it an
early mover advantage to lead this new and lucrative market. We
have begun to partner with global brand leaders in quality and
innovation like Cookies to capture market share in the current
medical market and the future regulated adult-use market once it
becomes a reality.”
Akanda recently announced an exclusive license agreement with
iconic international cannabis lifestyle brand Cookies. The
multi-year agreement enables Akanda to pursue the current medical
and future adult-use opportunities in Europe with arguably one of
the best-known cannabis brands and highest quality genetics in the
world. Akanda intends to initially produce EU GMP certified Cookies
branded high THC medical cannabis products at its flagship indoor
premium cultivation and manufacturing facility in Sintra.
Additionally, Akanda is able to exclusively open and operate
Cookies branded pharmacy outlets throughout Portugal.
Akanda has also enlisted renowned cannabis experts to help its
push to lead the European market, including Terry Booth who was an
original founder of Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB).
Booth led Aurora from its infancy to a market cap of nearly $10
billion, one of the world’s largest and fastest growing cannabis
companies, with a focus on providing high-quality medical and adult
use cannabis, and spearheaded the development of one of the first
EU GMP certified medical cannabis production facilities in
Canada.
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 Holigen, a Portugal-based cultivator,
manufacturer and distributor with a prized EU GMP certified indoor
grow facility; CanMart, a UK-based fully licensed pharmaceutical
importer and distributor which supplies pharmacies and clinics
within the UK; and Bophelo Bioscience & Wellness, a GACP
qualified cultivation campus in the Kingdom of Lesotho in Southern
Africa. The Company’s seed-to-patient supply chain also includes
partnerships with California-based Cookies, the most globally
recognized cannabis company in the world; Cansativa Group, a
leading importer and distributor of medical cannabis in Europe; and
Cellen Life Sciences’ Leva Clinic, one of the first fully digital
pain clinics in the UK.
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 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.
___________________________________________________________
1 Source: BfArM, Prohibition Partners 2 Source: the Düsseldorf
Institute for Competition Economics -
https://www.dice.hhu.de/en/startseitennews/page?tx_news_pi1%5Bnews%5D=32874&cHash=443eeedea21155f647453264a414c9c2
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Investors ir@akandacorp.com
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