Akanda to Acquire Portugal-based Holigen, Securing a Cannabis Sector Leadership Position in Europe, the Middle East and Africa with EU GMP Market Access International medical cannabis company Akanda Corp.
The highly complementary acquisition of Holigen, the owner of a Portugal-based cultivator, manufacturer and distributor, provides Akanda with both the capacity and route-to-market for delivering first-party and third-party outdoor facility located two hours south in Aljustrel.
Pursuant to the terms of the acquisition, Akanda will also benefit from the genetics library available from Flowr, including its award-winning BC Pink Kush, BC Black Cherry and BC Strawnana as well as certain new exotic genetics that will be exported to Portugal from Canada.
Tom Flow, an internationally recognized cultivation professional with over 18 years of experience across a range of grow operations, is expected to join Akanda, subject to agreement and board approval.
Hyper-scalability in EMEA.
Immediate B2C sales opportunities in the UK.
Akanda will own Holigen’s award winning genetics library, consisting of over 40 strains known for their high THC terpene richness and vigor, which we plan to make available through the Akanda distribution model.
Tom Flow, Interim CEO of Flowr, has been in charge of running and managing Holigen since October 2021, and following the successful completion of the acquisition, is expected to stay on and continue running the operation.
“Holigen is a transformative building block in our mission to help people lead better lives through improved access to high quality and affordable cannabis products,” said Tej Virk, Chief Executive Officer of Akanda.
The cross-pollination of this expertise will help Akanda deliver on our promise of manufacturing high quality, scalable and affordable medical cannabis at our Bophelo campus and our footprint for our ESG initiatives.
And the exceptional cultivation talent the combined organization will have will enable us to innovate with unique genetic strains.
Under the terms of the definitive agreement, Akanda will acquire Holigen for a combination of US$3.0 million in cash at a price per share of C$0.07, subject to the approval of the TSX Venture Exchange.
The Company is building a seed-to-patient supply chain, connecting patients in the UK and Europe with diverse products including cannabis products cultivated at its competitively advantaged grow operation in the Kingdom of Lesotho and with other trusted third-party brands.