Akanda completes acquisition of Holigen, advancing cannabis leadership position in Europe, Middle East and Africa (EMEA)

Adds valuable cultivation, manufacturing and distribution assets and an award-winning genetic library, accelerating Akanda’s seed-to-patient model

LONDON, May 02, 2022–(BUSINESS WIRE)–International medical cannabis company Akanda Corp. (“Akanda” or the “Company”) (NASDAQ: AKAN) today announced the closing of the acquisition of Holigen Limited (“Holigen”) from The Flowr Corporation (“Flowr”) (TSXV: FLWR, OTC : FLWPF), accelerating Akanda’s seed-to-patient business model in EMEA, enhancing the Company’s ability to meet growing demand for medical cannabis, and positioning it for adult-use markets as regulations are changing.

“Holigen provides the superior genetics, capacity and pathway to market that Akanda needs to ensure we capture more than our share of the rapidly emerging cannabis market in EMEA,” said Tej Virk, CEO of Akanda. “With Holigen, we are positioned to be a leader in today’s medical cannabis environment and to have the ability to adapt to the recreational opportunity as it unfolds. Now that the acquisition is complete , I look forward to working with Tom Flow and his team to leverage both companies’ platforms.”

Under the terms of the agreement, Akanda has 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 shares of Akanda common stock and the assumption to RPK of approximately US$4.3 million. (€4.0 million) non-recourse debt on Akanda. Additionally, to further align Akanda and Flowr, concurrently with the closing of the acquisition, Akanda purchased 14,285,714 common shares of Flowr for aggregate gross proceeds to Flowr of approximately US$790,000 ($1.0 million CA) at a price per share of CA$0.07. Akanda has provided at least $678,000 in bridge financing to Holigen to meet its working capital requirements prior to closing.

About Akanda Corp.

Akanda is an international medical cannabis and wellness platform company that seeks to help people lead better lives through greater access to affordable, high-quality 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 grower, manufacturer and distributor with a popular EU GMP certified indoor cultivation facility; and CanMart, a UK-based fully licensed pharmaceutical importer and distributor supplying pharmacies and clinics in the UK. The company’s seed-to-patient supply chain also includes partnerships with Cellen Life Sciences’ Leva Clinic, one of the UK’s first all-digital pain clinics, and Cantourage, which operates a platform for bring medical cannabis to Europe.

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Caution Regarding Forward-Looking Information and Statements

This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws 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 of the current state, but represent only Akanda’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain. and out 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 “anticipates”, “expects” or “does not expect”, “is expected”, ” budget”, “expected”, “estimates”, “plans”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or may contain statements that certain actions, events or results “could”, “could”, “would”, “could” or “will be taken”, “will continue”, “will occur” or “will be realized”. 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 plans for sales and growth. 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 contained or referenced herein, except in compliance with applicable laws. applicable securities.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220502005351/en/


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