Akanda Announces Arrival of First Shipment and Sales of Medical Cannabis to Germany
November 8th, 2022
News, Top News
LONDON–(BUSINESS WIRE)–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 sees its first export shipment arrive from its Portugal-based operation and announces the first sale has been achieved, solidifying the company as operationally profitable in the market. Akanda recently entered into an agreement to deliver at least 1,000 kilograms of high-grade medical cannabis flower to Germany through the Cansativa platform. The deal ranks as one of the largest supply agreements in the European medical cannabis industry. Cansativa is also the only company in Germany permitted to distribute domestically grown cannabis.
“This is an impressive milestone for Akanda’s push into the German medical cannabis market. The successful arrival of our first shipment of flower to supply patients through the Cansativa platform is an indication of the market’s demand for premium high THC medical cannabis,” commented Akanda’s CEO Tej Virk. “Our Portugal-based EU GMP-certified medical cannabis cultivation operation hosts a one-of-a-kind 20,000 square foot indoor premium cultivation site in Sintra and a 7 million square foot (180+ acres) outdoor site in Aljustrel. Akanda is dedicated to fulfilling supply agreements and delivering high THC, non-irradiated, premium quality standard medical cannabis flower to the market. Our premium medical cannabis flower has tested as high as 28% THC and the Sintra indoor facility has produced approximately 1,200kg to date.”
Germany’s health minister recently released initial guidelines for adult-use legalization in the country. “We applaud the German government’s push forward in maintaining their leadership position in Europe regarding cannabis regulation. Federal legalization could result in crucial consumer safety benefits and economic stimulus, as evidenced by the experience in Canada and at the state level in the United States. While questions remain around the final implementation, their action serves as a beacon for other European countries considering legalization, such as Portugal. We stand ready to supply these future adult-use markets with premium quality cannabis flower when laws become established,” continued Virk.
Recently, Akanda has also announced an exclusive license agreement with the 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 world’s best-known cannabis brands and the highest-quality genetics. 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. The company is readying to become a dominant player as one of the world’s highest quality EU GMP cultivators, targeting a 10% market share in the German medical cannabis market and the future regulated adult-use market once it becomes a reality.
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 premium 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 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.
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.
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