Akanda to Supply Cansativa with Premium Indoor Cannabis Flower Grown at its Sintra Facility in Portugal
09 August 2022 - 9:00PM
Business Wire
Agreement generates upfront payment and ongoing
revenues, validating the European opportunity for medical
cannabis
International medical cannabis platform company Akanda Corp.
(“Akanda” or the “Company”) (NASDAQ: AKAN) today announced it has
signed a multi-year supply agreement with European medical cannabis
leader Cansativa GmbH (“Cansativa Group” or “Cansativa”) to supply
EU-GMP quality THC dried flower strains cultivated from its
Portuguese operations at Holigen. This new supply agreement marks
one of the largest for medical cannabis to be exported from
Portugal to serve the emerging European medical cannabis
market.
Under the agreement terms, Akanda will supply Cansativa Group
with two EU-GMP quality strains of dried THC flower for
distribution and sale to all pharmacies in Germany through the
Cansativa platform. The contract specifies initial deliveries of a
minimum of 1,000 kilograms (approximately 2,200 pounds) over the
first 12 months, with 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 initial shipment is anticipated to include
up to 250 kilograms of each strain to be supplied no later than the
fourth quarter of 2022.
“This supply agreement with Cansativa represents one of the
largest supply agreements in the nascent European medical cannabis
industry and is certainly Akanda’s most substantial commercial
development to date,” said Tej Virk, Chief Executive Officer of
Akanda. “Our EU GMP certified grow facility in Portugal has both
the quality and scalability to meet the increasing demands for
medical cannabis in fast-growing markets across the EMEA region,
such as Germany. Once made available, our strains will rank among
the highest THC level medical cannabis products available in the
EU. We're looking forward to a long-term relationship with the
Cansativa Group, a professional and collaborative partner who
shares our mission to expand access to medical cannabis to improve
the quality of lives. The fact that we executed this supply
agreement only two months after Akanda closed the acquisition of
Holigen shows tremendous partnership and hard work on both
sides.”
Cansativa is the leading importer and distributor of medical
cannabis in Germany, with a distribution network in the country
that includes direct connections to all pharmacies, many cannabis
suppliers and distributors, as well as several pharmaceutical
wholesalers. Cansativa is positioned as one-stop-shop and offers
the biggest multi-brand medical cannabis portfolio in the market.
Over the last five years Cansativa has partnered with most leading
cannabis firms and has become one of the key players in the
cannabis industry in Europe. Since the award of the Federal
Institute for Drugs and Medical Devices (BfArM) in August 2020,
Cansativa is the only company with approval for the distribution of
medical cannabis from German cultivation.
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 other leading
distributors of medical cannabis in Germany.
Connect with Akanda: Email | Website | LinkedIn | Twitter |
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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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version on businesswire.com: https://www.businesswire.com/news/home/20220809005396/en/
Investors Matt Chesler, CFA FNK IR ir@akandacorp.com
Media Imogen Saunders Irvine Partners
imogen@irvinepartners.co.uk
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