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Akanda Corp. (NASDAQ: AKAN) has successfully acquired Holigen Limited from Flowr Corporation (TSXV: FLWR, OTC: FLWPF) for approximately US$3.0 million in cash, 1.9 million common shares, and the assumption of US$4.3 million in non-recourse debt. This acquisition enhances Akanda's operational capacity and expands its seed-to-patient model in the EMEA region, aimed at meeting the increasing demand for medical cannabis. CEO Tej Virk stated that the acquisition positions Akanda as a leader in emerging cannabis markets, including adult-use opportunities.
Akanda Corp has announced an agreement to acquire Holigen Limited from Flowr Corporation for US$3 million in cash, plus shares and debt assumption. This acquisition will enhance Akanda’s operations in Europe, providing immediate EU GMP certification and expanding its product offerings with a high-quality genetics library. The deal aims to accelerate Akanda's seed-to-patient model, satisfying the growing demand for medical cannabis in emerging markets, and is expected to close in Q2 2022.
Flowr will release its fourth quarter earnings for 2020 on April 28, 2021, after market close, followed by a conference call at 5:30 p.m. ET to discuss the results. The company has settled Change of Control Payments and paid fees related to its acquisition of Terrace Global Inc., issuing a total of 744,250 Common Shares. Additionally, Flowr has terminated a previously announced non-brokered private placement aimed at raising $1 million. As a cannabis company, Flowr operates internationally, focusing on high-quality product offerings.
Flowr Corporation announced market authorization approval by INFARMED, Portugal's drug authority, enabling the release of medical cannabis products in Portugal. This decision is seen as a significant step towards expanding Flowr's market presence in Europe. With its GMP-certified manufacturing facilities in Sintra and Aljustrel, Flowr aims to provide high-quality medical cannabis to European patients. The Sintra facility can produce 2,000 kg of premium dried flower, while Aljustrel has the capacity for over 500,000 kg, marking a robust expansion strategy for Flowr in the medical cannabis sector.
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