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Akanda Closes Acquisition of Portuguese Cannabis Operator Holigen.

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Vincent

MANews-(C)2009-2022

UK-based medical cannabis company Akanda Corp (NASDAQ: AKAN) has closed the acquisition of 100% of the issued and outstanding shares of Portugal-based cannabis producer Holigen Ltd. from Canada-based The Flowr Corp. (TSX Venture: FLWR) (OTC: FLWPF), the company said.

Akanda said the proposed acquisition will significantly accelerate Akanda's seed-to-patient business model in the EMEA region, improving the company's ability to meet growing demand for medical cannabis and positioning it for adult use markets as regulations evolve.

The 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 EU Good Manufacturing Practice certified medical cannabis to legal EU markets through an efficient vertically integrated model.

Holigen's wholly owned subsidiary RPK Biopharma Unipessoal, Lda, consists of a high-quality 20,000 square foot indoor EU GMP certified grow facility located near Lisbon (in Sintra) dedicated to the cultivation of high-THC premium cannabis as well as a large seven m square foot (180+ acres) outdoor facility located two hours south in Aljustrel.

Combined, the company believes these facilities will provide the flexibility of capacity in Portugal to produce two tons of 1P premium indoor cannabis, over 100 tons of 1P outdoor cannabis, and over eight tons of 3P manufacturing capacity annually.

Holigen said its prized purpose-built indoor grow facility is the only one...

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