LONDON - Akanda Corp. (NASDAQ: AKAN), an international medical cannabis company, has announced the sale of its Portuguese subsidiary, RPK BioPharma Unipessoal, LDA, to Somai Pharmaceuticals Unipessoal, LDA. The definitive Share Purchase Agreement and Escrow Agreement mark a pivotal move in the medical cannabis industry, aiming to improve patient access to quality treatments.
Somai is set to acquire RPK for a total consideration of $2 million, with $500,000 already placed into escrow. The remaining balance is due upon completion of closing conditions, including customary due diligence and other stipulations.
The Share Purchase Agreement, signed following the amended LOI dated February 1, 2024, is a significant step towards finalizing the transaction. The sale is anticipated to bolster Akanda's financial standing and facilitate its growth in the global cannabis market.
Post-sale, Akanda will continue to strengthen its global presence through Canmart, its UK subsidiary. Canmart, a licensed importer and distributor of Cannabis-Based Products for Medicinal use (CBPMs), is expanding its services in the UK to include third-party products and collaboration with clinical cannabis operations.
Additionally, Akanda is developing the Gabriola Green Project in British Columbia, Canada, which will produce THC and cannabinoid (CBD) products, furthering its expansion in Europe and North America.
This press release is informational and does not constitute an offer to sell or a solicitation of an offer to buy securities. Any such offers will comply with the Securities Act of 1933, as amended.
About Akanda Corp:
Akanda is a medical cannabis and wellness platform company committed to improving access to high-quality, affordable products. Its portfolio includes Holigen, an EU GMP certified indoor grow facility in Portugal; CanMart, a UK-based pharmaceutical importer and distributor; and partnerships with industry leaders such as Cookies, Cansativa Group, and Cellen Life Sciences' Leva Clinic.
The information in this article is based on a press release statement.
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