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Akanda Reaches Tentative Deal to Sell its Portuguese Subsidiary for $2M

The purchase price has been amended.

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iStock.com/Ryland Zweifel

Akanda, an international medical cannabis company, said it has entered into an amended non-binding letter of intent with Somai Pharmaceuticals for the sale of RPK, its Portuguese subsidiary.

Pursuant to the provisions set forth in the LOI, the duration of said LOI has been extended through the 31st day of March, 2024. Furthermore, the stipulated purchase price therein has been amended to an aggregate of $2 million from $2.7 million, which include all current liabilities of RPK which are approximately 4,000,000 Euros.

In alignment with the terms of the proposed transaction, a deposit amounting to $500,000 shall be securely placed in an escrow account with the remainder of the amount due upon successful completion of said transaction. The precise terms of the proposed transaction will be negotiated and contained in a definitive agreement. The closing of the proposed transaction will be subject to customary due diligence, representations and warranties, covenants, indemnities and closing conditions. There can be no assurance or guarantee that the proposed transaction will be consummated, or upon the terms and conditions currently outlined in the LOI.

Akanda is an international medical cannabis and wellness platform company. Its portfolio includes Holigen, a Portugal-based cultivator, manufacturer and distributor with an EU GMP certified indoor grow facility; 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.

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