Akanda, an international medical cannabis company, said it plans to evaluate and pursue strategic investments in the expanded legalized German market.
On April 1, 2024, Germany became the third European Union country to legalize cannabis for personal use after Malta and Luxembourg. The new law legalizes recreational possession, individuals to grow up to three plants, and joining cannabis clubs to buy up to 25 grams per day.
As a result of the expanded cannabis legalization, Akanda anticipates potential growth opportunities in the German market and is reviewing potential acquisitions and strategic investments in the region. The ompany is optimistic about these prospects and will look to focus on a pathway for commercialization in the German market. The sectors of particular interest to the company are cultivation, production, retail and dispensaries.
Akanda believes the expansion both in medical and allowing for recreational use may increase German patient and consumer demand and likewise German regulators will create an infrastructure of imports and licensed manufacturing to accommodate its growing market. Akanda plans to closely monitor regulatory developments and the licensing process as well as evaluate current licensed operating targets for acquisition. The company also anticipates the landmark reforms in Germany could have an impact on cannabis drug policy across Europe as other countries may adopt Germany's approach.
