Akanda Corp is affirming a shift in strategy to become a significant player as a premium EU GMP cultivator in Europe, targeting a 10% market share in the German medical cannabis flower market in the near term. Akanda also has a cultivation and dispensary licensing deal with Cookies in Portugal. These steps put Akanda on firm footing to serve the future regulated adult-use markets in Europe once established.
The company recently announced its first shipment and sale to Germany from its EU GMP-certified indoor premium medical cannabis cultivation operation in Portugal. An agreement was made to deliver at least 1,000 kilograms of high-grade medical cannabis flower to Germany through Cansativa, one of Germany's leading medical distributors.
The premium EU GMP flower supply agreement with Cansativa is one of the largest in the European medical cannabis industry. Germany's health minister recently released initial guidelines for adult-use legalization in the country. While questions remain around the final implementation, their action serves as a beacon for other European countries considering legalization, such as Portugal. Akanda is poised to supply these future adult-use markets with premium quality cannabis flower when laws become established.
"Akanda's Portugal-based EU GMP-certified medical cannabis cultivation operation is a one-of-a-kind 20,000 square foot indoor premium cultivation site, and the Company's 7 million square foot (180+ acres) GACP outdoor site in Portugal is one of the larger GACP outdoor sites in Europe," commented Akanda's CEO, Tej Virk.
Tom Flow, Akanda's COO, added, "The Company now has Cookies genetics in Portugal and in production. Akanda plans to release a selection of top Cookie strains in 2023. The company is also evaluating plans to expand grow rooms at the Sintra indoor facility and add custom grow pods at our Aljustrel site to rapidly scale production of premium indoor cannabis to meet increased demand from EU markets."
Akanda is dedicated to fulfilling supply agreements and delivering high THC, non-irradiated, premium quality medical cannabis flower to the German market. Their medical cannabis flower has tested as high as 28% THC, and the EU GMP indoor grow produced approximately 1,200 kilograms of flower. Akanda's Portuguese operations are projected to be operationally profitable by mid-2023.
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Akanda Corp
www.akandacorp.com