Canadian cannabis producer Flowr selling Portugal facilities to Akanda

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MJ Biz Canadian cannabis producer The Flowr Corp. is selling its subsidiary Holigen Holdings, which owns twos cultivation facilities in Portugal, to U.K.-based medical marijuana company Akanda Corp. in a deal worth roughly 35 million Canadian dollars ($28 million). Holigen owns RPK Biopharma Unipessoal, which possesses cannabis facilities in Sintra and Aljustrel, Portugal. Akanda will also buy CA$1 million of Flowr shares in a private placement. The purchase price includes CA$3.75 million in cash, 1.9 million Akanda shares, Akanda’s assumption of debt worth CA$5.1 million and interim funding to Holigen, according to a Wednesday news release. In a statement, Flowr interim CEO Tom Flow said the deal will give the company “a significant amount of cash on closing to solidify its balance sheet and also preserve the upside related to our European operations.” Flowr pulled out of a number of international cannabis markets in 2021.

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Canadian cannabis producer The Flowr Corp. is selling its subsidiary Holigen Holdings, which owns twos cultivation facilities in Portugal, to U.K.-based medical marijuana company Akanda Corp. in a deal worth roughly 35 million Canadian dollars ($28 million).

The purchase price includes CA$3.75 million in cash, 1.9 million Akanda shares, Akanda’s assumption of debt worth CA$5.1 million and interim funding to Holigen, according to a Wednesday news release.

Akanda...

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