Global company Akanda announced the arrival and sale in Germany of its first shipment of medical cannabis from Portugal.
Akanda, headquartered in London, recently entered into a supply deal with the German cannabis distribution company Cansativa Group to deliver at least 1,000 kilograms of medical marijuana flower, according to a news release.
Germany is the largest medical market in Europe but remains relatively small by Canadian standards.
Through the first six months of this year, imports of dried flower and extracts equaled 10,487 kilograms (11.6 tons), which is 6.1% higher than the first half of 2021, according to data from the Federal Institute for Drugs and Medical Devices (BfArM).
Last year, Germany imported approximately 20,589 kilograms of cannabis for medical and scientific purposes.
Canada was the top supplier.
In the release, Akanda CEO Tej Virk said the company’s Aljustrel, Portugal-based cannabis cultivation operation consists of 20,000 square feet of indoor area and more than 180 acres outdoors. The facility is European Union Good Manufacturing Practice (GMP)-certified
“The successful arrival of our first shipment of flower to supply patients through the Cansativa platform is an indication of the market’s demand for premium high THC medical cannabis,” Virk said.
Back in April, Akanda bought its Portuguese assets from Canadian cannabis producer The Flowr Corp. in a deal worth roughly 35 million Canadian dollars ($28 million).
In September, Akanda entered an exclusive license agreement with U.S.-based cannabis lifestyle brand Cookies.
That deal allows Akanda to leverage the Cookies brand in Europe’s current medical and any future adult-use markets that might develop.
The German shipment comes at a time when Akanda is confronting changes and challenges.
Last week, Akanda President Aslihan Akkar-Schenki tendered her resignation, per a regulatory filing.
Akkar-Schenki resigned “to pursue other business opportunities and not due to any disagreement with the Company on any matter related to the operations, policies, or practices,” according to the filing.
In late September, Akanda received a written notification from the Nasdaq notifying the company it was not in compliance with the stock market’s minimum-bid-price requirement
Nasdaq requires issuers to maintain a stock price of at least $1 per share.
Akanda went public on the Nasdaq exchange in March 2022.
Akanda has until March 27, 2023, to regain compliance with the stock price rule.
The company’s shares trade as AKAN.