Canadian cannabis producer Flowr selling Portugal facilities to Akanda

Be at the forefront of cannabis and psychedelics science and innovation. Register today & Save $200 on tickets to The Emerald Conference by MJBiz Science, April 1-3 in San Diego.

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 will also buy CA$1 million of Flowr shares in a private placement.

Holigen owns RPK Biopharma Unipessoal, which possesses cannabis facilities in Sintra and Aljustrel, Portugal.

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.

Akanda described Holigen’s two Portugal facilities as “a high-quality 20,000 square foot indoor EU GMP certified grow facility… dedicated to the cultivation of high-THC premium cannabis” and a large outdoor grow facility.

“Portugal is one of the EU’s leading jurisdictions to conduct cannabis business with a forward-looking government, in addition to a responsive regulator,” Akanda CEO Tej Virk said in a statement.

“The government has been actively discussing the advancement of legalization of adult-use cannabis and Akanda is dedicated to our presence in the country as the landscape continues to evolve.”

Business leaders need reliable industry data and in-depth analysis to make smart investments and informed decisions in these uncertain economic times.

Get your 2023 MJBiz Factbook now!

Featured Inside:
  • 200+ pages and 50 charts with key data points
  • State-by-state guide to regulations, taxes & opportunities
  • Segmented research reports for the marijuana + hemp industries
  • Accurate financial forecasts + investment trends


Stay ahead of the curve and avoid costly missteps in the rapidly evolving cannabis industry.

Flowr trades on the TSX Venture Exchange as FLWR.

Akanda trades as AKAN on the Nasdaq exchange.