Akanda Corp has completed its acquisition of Bophelo and CanMart – creating an international medical cannabis company.
After readying itself for a senior exchange listing, Akanda has completed the acquisition of parent company Halo Collective‘s subsidiaries Bophelo Bio Science & Wellness Ltd. and CanMart Ltd..
The closing of the acquisition will allow Akanda to reach international markets through multiple channels, including CanMart – which is a UK-based approved pharmaceutical importer and distributor which supplies pharmacies and clinics within the country.
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CEO and director of Akanda, Tej Virk, commented: “Today marks a major step towards Akanda’s establishment as an international medical cannabis company helping patients around the world lead better lives.
“At our GACP-certified Bophelo campus in Lesotho with access to 200 hectares of land, we’re leveraging the country’s ideal growing conditions and exceptional talent pool to produce medical cannabis of the highest quality at an extremely competitive cost.
“We believe we have one of the industry’s best platforms to meet patient needs and gain market share in the rapidly growing international cannabis market.”
Under the agreement, Akanda has purchased 100 per cent of the issued and outstanding shares of Canahealth Limited, a company which holds the Bophelo and CanMart assets, from Halo in exchange for 13,129,212 common shares in the capital of Akanda. It has also seen Akanda issue a secured convertible debenture to Halo in the principal amount of £~4.88m (US$6.6m) in exchange for acquiring all outstanding indebtedness owed by Bophelo and CanMart to Halo, which bears an interest rate of 1 per cent annually.
Halo Collective Inc. recently announced that it had entered into an agreement with Akanda in connection with the announced sale of its international assets. Prior to this, Halo completed its internal reorganisation, with Bophelo and CanMart becoming wholly-owned subsidiaries of Cannaheath.
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