Your latest cannabis business info from Europe

Your latest cannabis business info from Europe

2023-03-21

Akanda as a pioneer – first supply to Germany

What is Akanda?

Akanda is a medicinal marijuana company with a focus on growing best indoor-grown cannabis for export to international markets. The company conducts business through Holigen Limited, a wholly owned subsidiary with authorized cannabis cultivation facilities in Colombia and Portugal. Akanda wants to establish itself as a top supplier of medical cannabis products in Europe and other countries. Thus, it plans to take advantage of its experience in cannabis production, processing, and distribution. How did Akanda become a pioneer by supply of goods to consumers in Germany?

Akanda’s first supply of medical cannabis to Germany

Akanda has successfully introduced its first supply of goods to consumers in Germany, earning sales of EU GMP high-quality indoor-grown medical cannabis worth about €1.8 million in the fourth quarter of 2022. The company’s aim to access European markets by delivering premium indoor-grown cannabis has been confirmed by the recognition of its first significant revenues since its establishment. These sales occured in just two complete months. Although only about 40% of the indoor facility’s capacity was shipped at that time.

Test results has shown that any cannabis product sold in Germany had the greatest percentage of THC potency (29.2%). Following this, the company is getting ready to increase its indoor production capacity at its Holigen facility. Sales should double during the next six months, according to Akanda. Holigen operations are ready to grow high-quality indoor cannabis on a massive scale. Expected result is to expand sales into the German and UK markets. The company is now exploring its strategic options. These are expanding its licensing agreement with Cookies, increasing capacity, and selling its Portuguese operation.

Akanda’s expected results

Sales of cannabis manufactured by Holigen Limited, Akanda’s fully owned subsidiary in Portugal, led to a rise in Q4 revenues. For upcoming medical sales expected in Q2 and Q3, the company has more than 800 kg of newly grown cannabis ready. It aims to increase the number of grow rooms at its facility in Sintra, close to Lisbon, Portugal, in order to extend its Holigen location. In addition to expressing his enthusiasm for the business’s performance, Chairman Harvinder Singh wants to lead the way in the European cannabis markets by using valuable international expertise in cutting-edge cannabis production techniques.

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