Business
Akanda Looks to Commercialize and Capitalize on Germany's Legalization of Cannabis, Opening Path to $3BN Market
London, United Kingdom--(Newsfile Corp. - April 12, 2024) - Akanda Corp. (NASDAQ: AKAN) ("Akanda" or the "Company"), an international medical cannabis
About this update from Akanda Corp.
[{"type":"text","content":"London, United Kingdom--(Newsfile Corp. - April 12, 2024) - Akanda Corp. (NASDAQ: AKAN) (\"Akanda\" or the \"Company\"), an international medical cannabis company, Akanda Corp. announces its plans to evaluate and pursue strategic investments in the expanded legalized German market.\nOn April 1, 2024, Germany became the third European Union country to legalize cannabis for personal use after Malta and Luxembourg. The new law legalizes recreational possession, individuals to grow up to three plants, and joining cannabis clubs to buy up to 25 grams per day.\nAs a result of the expanded cannabis legalization, Akanda anticipates exciting potential growth opportunities in the German market and is reviewing potential acquisitions and strategic investments in the region. The Company is optimistic about these prospects and will look to focus on a pathway for commercialization in the German market. The sectors of particular interest to the Company are cultivation, production, retail and dispensaries; where the team management and board have significant experience.\nAkanda believes the expansion both in medical and allowing for recreational use may increase German patient and consumer demand and likewise German regulators will create an infrastructure of imports and licensed manufacturing to accommodate its growing market. Akanda plans to closely monitor regulatory developments and the licensing process as well as evaluate current licensed operating targets for acquisition. 1 The Company also anticipates the landmark reforms in Germany could have an impact on cannabis drug policy across Europe as other countries may adopt Germany's approach.\n\"We applaud Germany's increased access to valid medicine and products for patients and consumers. This legislation represents a critical step and illustrates a public policy model for other European Union countries,\" stated Katie Field interim CEO and Director. Ms. Field continued, \"Akanda is evaluating opportunities to participate in the leading edge of this market and aspires to provide German consumers with exceptional cannabis products.\"\nThe Germany Cannabis Market was valued at around $1175.6 Million in 2022 and is projected to reach $5788.5 Million by 2030, exhibiting a CAGR of 22.05% during the forecast period 2023-2030. This year it is projected to do $3B.2\nThis press release does not co...