The Flowr Corporation Announces Sale of Holigen Holdings for $35 million

Highlights:

TORONTO, April 20, 2022 (GLOBE NEWSWIRE) -- The Flowr Corporation (“Flowr” or the “Company”) (TSXV: FLWR, OTC: FLWPF) is pleased to announce that its wholly-owned subsidiary, Holigen Holdings Limited (“HHL”) has entered into a share purchase agreement (the “Purchase Agreement”) dated April 19, 2022 with Akanda Corp. (NASDAQ:AKAN) (“Akanda”) and Cannahealth Limited (the “Purchaser”), a wholly-owned subsidiary of Akanda. Pursuant to the Purchase Agreement, the Purchaser will acquire from HHL (the “Transaction”) all of issued and outstanding shares of Holigen Limited (“Holigen”), an indirect wholly-owned subsidiary of the Company, together with certain intercompany receivables for aggregate consideration of approximately $35 million. The Company’s wholly-owned subsidiary, HHL, indirectly owns all of the issued and outstanding shares of RPK Biopharma Unipessoal, Lda. (“RPK”), which owns and operates the E.U. GMP facility located in Sintra, Portugal, and the outdoor medical facility located in Aljustrel, Portugal.