Cannabiz Africa reports..….The suits have descended on Lesotho to start putting a value on Bophelo Bioscience and Wellness, which aspires to be the world’s biggest cannabis grow. Bophelo is being spun off by Canadian parent Halo Collective into a new, non-US, international entity, Akanda.
Akanda appoints Bousted Securities to advise on merger
In a statement on 30 July 2021 , Akanda said it had appointed Canadian investment banking firm Bousted Securities as “exclusive financial advisor to explore financing and acquisition opportunities as it seeks to scale the African cultivation assets it is proposing to acquire from Halo Collective Inc”. Boustead advises clients on capital raises, mergers and acquisitions, and restructuring assignments in a wide array of industries and circumstances, including in the cannabis sector.
Bousted wasted no time in getting on the job, almost immediately sending its major suit, Head of Equity Capital Markets, Dan McClory, to Lesotho to suss out the value of Bophelo’s operations in the Mafeteng Specal Economic Zone.
“We are excited to assist Akanda with its ultimate goal of becoming a world-class international medical cannabis company,” said McClory. “After visiting the African base last week, we believe the company’s seasoned leadership team, low-cost and high-quality operations in Lesotho, and commitment to social welfare have the potential to make it a unique and valuable asset in the emerging global medical cannabis economy.
Boustead’s Head of Equity Capital Markets, Dan McClory, pictured with Louisa Mojela, Executive Chairman of Akanda, during his visit to Bophelo Bioscience & Wellness in Lesotho, Africa. (CNW Group/Halo Collective Inc.)
Akanda’s Grow Op: Laying the Lesotho foundation for a new cannabis multinational
“The engagement of Boustead represents an important milestone in Akanda’s journey,” commented Akanda CEO, Tej Virk. “Together, we will ensure that Akanda has the right structure to successfully deliver on our exciting mission of providing patients with ethically sourced, high quality African medical cannabis from Lesotho to pharmacies and clinics in the U.K., Europe, and beyond.”
In June, Halo announced the proposed reorganization of its non-U.S. medical operations into Akanda, which will combine the production capabilities of Bophelo’s scalable 200-hectare Lesotho-based cultivation and processing campus, with distribution and route-to-market through CanMart, Halo’s UK-based fully approved pharmaceutical importer and distributor which supplies pharmacies and clinics within the UK.
Through partnerships and licensing agreements with seed producers, including DNA Genetics, Bophelo will provide Akanda with a low-cost gateway to the broader African continent and access to international markets. CanMart is one of a limited number of fully approved importers and distributors of medical cannabis products in the U.K.
