International medical cannabis company Akanda Corp. has entered into an amended nonbinding letter of intent to sell RPK Biopharma Unipessoal, its Portuguese subsidiary, to Somai Pharmaceuticals.
London-based Akanda said its original deal with Somai has been amended to reflect a lower price – $2 million – down from $2.7 million.
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Akanda didn’t say when the original nonbinding deal was struck with Portugal-based Somai or why it was amended.
The deal includes all current liabilities of RPK, which amount to approximately 4 million euros ($4.3 million), Akanda said in a news release.
A $500,000 deposit has been placed in an escrow account as a deposit, with the remainder of the amount due upon successful completion of the proposed transaction.
“The precise terms of the
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