Akanda

RETRANSMISSION: Akanda Corp. Signs Share Purchase and Escrow Agreements for the Sale of Portuguese Assets to Somai Pharmaceuticals

Retrieved on: 
Friday, March 1, 2024

This strategic move underscores both companies' commitment to advancing the medical cannabis industry and enhancing patient access to high-quality cannabis treatments.

Key Points: 
  • This strategic move underscores both companies' commitment to advancing the medical cannabis industry and enhancing patient access to high-quality cannabis treatments.
  • Under the terms of the Share Purchase Agreement, Somai will acquire RPK, Akanda's indirect Portuguese subsidiary, for a total consideration of Two Million United States Dollars (USD $2,000,000).
  • The execution of the Share Purchase Agreement and Escrow Agreement follows the Amended Non-Binding Letter of Intent ("LOI") announced on February 1, 2024, and represents a crucial step towards the transaction's completion.
  • The closing of the proposed sale is subject to customary due diligence, representations, warranties, covenants, indemnities, and other closing conditions.

Akanda Corp. Announces Signing of Option to Develop Canadian THC and CBD Farming Facility

Retrieved on: 
Wednesday, September 20, 2023

International medical cannabis company Akanda Corp. (“Akanda” or the “Company”) (NASDAQ: AKAN, WKN: A3DG83) announces that Akanda (the “Optionee” the “Company”) and 1107385 B.C.

Key Points: 
  • International medical cannabis company Akanda Corp. (“Akanda” or the “Company”) (NASDAQ: AKAN, WKN: A3DG83) announces that Akanda (the “Optionee” the “Company”) and 1107385 B.C.
  • LTD (the “Owner”) have agreed upon terms to purchase farming land and related operations and licenses.
  • The initial payment will be broken up into the First Option Payment, the Second Option Payment and the Third Option Payment, upon signing, 15 days after signing, 30 days after signing respectively.
  • The Company plans during this time period to develop Tetrahydrocannabinol (THC) and CBD facilities at this site.

Akanda Corp. Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency

Retrieved on: 
Thursday, July 6, 2023

International medical cannabis platform company Akanda Corp. ("Akanda" or the “Company”) (NASDAQ: AKAN) today announced that the Company has received a written notification (the “Notification Letter”) on July 3, 2023 from the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that it is not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2).

Key Points: 
  • International medical cannabis platform company Akanda Corp. ("Akanda" or the “Company”) (NASDAQ: AKAN) today announced that the Company has received a written notification (the “Notification Letter”) on July 3, 2023 from the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that it is not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2).
  • The Notification Letter does not impact the Company’s listing on the Nasdaq Capital Market at this time.
  • To regain compliance, the Company’s common shares must have a closing bid price of at least $1.00 for a minimum of 10 consecutive business days.
  • The Company intends to monitor the closing bid price of its Common Shares and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse stock split of its Common Shares to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.

Akanda Corp. Announces Termination of Loan Agreement

Retrieved on: 
Monday, May 29, 2023

International Medical Cannabis Company, Akanda Corp. (“Akanda” or the “Company”) (NASDAQ: AKAN, WKN: A3DG83) announces that Akanda and Veridia Canada Ltd. (the “Lender”) have mutually agreed to terminate the loan agreement between the parties previously announced on April 18, 2023 (the “Loan Agreement”).

Key Points: 
  • International Medical Cannabis Company, Akanda Corp. (“Akanda” or the “Company”) (NASDAQ: AKAN, WKN: A3DG83) announces that Akanda and Veridia Canada Ltd. (the “Lender”) have mutually agreed to terminate the loan agreement between the parties previously announced on April 18, 2023 (the “Loan Agreement”).
  • Akanda has returned all funds provided under the terms of the Loan Agreement and has no further obligations owing to the Lender pursuant to the Loan Agreement.

Akanda Corp. Announces Loan Agreement

Retrieved on: 
Friday, April 28, 2023

International medical cannabis company Akanda Corp. (“Akanda” or the “Company”) (NASDAQ: AKAN, WKN: A3DG83) announces that it has entered into a loan agreement dated April 26, 2023 (the “Loan Agreement”) with Veridia Canada Ltd. (the “Lender”), in the principal amount of €500,000 (approximately C$738,650) (the “Loan”), which has been advanced in full by the Lender.

Key Points: 
  • International medical cannabis company Akanda Corp. (“Akanda” or the “Company”) (NASDAQ: AKAN, WKN: A3DG83) announces that it has entered into a loan agreement dated April 26, 2023 (the “Loan Agreement”) with Veridia Canada Ltd. (the “Lender”), in the principal amount of €500,000 (approximately C$738,650) (the “Loan”), which has been advanced in full by the Lender.
  • Pursuant to the Loan Agreement, the parties may mutually agree to increase the aggregate principal amount of the Loan by an additional €500,000.
  • The Loan is not interest bearing, provided that if the Loan is not repaid within 90 days from the date of the Loan Agreement (the “Maturity Date”), the Loan will be subject to an interest rate of 4% per annum, commencing from the Maturity Date.
  • The Loan is secured by certain of RPK’s current and existing inventory and equipment, accounts receivables and purchase orders, as further set out in the Loan Agreement.

Akanda Corporation Has Regained Compliance with NASDAQ’s Minimum Bid Price Requirement

Retrieved on: 
Wednesday, March 29, 2023

International medical cannabis platform company Akanda Corp. ("Akanda" or the “Company”) (NASDAQ: AKAN) an Ontario company, today announced that it received a notification letter (the “Notification Letter on Compliance”) from the Listing Qualifications Department of The Nasdaq Stock Market Inc. (the “Nasdaq”) dated March 27, 2023, indicating that the Company has regained compliance with the minimum bid price requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules (the “Minimum Bid Price Requirement”).

Key Points: 
  • International medical cannabis platform company Akanda Corp. ("Akanda" or the “Company”) (NASDAQ: AKAN) an Ontario company, today announced that it received a notification letter (the “Notification Letter on Compliance”) from the Listing Qualifications Department of The Nasdaq Stock Market Inc. (the “Nasdaq”) dated March 27, 2023, indicating that the Company has regained compliance with the minimum bid price requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules (the “Minimum Bid Price Requirement”).
  • As previously announced, the Company had received a written notification (the “Notification Letter”) on September 27, 2022 from the Nasdaq Listing Qualifications Department notifying the Company that it was not in compliance with the Minimum Bid Price Requirement as the closing bid price of the Company's common shares, no par value ("Common Shares"), was below $1.00 per share for a period of 30 consecutive business days.
  • To regain compliance, the Company’s Common Shares must have a closing bid price of at least $1.00 for a minimum of 10 consecutive business days.
  • Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2) and the matter has been closed.

Akanda Corporation Announces 1-for-10 Reverse Stock Split

Retrieved on: 
Wednesday, March 8, 2023

The new CUSIP number for the ordinary shares following the reverse stock split is 00971M205.

Key Points: 
  • The new CUSIP number for the ordinary shares following the reverse stock split is 00971M205.
  • No fractional shares will be issued as a result of the reverse stock split.
  • The reverse stock split at a ratio of 1-for-10 shares was approved by the Company’s board of directors and its shareholders.
  • The Company filed Articles of Amendment with the Ontario Ministry of Government and Consumer Services to reflect the reverse stock split.

Akanda Corporation Announces CFO Appointment

Retrieved on: 
Tuesday, March 7, 2023

International medical cannabis platform company Akanda Corp. ("Akanda" or the “Company”) (NASDAQ: AKAN) an Ontario company, reported that it has appointed a new Chief Financial Officer.

Key Points: 
  • International medical cannabis platform company Akanda Corp. ("Akanda" or the “Company”) (NASDAQ: AKAN) an Ontario company, reported that it has appointed a new Chief Financial Officer.
  • Effective immediately Shailesh Bhushan will join the company, and comes to Akanda with more than 25 years of financial and accounting experience.
  • “I am pleased to welcome Shailesh to the Akanda executive management team,” said Katharyn Field, Interim Chief Executive Officer.
  • Mr. Bhushan’s experience includes Chief Accounting Officer roles for Halo Collective and Namaste Technologies and accounting experience with Transact Network and Golden Leaf Holdings.

Akanda Corp.’s Chief Executive Officer Submits Resignation

Retrieved on: 
Tuesday, February 7, 2023

International medical cannabis platform company Akanda Corp. ("Akanda" or the “Company”) (NASDAQ: AKAN) today announced that Tejinder Virk resigned from his position as CEO and Director of the Company.

Key Points: 
  • International medical cannabis platform company Akanda Corp. ("Akanda" or the “Company”) (NASDAQ: AKAN) today announced that Tejinder Virk resigned from his position as CEO and Director of the Company.
  • Mr. Virk notified the Company of his resignation on February 3, 2023.
  • According to Mr. Virk, the Company and Canmart committed a breach of the Service Agreement by failing to pay him monies and benefits owed.
  • The Company wholeheartedly disputes Mr. Virk’s interpretation of the Service Agreement and, while it has not accepted his resignation pending a legal review and Canmart’s completion of the independent investigation announced on December 21, 2022, is actively searching for a candidate to succeed Mr. Virk as Chief Executive Officer and Executive Director.

Akanda Books €1.8M of Revenue in Q4 2022 As German Sales Start

Retrieved on: 
Thursday, February 2, 2023

Akanda’s premium cannabis products have tested at 29.2% THC and are the highest THC percentage products to be released and sold in the German medical cannabis market.

Key Points: 
  • Akanda’s premium cannabis products have tested at 29.2% THC and are the highest THC percentage products to be released and sold in the German medical cannabis market.
  • The Company has over 800 kg of freshly cultivated cannabis ready for pending medical sales expected in Q2 and Q3.
  • “The management team is thrilled to recognize our first significant revenue that is above our initial projections as we continue to see the German cannabis market expand.
  • Although the German medical cannabis market is still maturing, Germany is expected to lead the European cannabis market in growth.