Akanda Corp Announces Settlement Agreement with Former CEO Tejinder Virk
Akanda Corp (NASDAQ: AKAN) announced a settlement agreement with former CEO Tejinder Virk. This settlement concludes disputes that began after Virk's resignation on February 3, 2023. The agreement resolves all outstanding claims and disputes, allowing both parties to focus on future endeavors. CEO Katharyn Field stated that the decision to settle is in the company's best interest, enabling them to allocate resources to strategic priorities without any distractions. The agreement includes a waiver of all claims related to Virk's employment and termination.
- Settlement resolves all outstanding claims and disputes, providing clarity and stability.
- Allows Akanda Corp. to focus on strategic priorities without distractions.
- Waiver of all claims related to former CEO's employment and termination mitigates legal risks.
- Settlement may indicate unresolved internal issues that could have longer-term impacts.
- Potential financial costs associated with the settlement could affect profitability.
London, United Kingdom--(Newsfile Corp. - May 13, 2024) - Akanda Corp. (NASDAQ: AKAN) ("Akanda" or the "Company"), today announced a settlement agreement with former chief executive officer and director, Tejinder Virk, concluding a series of disputes that commenced following Mr. Virk's resignation on February 3, 2023.
The settlement resolves all outstanding claims and disputes Mr. Virk had with the Company and its subsidiaries, providing a clear path forward and allowing all parties to focus on their future endeavors without the overhang of previous disagreements.
Katharyn Field, Chief Executive Officer of Akanda Corp, commented, "Our decision to settle is in the best interest of everyone involved. It allows us to continue dedicating our resources and attention to strategic priorities without distraction."
The agreement includes a waiver of all claims related to Mr. Virk's employment and its termination. Any queries relating to the settlement should be addressed to the Company's UK counsel, Paul McAleavey of Girlings Solicitors LLP.
About Akanda Corp.
Akanda is an international medical cannabis and wellness platform company seeking to help people lead better lives through improved access to high quality and affordable products. Akanda's portfolio includes CanMart, a UK-based fully licensed pharmaceutical importer and distributor which supplies pharmacies and clinics within the UK. The Company's seed-to-patient supply chain also includes partnerships Cellen Life Sciences' Leva Clinic, one of the first fully digital pain clinics in the UK. Akanda also acquired the right to develop a Canadian farming property in British Columbia, including farming land and related operations and licenses. The Company plans to develop THC and cannabinoid (CBD) facilities at this site.
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Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Akanda's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Akanda's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved" and similar expressions and include statements regarding the timing and completion of the proposed offering. Forward-looking information may relate to anticipated events or results including, but not limited to business strategy, product development and sales and growth plans. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Akanda does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209035
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