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Akanda Corp.’s Chief Executive Officer On Paid Leave of Absence
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Rhea-AI Summary
Akanda Corp. (NASDAQ: AKAN) announced that CEO Tej Virk has been on a paid leave of absence since November 30, 2022, pending an independent investigation. During this period, Virk will not perform any managerial duties. In his place, Board Director Katie Field has been appointed as Executive Director to manage operations. The company aims to maintain its service to customers, employees, and shareholders during this transition.
Positive
Appointment of Katie Field as Executive Director to ensure continued management.
Negative
CEO Tej Virk's leave of absence could create uncertainty in leadership.
LONDON--(BUSINESS WIRE)--
International medical cannabis platform company Akanda Corp. ("Akanda" or the “Company”) (NASDAQ: AKAN) today announced that Chief Executive Officer Tej Virk has been on a paid leave of absence both administrative and personal since November 30, 2022, pending an independent investigation being conducted by Canmart Directors and counsel. During his leave, Mr. Virk is not expected to perform any responsibilities as the Chief Executive Officer of the Company or any responsibilities as an officer of any of the Company’s subsidiaries.
The Company’s Board of Directors has appointed Katie Field, one of the Company’s Directors, as an Executive Director. Together with the other Directors, Ms. Field will provide interim management and the Company will continue to serve its customers, employees, and shareholders.
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 Holigen, a Portugal-based cultivator, manufacturer and distributor with a prized EU GMP certified indoor grow facility; CanMart, a UK-based fully licensed pharmaceutical importer and distributor which supplies pharmacies and clinics within the UK; and Bophelo Bioscience & Wellness, a GACP qualified cultivation campus in the Kingdom of Lesotho in Southern Africa. The Company’s seed-to-patient supply chain also includes partnerships with California-based Cookies, the most globally recognized cannabis company in the world; Cansativa Group, a leading importer and distributor of medical cannabis in Europe; and Cellen Life Sciences’ Leva Clinic, one of the first fully digital pain clinics in the UK.
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" 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". 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.
