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On February 3, 2023, Akanda Corp. announced the resignation of CEO and Director Tejinder Virk. His departure stemmed from a disagreement regarding the Service Agreement with Canmart Limited, a subsidiary of the company, over unpaid obligations. While Virk claims a breach of contract, Akanda disputes this interpretation and has not yet accepted his resignation, pending a legal review. In the interim, Katie Field has stepped in as acting CEO. The company is actively seeking a permanent replacement.
Positive
Interim leadership by Katie Field may provide stability during the transition.
Active search for a new CEO could bring fresh perspectives to the company.
Negative
Disagreement over contractual obligations could lead to prolonged legal disputes.
Potential leadership instability may affect investor confidence.
LONDON--(BUSINESS WIRE)--
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.
Mr. Virk’s resignation was a result of disagreement with the company regarding contractual obligations owed pursuant to the Service Agreement dated June 2, 2021 (the “Service Agreement”) between Mr. Virk, Halo Labs Inc., as guarantor, and Canmart Limited, a subsidiary of the Company (“Canmart”). 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. Executive Director Katie Field has assumed his duties in the interim.
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, a leading globally recognized cannabis company; 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.
