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About Akanda Corp
Akanda Corp (NASDAQ: AKAN) is an international medical cannabis and wellness company dedicated to improving lives through high-quality, affordable cannabis-based products. Headquartered in London, UK, Akanda operates across the cannabis value chain, encompassing cultivation, manufacturing, and distribution. With a mission to provide safe and reliable cannabis solutions, the company focuses on medical-grade cannabis and wellness products, adhering to stringent regulatory standards and leveraging innovative technologies.
Core Business Segments
Cultivation: Akanda's cultivation activities are centered in Portugal through its subsidiary Holigen, which operates an EU GMP-certified indoor grow facility. This facility ensures compliance with European Union Good Manufacturing Practices, enabling the production of premium medical-grade cannabis for the European and international markets.
Distribution: In the United Kingdom, Akanda's subsidiary, CanMart Ltd, is a fully licensed importer and distributor of Cannabis-Based Products for Medicinal Use (CBPMs). CanMart supplies pharmacies and clinics while also offering third-party import and distribution services for Schedule 2 products, including CBPMs.
Corporate: Akanda's corporate segment manages administrative functions and strategic initiatives, including partnerships, acquisitions, and technological advancements to support the broader group.
Technological Innovation
Recognizing the transformative potential of technology, Akanda is actively exploring blockchain and artificial intelligence (AI) applications within the cannabis industry. Blockchain technology enhances supply chain transparency by securely tracking products from cultivation to sale, while AI-driven algorithms optimize product customization and strain development. These innovations position Akanda at the forefront of the cannabis-tech convergence.
Strategic Partnerships and Market Position
Akanda has established strategic alliances with industry leaders such as Cookies, Cansativa Group, and Cellen Life Sciences. These partnerships bolster its seed-to-patient supply chain and expand its market reach across Europe and North America. Additionally, Akanda's entry into the Canadian and German markets underscores its commitment to growth and global market leadership.
Commitment to Sustainability and Compliance
Akanda prioritizes sustainability and compliance in its operations. Its EU GMP-certified facilities and adherence to local and international regulations ensure product quality and safety. The company's focus on sustainable business practices aligns with its mission to deliver value to consumers and stakeholders alike.
Future Outlook
With a strategic emphasis on innovation, market expansion, and regulatory compliance, Akanda is well-positioned to capitalize on the growing global cannabis market. The company's integration of advanced technologies and its focus on medical and wellness applications highlight its commitment to shaping the future of the cannabis industry.
Akanda Corp. (NASDAQ: AKAN) announced on March 27, 2023, that it has regained compliance with the Nasdaq minimum bid price requirement after a notification letter indicated it had met the criteria. The company had previously received a non-compliance notice on September 27, 2022, due to its stock price falling below $1.00 for 30 consecutive business days. Following a compliance period of 180 days, Akanda's shares have maintained a closing bid price of at least $1.00 for the last 12 business days, thus closing the matter with Nasdaq.
Akanda Corp. (NASDAQ: AKAN) announced a 1-for-10 reverse stock split, effective March 9. Following the split, every 10 shares will convert to one share, with trading continuing on the Nasdaq under the same symbol. The CUSIP number for ordinary shares will change to 00971M205. This decision has been approved by the board and shareholders, and articles of amendment have been filed with the Ontario Ministry of Government and Consumer Services. The reverse split aims to adjust the share structure without altering shareholders' percentage interest in the company.
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