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Akanda Corp. (NASDAQ: AKAN) is a prominent international company focused on the cultivation, manufacturing, and distribution of medical cannabis. The company operates through three primary segments: Cultivation, Distribution, and Corporate. The cultivation segment includes operations at RPK/Holigen in Portugal and additional medical cannabis cultivation activities. The distribution segment is managed by Canmart Ltd in the United Kingdom, which oversees the distribution of medical cannabis to various markets. The corporate segment is responsible for the administrative functions and other general corporate expenses associated with the broader group.
Recently, Akanda announced ambitious plans to integrate blockchain and artificial intelligence technologies into the cannabis industry. These technologies are expected to enhance the traceability and authenticity of cannabis products from genetics to sale. Additionally, Akanda plans to leverage AI capabilities through partnerships such as Access Kaneh, which uses DNA analysis to tailor medical cannabis products for UK patients.
Financially, Akanda has been active in securing funding and restructuring its operations. As of February 2024, the company completed several public offerings and eliminated substantial debt through the sale of its Portuguese subsidiary, RPK BioPharma. These strategic moves have strengthened Akanda's position to explore further investments and acquisitions within global cannabis and technology markets.
Moreover, Akanda is closely monitoring the impending rescheduling of cannabis under the US Controlled Substances Act, which could open new opportunities for the company in the US cannabis market. This regulatory change could facilitate the consolidation of US-based cannabis operations under Akanda's leadership.
Akanda's comprehensive seed-to-patient supply chain encompasses partnerships with entities like Cellen Life Sciences' Leva Clinic, one of the UK's first fully digital pain clinics. The company is also developing a Canadian farming property in British Columbia to produce both THC and CBD products.
Despite facing challenges, such as receiving a deficiency notification from Nasdaq for not meeting the minimum stockholders' equity requirement, Akanda remains committed to compliance and has plans to regain its standing. The company continues to focus on capital expenditures, operating capacity, and strategic investments to enhance its market position.
Akanda recently completed multiple securities purchase agreements to raise capital for general corporate purposes and working capital, highlighting its proactive approach to financial management.
Akanda Corp. (NASDAQ: AKAN) has appointed Shailesh Bhushan as the new Chief Financial Officer, effective immediately. Mr. Bhushan brings over 25 years of financial experience, previously serving as Chief Accounting Officer for Halo Collective and Namaste Technologies. His background includes auditing and accounting roles, and he is a Chartered Accountant from the Institute of Chartered Accountants of India. Katharyn Field, Interim CEO, expressed confidence in Mr. Bhushan's leadership to guide Akanda as it aims to become a leader in the international medical cannabis sector.
Akanda Corp. (NASDAQ: AKAN) has terminated the Service Agreement of CEO Tejinder Virk effective February 13, 2023, following allegations of breach of contract. Virk was dismissed without notice, and the company will compensate him through the termination date. Katie Field has stepped in as interim CEO while the board seeks Virk's successor. Additionally, David Jenkins has been appointed to the board, replacing Yuying Liang, who resigned for personal reasons. Jenkins brings extensive experience in finance and a strong network of investors, which could be beneficial for the company.
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.
International medical cannabis company Akanda (NASDAQ: AKAN) announced a successful launch of its products in Germany, achieving approximately
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.
Akanda Corp. is pivoting its focus to core operations in Europe, specifically targeting a 10% market share in Germany's medical cannabis market. The company is exiting its operations in Lesotho, where unauthorized liquidation proceedings of its subsidiary Bophelo have been initiated. Akanda aims to leverage its premium EU GMP cultivation in Portugal to meet rising demand in Germany. This includes a supply agreement with Cansativa for 1,000 kilograms of cannabis flower. The company's indoor facility is projected to achieve operational profitability by mid-2023.
Akanda (NASDAQ: AKAN) has successfully completed its first export shipment of premium high THC cannabis from its Portugal-based facility to Germany, marking a significant milestone in its operations. The company has entered a supply agreement for over 1,000 kilograms of cannabis through the Cansativa platform, solidifying its role in the German medical cannabis market. Akanda aims to capture a 10% market share and is prepared to enter the adult-use market once legalized. The Portugal facility has produced approximately 1,200 kg of high-quality cannabis, with THC levels reaching 28%.
Akanda Corp. (NASDAQ: AKAN) announced it received a notification from Nasdaq on
Akanda prepares for its first export shipment of premium cannabis from its Portugal-based Holigen facility to Germany. The company targets a 10% market share in the growing German medical cannabis sector, backed by a supply agreement with Cansativa for 1,000 kilograms of cannabis. This initiative positions Akanda to capitalize on Germany's medical cannabis market, which has seen a 27% increase in imports. Additionally, Akanda has partnered with Cookies to enhance its brand presence and expand into potential adult-use markets in Europe.
Akanda Corp. has secured an exclusive licensing agreement with Cookies to cultivate, manufacture, and sell Cookies-branded products in Portugal. This multi-year agreement allows Akanda to produce high THC medical cannabis and operate Cookies pharmacy outlets across the country. The deal is seen as a pivotal step for Akanda in expanding its presence in the European cannabis market. The company aims to leverage Cookies' renowned genetics and brand equity to meet both medical and potential adult-use cannabis demands in the region.
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