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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) 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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