Welcome to our dedicated page for Akanda Common Shares news (Ticker: AKAN), a resource for investors and traders seeking the latest updates and insights on Akanda Common Shares stock.
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. announced the appointment of Terry Booth, founder of Aurora Cannabis (NASDAQ: ACB), as the Chair of its new Advisory Board, aimed at enhancing the company's European strategy. Booth led Aurora's growth into a $16 billion market cap company and has significant experience in the cannabis sector. Akanda’s CEO, Tej Virk, highlighted Booth's expertise as a validation of their strategy to lead the emerging European cannabis market. Booth expressed confidence in Akanda's positioning within the industry.
Akanda Corp. (NASDAQ: AKAN) announced that CEO Tej Virk will participate in the Benzinga Cannabis Capital Conference in Chicago on September 13-14. He will be part of a panel titled "M&A Fever: Consolidation Heating Up in Canada & Europe," scheduled for 2:30 p.m. CT on September 13. The panel, moderated by Michelle Donovan, will be streamed live on YouTube. Investors can schedule meetings through this email.
Akanda Corp. (NASDAQ: AKAN) has appointed Tom Flow as Chief Operating Officer and Steven George as Commercial Director, effective September 1, 2022. These appointments aim to enhance leadership and profitability in the European medical cannabis market. Flow brings over 15 years of cannabis experience, having co-founded MedReleaf, and George has a strong background in finance and cannabis sectors, previously working at Tilray. CEO Tej Virk emphasized these hires as crucial to scaling operations and maximizing cultivation capacity in Portugal.
Akanda Corp. (NASDAQ: AKAN) has entered a multi-year supply agreement with Cansativa GmbH, a leading European medical cannabis distributor, to provide EU-GMP quality THC dried flower from its Portuguese operations. This contract marks a significant step in the emerging European cannabis market, with initial deliveries of at least 1,000 kilograms expected in the first year. The deal includes a right of first refusal for additional quantities, enhancing Akanda's production capacity. The partnership underscores Akanda's commitment to expanding access to medical cannabis across Europe.
Akanda Corp. (NASDAQ: AKAN) and Cansativa GmbH have announced a new partnership to deliver two novel cannabis cultivars to German pharmacies. This collaboration will enable Cansativa to supply the German market with dried flowers from Akanda's EU-GMP certified facility in Portugal. Akanda is expected to deliver a minimum of 1,000 kilograms over the first 12 months of the agreement. This deal marks a significant milestone for Akanda in the European medical cannabis industry, enhancing product diversity and supply security for patients.
Akanda Corp. (NASDAQ: AKAN) announced significant developments following the High Court of Lesotho's decision to place its subsidiary, Bophelo Bio Science & Wellness, into liquidation based on an unauthorized application by former Executive Chairman Louisa Mojela. The company is investigating Mojela's actions, which it views as retaliatory after her termination due to lack of profitability focus. Akanda aims to contest the liquidation and recover loans to Bophelo, while focusing on profitable operations through its Holigen subsidiary in Portugal.
Akanda Corp. (NASDAQ: AKAN) and Tetra Bio-Pharma (TSX: TBP, OTCQB: TBPMF) have formed a strategic partnership where Akanda will supply Tetra with pharmaceutical-grade cannabis flower in microdose caps for their QIXLEEF™ products. This collaboration allows Akanda to enter the cannabis drug development market and secures Tetra a reliable source of high-quality ingredients for FDA clinical trials. The total addressable market for QIXLEEF™ is projected to be $1.7 billion by 2028. The partnership enables Akanda to enhance its CDMO capabilities and support Tetra's commercialization efforts.
Akanda Corp. (NASDAQ: AKAN) and Tetra Bio-Pharma (TSX: TBP, OTCQB: TBPMF) announced a strategic supply agreement where Akanda will provide pharmaceutical-grade cannabis for Tetra’s QIXLEEF™ product. This partnership allows Akanda to enter the cannabinoid drug market and supports Tetra's FDA clinical trials for cancer pain management. The companies estimate a total addressable market of nearly $1.7 billion by 2028, with the supply commencing in Q3 2022 and potentially reaching over 10 metric tonnes annually.
Akanda Corp. (NASDAQ: AKAN) has announced a strategic partnership between its UK subsidiary, CanMart Ltd., Phlo Connect, and Cellen Life Sciences to launch a fully digital dispensing model for medical cannabis. This collaboration aims to enhance access to high-quality cannabis products for UK patients, minimizing prescription and delivery friction. The digital dispensing solution is now live, enabling patients to receive medications conveniently at home. CEO Tej Virk expressed confidence in expanding access to medical cannabis, addressing patient needs in the growing UK market.
Akanda Corp. (NASDAQ: AKAN) has successfully acquired Holigen Limited from Flowr Corporation (TSXV: FLWR, OTC: FLWPF) for approximately US$3.0 million in cash, 1.9 million common shares, and the assumption of US$4.3 million in non-recourse debt. This acquisition enhances Akanda's operational capacity and expands its seed-to-patient model in the EMEA region, aimed at meeting the increasing demand for medical cannabis. CEO Tej Virk stated that the acquisition positions Akanda as a leader in emerging cannabis markets, including adult-use opportunities.
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