AKANDA CORP Stock Price, News & Analysis

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 €1.8 million in sales during Q4 2022. This marks the Company's first material revenue since inception, generated from just two months of sales, with only 40% of capacity utilized. Akanda’s products, featuring a THC potency of 29.2%, received positive market reception. The Company plans to expand its cultivation facility in Portugal, forecasting a sales doubling in the next six months. The German cannabis market is projected to grow significantly, with potential revenues reaching €7.7 billion by 2028.

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 September 27, 2022, indicating non-compliance with the minimum bid price requirement due to its shares trading below $1.00 for 30 consecutive business days. The company has until March 27, 2023, to regain compliance by achieving a closing bid price of at least $1.00 for 10 consecutive days. The Notification does not affect Akanda's current Nasdaq listing, and the company is monitoring its share price, considering options like a reverse stock split.

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.