Welcome to our dedicated page for AKANDA news (Ticker: AKAN), a resource for investors and traders seeking the latest updates and insights on AKANDA stock.
Akanda Corp. reports corporate and operating developments across its public-company structure, including updates involving First Towers & Fiber Corp., its wholly owned telecommunications infrastructure subsidiary in Mexico. Recent company news centers on dark fiber network leasing, long-term fiber capacity agreements, and expansion of network coverage in Central Mexico.
Akanda news also includes shareholder voting matters, special meeting adjournments, reverse stock splits, convertible-note financing, and other capital-structure actions. The company's historical cannabis operations have included cultivation, manufacturing, and distribution of medical cannabis products, while current updates also reference operating and financial results and clinical or regulatory disclosure categories.
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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.
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.