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.
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.
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.
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.