Akanda Announces Closing of Registered Direct Offering Priced At-the-Market Under Nasdaq Rules London

Akanda Announces Closing

of Registered Direct Offering Priced At-the-Market Under Nasdaq Rules

London, February 2, 2024 - Akanda

Corp. ("Akanda" or the "Company"), an international medical cannabis company, today announced that it has closed

its previously announced registered direct offering for the sale and issuance of 280,851 common shares at

a purchase price of $0.406 per share, and pre-funded warrants to purchase 1,462,991

common shares at a price of $0.4059 per share, priced at-the-market under the Nasdaq rules. The pre-funded warrants are immediately exercisable

for $0.0001 per share and may be exercised at any time until all of the pre-funded warrants are exercised in full, subject to certain

beneficial ownership limitations as set forth in the pre-funded warrant.

Univest Securities LLC is acting as the exclusive

financial advisor in connection with the offering.

The gross proceeds to Akanda

from this offering were approximately $708,000, before deducting the financial advisor fees and other offering expenses. Akanda intends

to use the net proceeds from this offering on capital expenditures, operating capacity, working capital, general corporate purposes and

the refinancing or repayment of existing indebtedness and acquisitions of complementary products, technologies or businesses.

The securities described above

were offered pursuant to an effective shelf registration statement on Form F-3, as amended (File No. 333-276577) previously filed with

the Securities and Exchange Commission ("SEC") and was declared effective on January 29, 2024. The

securities were offered only by means of the prospectus supplement and the accompanying base prospectus that form a part of the registration

statement. The final prospectus supplement and accompanying base prospectus relating to the offering was filed with the SEC on

February 2, 2024 and will be available free of charge on the SEC's website at http://sec.gov.

This press release shall not constitute an offer to

sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction

in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such

state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made

in accordance with the registration requirements of the Securities Act of 1933, as amended.

Akanda is an international medical cannabis and wellness platform company

seeking to help people lead better lives through improved access to high quality and affordable products. Akanda's portfolio includes

Holigen, a Portugal-based cultivator, manufacturer and distributor with an EU GMP certified indoor grow facility; CanMart, a UK-based

fully licensed pharmaceutical importer and distributor which supplies pharmacies and clinics within the UK. The Company's seed-to-patient

supply chain also includes partnerships with California-based Cookies, the most globally recognized cannabis company in the world; Cansativa

Group, a leading importer and distributor of medical cannabis in Europe; and Cellen Life Sciences' Leva Clinic, one of the first

fully digital pain clinics in the UK.

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Cautionary Note Regarding Forward-Looking Information and Statements

This press release contains certain statements that may constitute "forward-looking

statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995.

Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent

only Akanda's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside

of Akanda's control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as "plans",

"expects" or "does not expect", "is expected", "budget", "scheduled", "estimates",

"forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations

of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would",

"might" or "will be taken", "will continue", "will occur" or "will be achieved". Forward-looking

statements may relate to anticipated events or results including, but not limited to business strategy, product development and sales

and growth plans. The forward-looking statements contained in this press release are made as of the date of this press release, and Akanda

does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable