Full Press Release Details
Akanda Corp. Announces Closing of the Sale of
London, April 11, 2024 - on
April 1 2024, Akanda Corp. ("Akanda" or the "Company") (NASDAQ: AKAN),
an international medical cannabis company, Akanda Corp. completed the transaction with Somai Pharmaceuticals Ltd. (the "Buyer")
for the sale of RPK, its indirect wholly-owned Portuguese subsidiary.
Pursuant to the provisions set forth in the definitive
share purchase agreement, the cash purchase price is Two Million United States Dollars (USD $2,000,000). In addition SOMA is assuming
up to One Millions Euros of current liabilities and RPK's debt with the senior secured lender Bank, Caixa Agricola. In total the
Buyer is assuming approximately 4,000,000 Euros of debt. In accordance with the terms of the proposed transaction, a deposit amounting
to Five Hundred Thousand United States Dollars (USD $500,000) was released from a joint escrow account and the remainder of the purchase
price was paid directly to the Company.
Akanda Corp. is now in a stronger financial position
and will continue to strengthen its presence in the global cannabis market through its wholly-owned United Kingdom (UK) subsidiary, Canmart.
Canmart is a licensed importer and distributor of Cannabis-Based Products for Medicinal use (CBPMs) in the UK. and provides third party
and specialist import and distribution services for Schedule 2 products including CBPM's. Canmart continues to work further with premium
product suppliers to bring safe, effective and required products to market that patients demand, and working with existing and new clinical
cannabis operations in the UK to provide third party products. Beyond its operations in the UK, Akanda is also developing the Gabriola
Green Project in British Columbia, Canada. This farming property is set to host facilities for the production of tetrahydrocannabinol
(THC) and cannabinoid (CBD) products, reflecting the Company's commitment to expanding its footprint and advancing its projects
across both Europe and North America. The Company has initiated the regulatory framework to begin CBD cultivation with a future outlook
Interim CEO and Executive Director, Katie Field
commented, "Akanda is in a strong position to execute a new sustainable strategic direction. The company is in a better cash position
and has eliminated most of its debt. We are looking forward to the Company's anticipated growth."
This press release does not constitute an offer
to sell or the solicitation of an offer to buy the Company's securities, nor shall there be any sale of such securities in any state or
other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities
laws of any such state or other 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 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 Cellen Life Sciences' Leva Clinic, one of the first fully
digital pain clinics in the UK. Akanda also acquired
the right to develop a Canadian farming property in British Columbia, including farming land and related operations and licenses. The
Company plans to develop tetrahydrocannabinol (THC)
and cannabinoid (CBD) facilities at this site.
Connect with Akanda: Email | Website | LinkedIn | Twitter | Instagram
SOMA Pharmaceuticals is a leading EU-GMP
European pharmaceutical and biotech company with a global footprint of distribution for the largest and most advanced EU GMP-certified
cannabinoid-containing pharmaceuticals portfolio.
At SOMA , we are building a leading global
brand with the most robust pipeline of innovative cannabis-based therapeutics. We envision a world where people live a healthy lifestyle
empowered by natural cannabis medicine.
SOMA owns a state-of-art manufacturing
facility and indoor cultivation in Lisbon Portugal, and has global sales teams in the largest medical cannabis markets. We are continuing
to make acquisitions and global brand partnerships that make us one of the few vertically integrated companies in the EU, able to cater
to the diverse needs of fast-growing European cannabis markets. For more information, please visit SOMA 's website.
Contact Information:
SOMA Pharmaceuticals
Media Contact: hello@somaipharma.eu
Website: somaipharma.eu
Cautionary Note Regarding Forward-Looking
Information and Statements
This press release contains certain "forward-looking
information" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995.
Such forward-looking information and 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 information or 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" and similar expressions and include statements regarding the timing
and completion of the proposed offering. Forward-looking information may relate to anticipated events or results including, but not limited
to business strategy, product development and sales and growth plans. The forward-looking information and 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 information
and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.