Full Press Release Details
Announces Loan Agreement
FRANKFURT and LONDON,
April 28, 2023 - International medical cannabis company Akanda Corp. ("Akanda" or the "Company")
(NASDAQ: AKAN, WKN: A3DG83) announces that it has entered into a loan agreement dated April 26, 2023 (the "Loan Agreement")
with Veridia Canada Ltd. (the "Lender"), in the principal amount of 500,000 (approximately C$738,650) (the "Loan"),
which has been advanced in full by the Lender. The Loan is expected to be used for the short-term financial commitments of Akanda and
Akanda's wholly-owned company in Portugal, RPK Biopharma, Unipessoal, LDA ("RPK"), which is indirectly held
by Akanda through Holigen Limited ("Holigen"). Holigen is a directly held, wholly-owned subsidiary of the Company.
Loan Agreement, the parties may mutually agree to increase the aggregate principal amount of the Loan by an additional 500,000.
The Loan is not interest bearing, provided that if the Loan is not repaid within 90 days from the date of the Loan Agreement (the "Maturity
Date"), the Loan will be subject to an interest rate of 4% per annum, commencing from the Maturity Date. The Loan is secured
by certain of RPK's current and existing inventory and equipment, accounts receivables and purchase orders, as further set out
in the Loan Agreement.
not issuing any securities, or paying any bonus, commission or finder's fees in respect to the Loan. The Loan is repayable at any
time without penalty. The Company expects to re-pay the Loan on or before the Maturity Date.
Interim Chief Executive Officer of Akanda, commented: "This short-term loan provides us with the flexibility needed to continue
the implementation of our strategic plan while continuing to evaluate longer-term financing options".
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 a prized EU GMP certified indoor grow facility; CanMart, a UK-based fully licensed pharmaceutical importer and distributor which
supplies pharmacies and clinics within the UK; and Bophelo Bioscience & Wellness, a GACP qualified cultivation campus in the Kingdom
of Lesotho in Southern Africa. The Company's seed-to-patient supply chain also includes partnerships with California-based Cookies,
a leading globally recognized cannabis company; 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.
Akanda: Email | Website | LinkedIn | Twitter | Instagram
Cautionary Note Regarding
Forward-Looking Information and Statements
This press release contains certain
"forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain 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 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".
Forward-looking information may relate to anticipated events or results including, but not limited to statements with respect to the entering
into of the Loan Agreement, the loan terms including regarding Maturity Dates(s), the net proceeds of the Loan will be used as stated,
future opportunities available for the Company, the Company's business strategy, product development and consistency, and sales
and growth plans and its ability to sufficiently repay the Loan, any amendments to the Loan terms, and any the increase in the aggregate
amount of the Loan. 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 by applicable securities laws.