Full Press Release Details
AKANDA CORP ANNOUNCES SETTLEMENT AGREEMENT WITH
FORMER CEO TEJINDER VIRK
London, UK May 13, 2024 -Akanda
Corp. ("Akanda" or the "Company") (NASDAQ: AKAN), today announced
a settlement agreement with former chief executive officer and director, Tejinder Virk, concluding a series of disputes that commenced
following Mr. Virk's resignation on February 3, 2023.
The settlement resolves all outstanding claims
and disputes Mr. Virk had with the Company and its subsidiaries, providing a clear path forward and allowing all parties to focus on their
future endeavors without the overhang of previous disagreements.
Katharyn Field, Chief Executive Officer of Akanda
Corp, commented, "Our decision to settle is in the best interest of everyone involved. It allows us to continue dedicating our resources
and attention to strategic priorities without distraction."
The agreement includes a waiver of all claims
related to Mr. Virk's employment and its termination. Any queries relating to the settlement should be addressed to the Company's
UK counsel, Paul McAleavey of Girlings Solicitors LLP.
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 THC and cannabinoid (CBD) facilities at this site.
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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.