Full Press Release Details
Canmart Ends CEO Service Agreement; Akanda Approves
Appointment of Director
LONDON, February 16th,
2023 - International medical cannabis platform company Akanda Corp. ("Akanda" or the "Company") (NASDAQ:
AKAN) today announced its subsidiary Canmart Ltd. brought Tejinder Virk's Service Agreement dated June 2, 2021 (the "Service
Agreement") to an immediate end with effect from February 13th, 2023.
As disclosed on February
7th, 2023, the Company disclosed Mr. Virk's attempt to end the Service Agreement without providing the requisite period
of notice required under the Service Agreement, his interpretation of the Service Agreement, and allegations of Breach of Contract. On
February 13th, 2023, the Company informed Mr. Virk that it had reached the conclusion that it has a right to bring the Service
Agreement to an end with immediate effect. Accordingly, Mr. Virk was summarily dismissed and will be paid through February 13th.
The Akanda Board of Directors
is searching for a candidate to succeed Mr. Virk as Chief Executive Officer and Executive Director. Executive Director Katie Field
has assumed his duties in the interim.
2023, the Board of Directors of the Company also met to approve the appointment of David Jenkins as a Director of the Company. Mr. Jenkins
will be replacing Yuying Liang, who informed the Company that she will be resigning as a Director, effective once Mr. Jenkins' appointment
to the Board of Directors has been finalized. Mr. Jenkins is a global financier with an extensive network of high net-worth investors.
He has experience in public markets and has secured millions of dollars in capital for the mining industry. Mr. Jenkins currently serves
as an independent director for Levitee Labs Inc. He holds a position as an independent director at Boundary Gold and Copper Mining LTD.
, as well as with Quantum Battery Metals Corp., and with Montego Resources.
advised that her resignation was due to personal reasons and not due to any disagreement with the Company on any matter related to the
operations, policies, or practices of the Company.
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.
with 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 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.