Akanda Corp 6-K, filed Apr 11, 2024
Akanda Corp. (AKAN)
About this 6-K
Akanda Corp filed this 6-K on April 11, 2024.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2024
Commission File Number: 001-41324
AKANDA CORP.
(Name of registrant)
1a, 1b Learoyd Road
New Romney TN28 8XU, United Kingdom
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
☒ Form 20-F ☐ Form 40-F
EXHIBIT INDEX
On April 11, 2024, Akanda Corp. (the “Company”) issued a press release announcing the closing of the previously announced sale of RPK Biopharma Unipessoal, Lda, an indirect wholly-owned Portuguese subsidiary of the Company (“RPK”). In connection with the closing, the Company paid a cash finder’s fee of 5% of the gross sales price or an aggregate of $446,250, inclusive of taxes to Cannera Holdings LTD, a British Columbia company. The finders fee agreement was previously filed on March 11, 2024 as Exhibit 10.25 to the Company’s amended registration statement on Form F-1. A copy of the press release is furnished herewith as Exhibit 99.1 to this Report on Form 6-K.
The Company issued an additional press release announcing its plan to integrate technology solutions to capture the United Kingdom market. A copy of the press release is furnished herewith as Exhibit 99.2 to this Report on Form 6-K.
The press release furnished in this report as Exhibit 99.1 and 99.2 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section.
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| AKANDA CORP. | |||
| (Registrant) | |||
| Date: April 11, 2024 | By: | /s/ Katie Field | |
| Name: | Katie Field | ||
| Title: | Interim Chief Executive Officer and Director | ||
2
Exhibit 99.1
Akanda Corp. Announces Closing of the Sale of RPK
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 SOMAÍ 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 towards THC.
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.
About Akanda Corp.
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
Investor Contact
ir@akandacorp.com
About SOMAÍ
SOMAÍ 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 SOMAÍ, 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.
SOMAÍ 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 SOMAÍ's website.
Contact Information:
SOMAÍ 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.
Exhibit 99.2
Akanda Corp. Announces Plan to Integrate Technology Solutions to Capture UK Market
London, Thursday April 11, 2024 – on April 4, 2024, Akanda Corp. (“Akanda” or the “Company”) (NASDAQ: AKAN), an international medical cannabis company announced its wholly-owned United Kingdom (UK) subsidiary, Canmart, plans to develop its social shopping capability by integrating with META, to create a user friendly buying experience for Facebook and Instagram users to purchase Canmart products. In short, this integration allows Facebook and Instagram users to browse products featured in Canmart shoppable videos, place products in a native shopping cart and checkout – all without leaving Facebook or Instagram. This integration marks a significant enhancement, allowing Canmart to showcase vendor products not only on its own Canmart platform but also through shoppable content on Facebook and Instagram, creating a massive expansion of the addressable audience of prospective buyers who want to shop without leaving their Facebook or Instagram app.
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. Canmart also works to supply customers with vape hardware for liquid and dry herb vapes to its patients, offering drop ship capabilities via partner websites for smaller or remote pharmacies and clinics not able to hold stock.
While CBPMs may not be sold on META yet, the Company’s peripherals and non-plant touching accessories may. In addition, UK clinics are already certified on ecommerce platforms and Canmart has begun to work hand in hand to promote sales of CBPMs this way. The Company believes by first proving the concept with accessories and over the counter cannabinoid (CBD) products the model can be proven to target curated products and offers to specific customer types, even at an individual level. The Company plans on then applying this model to CBPM’s and offering to its partner clinics.
Additionally, Canmart plans to partner with a platform founded by its directors to make medical cannabis more accessible to UK patients through an AI algorithm that analyzes DNA and products in market. Access Kaneh a platform for medical cannabis patients to help understand the market and obtain accessories and EndoDNA a breakthrough DNA test that matches the patient with the right cannabinoid products for an individualized wellness journey, leveraging technology to support identification of appropriate cannabinoid products.
According to projections, the Cannabis market in the UK is expected to reach a projected revenue of US$445.60m by 2024. With an annual growth rate (CAGR 2024-2029) of 1.71%, the market volume is expected to reach US$485.00m by 2029. When considering the population figures, the per person revenue in the UK is anticipated to be US$25.11 in 2024. The UK is experiencing a surge in cannabis consumption, driven by changing attitudes towards its medicinal benefits1.
The UK market boasts 43 prescribing clinics, 31 dispensing pharmacies, and over 90 supplying producers whose products are imported2. Depending on quality, the retail price of cannabis per gram varies between 6 pounds to 15 pounds3.
Interim CEO and Executive Director, Katie Field commented, “We are planning for the positive market trends in the United Kingdom and Canmart is at the forefront of the UK industry. We are encouraged by the advent of recreational cannabis and decriminalization in Germany as well.” The Company believes the passage of such programs could have positive effects on expansion in the EU.
1 https://www.statista.com/outlook/hmo/cannabis/united-kingdom#:~:text=The%20Cannabis%20market%20in%20the,US%24445.60m%20by%202024.
2 https://medbud.wiki
3 https://lyphe.com/how-much-is-weed/
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.
About Akanda Corp.
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
Investor Contact
ir@akandacorp.com
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.