Akanda Corp. Closes $5 Million Private Placement

CANNANNEW REPORT

LONDON–(BUSINESS WIRE)–Akanda Corp. (“Akanda” or the “Company”) today announced that it has closed a private placement for aggregate gross proceeds of $5,316,000. The Company intends to use the net proceeds of the private placement for working capital and general corporate purposes. “This financing provides vital capital to accelerate our plans to build one of the leading international medical cannabis companies with a unique seat-to-patient business model,” said Tej Virk, CEO and Director of Akanda. “In the UK, we are building out our network of pharmacies, clinicians and other innovative channels as we seek to democratize access to medical cannabis for patients throughout the United Kingdom. In Lesotho, we are putting the finishing touches on a cultivation expansion project which is expected to be completed over the coming months. And we’re establishing a world class team. We also have plans to connect other elements of the international cannabis supply chain at an exciting time when, we believe, the European markets are showing increasingly promising indicators that positive regulatory change is coming.” Boustead Securities, LLC served as exclusive placement agent for the Akanda private placement offering, and has accepted warrants as partial remuneration in addition to a cash fee. The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state or other jurisdiction’s securities laws, and may not be resold absent registration under, or exemption from registration under, the Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. About…

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Source : Akanda Corp. Closes Million Private Placement

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