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 March 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 March 28, 2024, Akanda Corp. (the “Company”) issued a press release announcing strategic plan to evaluate and enter bitcoin, blockchain, AI segments of the cannabis market.
Additionally, on March 28, 2024, the Company’s wholly-owned United Kingdom subsidiary, Canmart Limited issued a press release announcing Canmart Limited’s plans for Facebook and Instagram social shopping technology integration.
A copy of each press release is furnished herewith as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report on Form 6-K.
The press release furnished in this report as Exhibit 99.1 and Exhibit 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.
|
Exhibit No. |
Description | |
| 99.1 | ||
| 99.2 | ||
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: March 28, 2024 | By: | /s/ Katie Field | |
| Name: | Katie Field | ||
| Title: | Interim Chief Executive Officer and Director | ||
2
Exhibit 99.1
Akanda Corp. Announces Strategic Plan to Evaluate and Enter Bitcoin, Blockchain, AI Segments of the Cannabis Market
London, March 28, 2024 – on March 28, 2024, Akanda Corp. (“Akanda” or the “Company”) (NASDAQ: AKAN), an international medical cannabis company, Akanda Corp. announced aspirations to enter technology segments of the cannabis industry. The Company is evaluating potential opportunities to enter Bitcoin, Blockchain, and AI applications in the cannabis industry.
The Company believes cryptocurrencies may provide a viable solution to some of the cannabis industry’s banking problems. Cryptocurrency enables users to store value, and engage in direct, peer-to-peer transactions with counterparties. Decentralized blockchain technology instead of the traditional financial system support these transactions. With the struggle cannabis operators have to bank traditionally, cryptocurrencies thus present an opportunity for businesses to bank themselves. The cannabis industry has faced further challenges with quality control and its supply chain. Blockchain technology can also help address these needs. One essential component is Certificate of Analysis (COA), which verifies the product’s quality, safety, and potency. However, COAs can be vulnerable to fraud, tampering, or errors, which can compromise the integrity of the entire supply chain. Blockchain technology provides a secure, transparent, and decentralized way to track COAs throughout the supply chain, from cultivation to distribution and sale. Blockchain can trace the product’s origin, monitor its handling and storage conditions, and track its distribution and sale, to enhance transparency and accountability.
The Company also believes Artificial Intelligence (AI) is a promising avenue to explore. It is researching and possibly pursuing investments and partnerships in this space. AI may identify which strains of cannabis are selling best for an organization and customize the growing conditions to consistently produce the same strain. It is also possible that down the road, medicinally, AI could take data from researchers to customize plants to treat specific ailments. When it comes to specifically cannabis, though, AI is increasingly being used to search databases of cannabis research to identify certain strains that may fit a target audience better than others.
With a stronger financial position from the closing of an underwritten public offering financing, the Company also plans 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.
According to Prohibition Partners the European medical cannabis industry has seen steady growth over the past year and it is projected to reach over €550 million in sales by the end of 2023.1 Cannabis Business Times reports European cannabis sales are forecast to reach €1.6 billion by 2027, as adult-use markets in Germany, Czech Republic, Switzerland and the Netherlands develop2.
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 plans to reduce debt. We are looking forward to the Company’s anticipated expansion through our UK business but also by entering ancillary technological segments that are supportive to our model and offer opportunities for growth.”
| 1 | https://prohibitionpartners.com/2023/03/30/available-now-the-european-cannabis-report-8th-edition/ |
| 2 | https://businessofcannabis.com/cannabis-europa-takes-place-as-the-cannabis-industry-gains-exponential-global- momentum/ |
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 Holigen, a Portugal-based cultivator, manufacturer and distributor with an EU GMP certified indoor grow facility; 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 with California-based Cookies, the most globally recognized cannabis company in the world; 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.
Connect with Akanda: Email | Website | LinkedIn | Twitter | Instagram
Investor Contact
ir@akandacorp.com
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 Holigen, a Portugal-based cultivator, manufacturer and distributor with an EU GMP certified indoor grow facility; 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 with California-based Cookies, the most globally recognized cannabis company in the world; 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.
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.
Exhibit 99.2
Akanda Corp. Announces Canmart’s Plans for Facebook and Instagram
Social Shopping Technology Integration
London, March 28, 2024 – on March 28, 2024, Akanda Corp. (“Akanda” or the “Company”) (NASDAQ: AKAN), an international medical cannabis company, Akanda Corp. 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.
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 Shopify and Canmart has begun to work hand in hand to promote sales of CBPMs this way.
Interim CEO and Executive Director, Katie Field commented, “Canmart is making plans to capitalize on social shopping trends. This is in line with the Company’s anticipated expansion through our UK business but also by entering ancillary technological segments that are supportive to our business model.”
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 Holigen, a Portugal-based cultivator, manufacturer and distributor with an EU GMP certified indoor grow facility; 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 with California-based Cookies, the most globally recognized cannabis company in the world; 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.
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.