International medical cannabis company Akanda Corp. (“Akanda” or the “Company”) today announced that it has submitted a confidential draft registration statement on Form F-1 with the U.S. Securities and Exchange Commission (the “SEC”) relating to a proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process and is subject to market and other conditions.
A registration statement on Form F-1 relating to the proposed offering has been confidentially submitted with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
The offering will be made only by means of a prospectus filed with the SEC. Copies of the preliminary prospectus relating to this offering, when available, may be obtained for free, on the SEC’s website at http://sec.gov.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. 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 (the “Securities Act”). This announcement is being issued in accordance with Rule 135 under the Securities Act.
About Akanda Corp.
Akanda is an international medical cannabis company cultivating cannabis of the highest quality at scale, leveraging trusted brands, at a low-cost compared to many of its competitors. Akanda’s initial portfolio includes Bophelo Bioscience & Wellness, a GACP certified cultivation and processing campus in the Kingdom of Lesotho in Southern Africa, and CanMart, a UK-based fully approved pharmaceutical importer and distributor which supplies pharmacies and clinics within the U.K.
Bophelo operates a campus in the Kingdom of Lesotho focused on the cultivation and production of medical cannabis products for international export. Akanda believes Bophelo to be one of the largest licensed marijuana cultivation sites in the world with up to a maximum of 200 hectares of canopy. Through partnerships and licensing agreements with award-winning seed producers, including DNA Genetics, Bophelo provides Akanda with a low-cost gateway to the broader African continent and access to international markets. CanMart is one of a limited number of fully approved importers and distributors of medical cannabis products in the U.K. market with supply and distribution to pharmacies and clinics throughout the U.K. CanMart is committed to providing a range of the best possible cannabis-based medicinal products sourced from around the world.
A cornerstone of Akanda’s value system is its fundamental commitment to using its operations as a force for sustainability and social good. Akanda will seek to deliver on this promise by driving positive change in wellness, empowering individuals in Lesotho, and by uplifting the quality of the lives of employees and the local communities where it operates – while limiting its carbon footprint. Adhering to best practice ESG operating and disclosure standards is among Akanda’s highest priorities.
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.
Matt Chesler, CFA
Allison + Partners