Akanda Corp.

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General Information
Business:
We are a cannabis cultivation, manufacturing and distribution company whose mission is to provide premium quality medical cannabis products to patients worldwide. We cultivate and process natural cannabis at our facilities in the Kingdom of Lesotho, Africa. We intend to supply medicinal-grade cannabis biomass, cannabis flower and cannabis concentrates to wholesalers in international markets. We also import and sell medical cannabis-based products to the domestic market in the United Kingdom. (Incorporated in Ontario, Canada)
We are an early-stage company headquartered in London. We have a limited operating history and minimal revenues to date. We require funding from this offering to expand and further develop our operations in the Kingdom of Lesotho and to develop sales channels in international markets and in particular, in Europe, the United Kingdom and Africa. Our cultivation operations at Bophelo in the Kingdom of Lesotho were initially established in 2018. Our operations in Lesotho are dependent on access to land that is leased from a local non-profit development trust controlled by our Executive Chairman. Our distribution operations in the United Kingdom were established in 2019. Our revenues from the sale and distribution of medical cannabis in the United Kingdom have not exceeded $20,000 in any 12-month period since the inception of our operations in the United Kingdom. The medical cannabis market in the United Kingdom is still emerging.
(Note: Akanda Corp. priced its IPO on March 14, 2022, in line with the recently downsized terms in its prospectus: 4 million shares at $4.00 each to raise $16 million. Akanda had relaunched the IPO in recent weeks after postponing the deal on Feb. 24, 2022, due to stock market conditions; word about the postponement circulated hours ahead of the deal’s expected pricing after the close on Thursday, Feb. 24. Akanda had cut its proposed IPO price to $4, down from the initial price range of $4 to $6; the company kept the number of shares at 4 million in an F-1/A filing dated Feb. 14, 2022.)
Industry: Medical Chemicals & Botanical Products
Employees:
Founded: 2018
Contact Information
Address Akanda Corp. 1a, 1b Learoyd Road New Romney TN28 8XU, United Kingdom
Phone Number +44 (203) 488-9514
Web Address http://www.akanda.corp/
View Prospectus: Akanda Corp.
Financial Information
Market Cap
Revenues $0.02 mil (last 12 months)
Net Income $-4.23 mil (last 12 months)
IPO Profile
Symbol AKAN
Exchange NASDAQ
Shares (millions): 4.0
Price range $4.00 - $4.00
Est. $ Volume $16.0 mil
Manager / Joint Managers Boustead Securities
CO-Managers -
Expected To Trade: 3/15/2022
Status: Priced
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
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