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Akanda to Contest Unauthorized Liquidation of its Lesotho-Based Subsidiary, Bophelo Bio Science & Wellness (Pty) Ltd.

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Executive Chairman Louisa Mojela Terminated for Cause

LONDON–(BUSINESS WIRE)–#akanda–Akanda Corp. (“Akanda” or the “Company”) (NASDAQ: AKAN), an international medical cannabis platform company, today announced that the High Court of Lesotho (the “Lesotho Court”) has placed in liquidation the Company’s indirect, wholly-owned subsidiary, Bophelo Bio Science & Wellness (Pty) Ltd. (“Bophelo”). The action to place Bophelo in liquidation was taken by the Lesotho Court pursuant to an unauthorized application and request (the “Liquidation Application”) that was filed by Louisa Mojela, the former Executive Chairman of Akanda, who was recently terminated as Executive Chairman of Akanda, and the Mophuti Matsoso Development Trust (“MMD Trust”), which the Company believes was established by Ms. Mojela.

Tej Virk, the Chief Executive Officer of Akanda, stated, “The application that was filed by Ms. Mojela to place Bophelo, our wholly-owned subsidiary, in liquidation was taken without Akanda’s prior authorization, knowledge or consent. We therefore have reason to believe that Ms. Mojela’s actions reflect her efforts to retaliate against the Company in response to her dismissal and removal from the Board of Directors of Akanda on June 23, 2022, on the basis of a lack of focus on profitability under her leadership. It is appalling that Ms. Mojela would take the extraordinary and significant action of seeking to cause Bophelo to be declared insolvent without consulting with, or obtaining the consent of, the Board of Directors or the senior management team of Akanda, which is the beneficial owner of 100% of Bophelo’s equity interests, or even of the full Board of Directors of Bophelo itself.”

Akanda intends to convene a special committee to investigate Ms. Mojela’s actions and conduct, including actions and conduct taken by her prior to her filing of the Liquidation Application, and will pursue all of its available legal rights and remedies against Ms. Mojela and the MMD Trust for taking this unauthorized action. The Company also intends to contest and seek to reverse the determination by the Lesotho Court to place Bophelo in liquidation. In addition, Akanda will seek to recover significant loans that it has made to Bophelo to fund the execution of Bophelo’s business plan, including payment of rents and staffing costs, in the event that the Lesotho Court does not reverse its determination to place Bophelo in liquidation. Finally, Ms. Mojela has been summarily terminated as Chairman of Bophelo for Cause, as a “bad leaver”, as a result of her improper and unauthorized action to seek to place Bophelo in liquidation.

In an action taken without the Company’s knowledge, the Lesotho Court has ordered an insolvent liquidation of Bophelo, and has appointed Mr. Chavonnes Cooper of Cape Town, South Africa, as liquidator of Bophelo for purposes of maintaining the value of the assets owned or managed by Bophelo. The order was signed by the Honorable Mr. Justice Mokhesi on July 15, 2022.

Located near T’sakholo in the Mafeteng District of the Kingdom of Lesotho, Bophelo is one of the largest licensed landholders engaging in cannabis cultivation in the country. It leases the premises on which it operates from the MMD Trust, pursuant to a long-term agreement.

Bophelo’s operations consist primarily of a Good Agricultural and Collection Practices (GACP) qualified hoop house and shade cloth outdoor grow site, which completed its first harvest in May 2022. It is generating attributed run-rate operating losses of approximately $2 million annually and was previously budgeted to receive nearly $2.5 million of capital investment in 2022 to construct a 2.5-acre Cravo green house for the 2023 growing season.

Mr. Virk further stated, “Akanda believes that in this situation, Ms. Mojela, our former Executive Chairman, failed to consider or act in the best interests of either Akanda or our shareholders. We intend to reclaim what rightfully belongs to Akanda shareholders, which includes the Akanda Bokamoso Empowerment Trust, which was established to support our hard working and loyal staff at the Bophelo campus in Lesotho. While doing so, we remain committed to our mission of helping people lead better lives through improved access to high quality medical cannabis products.”

Continued Mr. Virk, “Having a presence in Africa was always about building for the long-term and making a social impact on our communities. In May 2022, Akanda acquired Portugal-based Holigen, an EU GMP certified medical cannabis producer, which has the means to potentially contribute profits to Akanda over the next six to nine months. With Holigen, Akanda believes it has more than sufficient capacity to produce premium quality indoor, outdoor and greenhouse medical cannabis within the European Union as the market matures. Additionally, with shifting market dynamics, we have found higher demand from German and UK customers for product produced in Portugal than Lesotho due to evolving EU regulations. In the event we are unable to reverse the determination of the Lesotho Court, Akanda may actually experience considerable savings and greater profitability as a result of reduced expenditures and the elimination of losses associated with Bophelo’s operations.”

Concluding, Mr. Virk stated, “Financially, the reality is that, an Akanda, without Bophelo, is on an accelerated path to profitability and positive free cash flow. As a team, we are focused on our core markets in the UK and Europe, and are already executing on a number of commercial sales agreements, all of which will leverage our Portuguese operations. Despite these realities, Akanda remains committed to Bophelo, its employees and the longer-term ramp-up of cannabis markets in Africa.”

About Akanda Corp.

Akanda (NASDAQ: AKAN) 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 Bophelo Bioscience & Wellness, a GACP qualified cultivation campus in the Kingdom of Lesotho in Southern Africa; Holigen, a Portugal-based cultivator, manufacturer and distributor with a prized EU GMP certified indoor grow facility; and 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 Cellen Life Sciences’ Leva Clinic, one of the first fully digital pain clinics in the UK, and Cantourage, which operates a platform for bringing medical cannabis to Europe.

Connect with Akanda: Email | Website | LinkedIn | Twitter | Instagram

Cautionary Note Regarding Forward-Looking Information and Statements

This press release contains certain “forward-looking information” within the meaning of applicable securities legislation in Canada and the United States 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, market changes 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.

Contacts

Investors
Matt Chesler, CFA

FNK IR

ir@akandacorp.com

Media
Imogen Saunders

Irvine Partners

imogen@irvinepartners.co.uk

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WM Technology, Inc. Launches Weedmaps for Business, the Fully Integrated Suite of End-to-End SaaS Solutions for Cannabis Retailers and Brands

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IRVINE, Calif.–(BUSINESS WIRE)–$MAPS–WM Technology, Inc. (“WM Technology” or the “Company”) (Nasdaq: MAPS), the leading marketplace and technology solutions provider to the cannabis industry, today announced the launch of Weedmaps for Business. Formerly WM Business, the Company’s reconfiguration and renaming of its SaaS offerings better reflects the comprehensive B2B and B2C suite of products that affords cannabis retailers and brands of all sizes with fully integrated tools to run their businesses.


“Since 2008, we have been working to build a complete SaaS platform that provides a suite of compliant, data-driven solutions that enables our clients to reach, convert, and retain customers both online and in-store,” said Chris Beals, CEO of WM Technology. “While consumer discovery will always be the key value that we offer to our clients, the Weedmaps model has migrated naturally upstream to power and grow businesses holistically.”

This realignment includes the integration of WM Technology’s recent acquisitions — Sprout, Enlighten, Cannveya, and CannCurrent — and enables the technology company to provide an interconnected suite of logical, end-to-end solutions. With the addition of these companies, WM Technology now supports businesses at every stage in the consumer funnel which enables cannabis businesses to:

  • Strategically reach prospective cannabis customers through Weedmaps’ marketplace via WM Listings, WM Deals and WM Ads, and extend that reach through WM AdSuite.
  • Compliantly manage pick-up, delivery, and inventory in accordance with local regulations through WM Orders and WM Dispatch.
  • Help improve customer experience by creating online ordering functionality on a brand or retailer’s website with WM Store and extend that functionality in-store with kiosks from WM Screens.
  • Foster customer loyalty and re-engage consumers with WM CRM and its integration with the Weedmaps marketplace.
  • Leverage the Weedmaps for Business products in conjunction with any other preferred software solutions via our third party integrations and create a scalable customized workflow with WM Connectors.
  • Make informed marketing and merchandising decisions using performance analytics and consumer and brand insights to promote products to specific consumer groups with WM Insights.

According to Christopher Fenske, Chief Strategy Officer at California-based dispensary Jaderoom, the company has leveraged Weedmaps’ suite of tools to help enable growth from a single delivery operation to a vertically integrated brand in just under two years.

“The biggest hurdle in the cannabis industry right now is connecting all the software seamlessly between your CRM, orders fulfillment, and delivery management system, yet Weedmaps took this challenge head on,” Fenske said. “We started with Weedmaps because we knew the strength of their customer base, and as I look at what we’ve been able to build in less than two years, much of the credit for our success we attribute to Weedmaps.”

The newly structured business offerings from WM Technology are grounded in the company’s long standing industry experience and consumer insights, and are available by monthly subscription.

“Weedmaps was established fourteen years ago with the goal of making cannabis more accessible, and a large part of that is ensuring that cannabis businesses can effectively reach customers using data driven marketing and operational strategies,” said Beals. “We believe our product offerings will help cannabis retailers and brands reach valuable consumers, streamline and simplify their operations extremely efficiently, which is critical in current market conditions.”

To learn more about Weedmaps for Business and the Company’s suite of SaaS solutions, please visit: https://weedmaps.com/business/.

About WM Technology

Founded in 2008, WM Technology operates the leading online cannabis marketplace for consumers together with a comprehensive set of eCommerce and compliance software solutions for cannabis businesses, which are sold to retailers and brands in the U.S. state-legal and Canadian cannabis markets. The Company’s mission is to power a transparent and inclusive global cannabis economy.

The Company’s technology addresses the challenges facing both consumers seeking to understand cannabis products and businesses who serve cannabis users in a legally compliant fashion. Over the past 14 years, the Weedmaps marketplace has become the premier destination for cannabis consumers to discover and browse information regarding cannabis and cannabis products, permitting product discovery and order-ahead for pick-up or delivery by participating retailers. Weedmaps for Business is a set of eCommerce-enablement tools designed to help retailers and brands get the best out of the Weedmaps’ consumer experience, create labor efficiencies, and manage compliance needs.

WM Technology holds a strong belief in the power of cannabis and the importance of enabling safe, legal access to consumers worldwide. Since inception, WM Technology has worked tirelessly, not only to become the most comprehensive platform for consumers, but to build the software solutions that power businesses compliantly in the space, to advocate for legalization, social equity, and licensing in many jurisdictions, and to facilitate further learning through partnering with subject matter experts on providing detailed, accurate information about the plant.

Headquartered in Irvine, California, WM Technology supports remote work for all eligible employees. Visit us at www.weedmaps.com.

Contacts

Media Relations:
Travis Rexroad, Corporate Communications

press@weedmaps.com

Investor Relations:
investors@weedmaps.com

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Flora Growth Sets First Half 2022 Conference Call for August 15, 2022, at 4:30 p.m. ET

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FORT LAUDERDALE, Fla. & TORONTO–(BUSINESS WIRE)–Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, will host its first half 2022 earnings call via webcast on Monday, August 15, 2022, at 4:30 p.m. ET. The Company’s results will be reported in a press release prior to the call.

During the webcast, Flora management will deliver financial and operational results for the six months ended June 30, 2022, in addition to comments on the Company’s 2022 commercial operations, house of brands and life sciences strategies. Following the presentation, Flora will open the floor to analysts, media and investors in a Q&A format.

Live Audio Webcast Details

Date: Monday, August 15, 2022

Time: 4:30 p.m. Eastern time

Webcast Link: https://www.floragrowth.com/flgc-h1-2022-earnings-call/

The live webcast will be available online through the above participant link and will be archived and available on the Company’s website within approximately 24 hours. If any member of the investment community needs access to a phone dial-in, please email flora@cmwmedia.com and one will be provided.

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands delivering the most compelling customer experiences in the world, one community at a time. As the operator of one of the most extensive outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands, and life sciences divisions. Visit www.floragrowth.com or follow @floragrowthcorp on social media for more information.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains ‘‘forward-looking statements,’’ as defined by federal securities laws. Forward-looking statements reflect Flora’s current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words “believe,” “expect,” “anticipate,” “will,” “could,” “would,” “should,” “may,” “plan,” “estimate,” “intend,” “predict,” “potential,” “continue,” and the negatives of these words and other similar expressions generally identify forward looking statements. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled “Risk Factors” in Flora’s Annual Report on Form 20-F filed with the SEC on May 9, 2022, as such factors may be updated from time to time in Flora’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Flora’s filings with the SEC. While forward-looking statements reflect Flora’s good faith beliefs, they are not guarantees of future performance. Flora disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Flora (or to third parties making the forward-looking statements).

Contacts

Investor Relations:
Sean Mansouri

ir@floragrowth.com

Public Relations:
Cassandra Dowell

+1 (858) 221-8001

flora@cmwmedia.com

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Komplyd Closes Seed Round of Financing

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API-First Platform Offers Cannabis Companies Protective Guardrails, Democratizes Compliance Across the Industry

SAN JOSE, Calif.–(BUSINESS WIRE)–Komplyd, an automated platform that allows cannabis companies to establish and maintain compliance across multiple jurisdictions with a single API integration, announced today the closing of an oversubscribed funding round for an undisclosed amount. Komplyd will use the proceeds from the financing, co-led by Poseidon and Achari Ventures to execute on its national expansion strategy.

Komplyd’s platform allows the smallest operator to access and use the same tools as the largest MSO, to minimize the impact compliance has on their business. Komplyd views the complexity of cannabis regulations as a data problem. Built on a common data model, Komplyd provides protective guardrails and automated workflows across multiple states, counties and local municipalities through its AI-driven compliance engine.

Rose Elliott and her co-founder, Audrey Fernandez-Elliott, are no strangers to building data-driven solutions in highly regulated industries. Elliott previously led engineering teams at Tenable and PayPal. Fernandez-Elliott was responsible for complex M&A integrations and global expansion initiatives at PayPal, Apple, and Fitbit.

“Regulatory compliance is one of the main barriers to entry and expansion for companies operating in the cannabis industry,” said Elliott. “The Komplyd platform not only provides a common data model and universal API, but also a dynamic rules engine ensuring cannabis businesses are working within the guidelines defined by the states and locales in which they operate.”

Komplyd also announced the appointment of three Board Directors, including Patrick Rea of Poseidon Garden Ventures, Vikas Desai of Achari Ventures, and Tushar Shah, an expert in compliance and risk management technology whose prior roles included CTO/SVP of Platforms at PayPal and SVP of Technology at Bank of America.

“We are proud to partner with Komplyd as it unveils a truly remarkable solution for the cannabis industry,” said Rea. “Komplyd gives flight to cannabis businesses that wish to expand outside of their home states while remaining compliant in the new states they enter. And for those tired of ‘Compliance Cleanup’ fees to lawyers and consultants, Komplyd provides a cost-effective, stable and reliable solution in their home states. This is a game changer for every cannabis business that does its own compliance, and every cannabis tech company that supports them.”

About Komplyd

Founded January 1, 2020, Komplyd is the first API first compliance as a service platform serving the cannabis industry. Drawing from a team of seasoned technology professionals who are passionate about the health and wellness benefits of cannabis, Komplyd is an easy and cost-effective way for companies to integrate multi-jurisdiction regulatory compliance features into their applications through a single integration. Komplyd’s platform is architected for scalability, availability, performance and security. Learn more about the next generation of cannabis compliance technology at komplyd.com.

Contacts

Audrey Fernandez-Elliott

Komplyd, Inc.

audrey@komplyd.com
415.225.4199

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