London, United Kingdom–(Newsfile Corp. – April 11, 2024) – On April 1, 2024, Akanda Corp. (NASDAQ: AKAN) (“Akanda” or the “Company”), an international medical cannabis company, completed the transaction with SOMAÍ Pharmaceuticals Ltd. (the “Buyer”) for the sale of RPK, its indirect wholly-owned Portuguese subsidiary.

Pursuant to the provisions set forth in the definitive share purchase agreement, the cash purchase price is Two Million United States Dollars (USD $2,000,000). In addition SOMAÍ is assuming up to One Millions Euros of current liabilities and RPK’s debt with the senior secured lender Bank, Caixa Agricola. In total the Buyer is assuming approximately 4,000,000 Euros of debt. In accordance with the terms of the proposed transaction, a deposit amounting to Five Hundred Thousand United States Dollars (USD $500,000) was released from a joint escrow account and the remainder of the purchase price was paid directly to the Company.

Akanda Corp. is now in a stronger financial position and will continue 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. The Company has initiated the regulatory framework to begin CBD cultivation with a future outlook towards THC.

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 has eliminated most of its debt. We are looking forward to the Company’s anticipated growth.”

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.

Lyphe Group (“Lyphe”), one of the UK’s leading medical cannabis companies, is pleased to announce an innovative partnership set to enhance the way patients receive their medical cannabis prescriptions.

In an industry first, Lyphe’s dispensing pharmacy Dispensary Green has partnered with Boveda Inc. (“Boveda”), the global leader in 2-way humidity control, to empower patients to keep their cannabis prescriptions in optimal condition.

As part of the partnership, Dispensary Green will include complimentary Boveda packs with all medical cannabis flower prescriptions. Dispensary Green and Boveda will also work together to educate patients on how to preserve the freshness of their medication and identify key quality markers.

Nick Pateras, CEO of Lyphe Group, said: “This partnership exemplifies our commitment to supporting patients’ rights for the highest quality medical cannabis.

“Our ambition to deliver a best-in-class patient experience has led us to identify several opportunities for standout patient care, and our relationship with Boveda is the first of these initiatives. We understand the importance of patients’ medicine being at its freshest and most effective for the conditions they are treating.”

Benjamin Patock, Head of International Relations at Boveda Inc., adds: “Proper humidification is one of the most pressing global challenges in cannabis care today, especially since it extends beyond the point of sale into patients’ homes – and therefore beyond the direct control of producers, clinics, and pharmacies.

“It is a pleasure to see medicinal pioneers such as Lyphe Group taking this extra step towards a flawless patient experience by embracing our patented technology. We are looking forward to a great partnership!”

CBD company CiiTECH has been sold to fellow UK-based cannabis company Tenacious Labs for £210,000.

In July 2021 CiiTECH raised £2.1m to fund its listing on the London Stock Exchange with a slated value of £17.5m.

However, after two loss-making years it fell into administration on October 22, 2022, and on February 16, this year, it was sold to Tenacious Halfway – a subsidiary of Tenacious Labs – for £210,000.

Administrators Leonard Curtis said it had received 46 expressions of interest in buying the assets of the business, which resulted in five offers with Tenacious making the highest bid.

Nick Morland, CEO and co-founder of Tenacious Labs, told Business of Cannabis: “CiiTECH was in the same situation as a couple of dozen good businesses. The irony is that they got hit the hardest as they were busy on the next step (an LSE listing).

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https://businessofcannabis.com/ciitech-bought-out-of-administration-by-fellow-uk-company-for-21000/?mc_cid=c0a48fdbf5