F-1/A: Akanda Corp. Amends F-1, Details Strategic Shift to Telecom

Sentiment:

Amendment to Registration Statement 20 March 2026 5:17 PM

Akanda Corp. files an amended F-1 registration statement, outlining a strategic pivot from cannabis to telecommunications infrastructure in Mexico through its First Towers acquisition, alongside recent financing and ongoing operational challenges.

Delay expectedThe company's plan to develop THC and CBD facilities at the Gabriola Island property has not yet resulted in any cultivated product, indicating delays in operationalizing this segment.The Second Shareholder Meeting to approve the issuance of Class B Special Shares related to the First Towers acquisition is still pending, with the company committed to calling meetings every thirty days until approval is obtained, suggesting a delay in fully integrating the acquisition's equity component.The registration of shares issued or issuable to First Towers shareholders is contingent on Nasdaq approval of the transaction and receipt of audited financial statements, which could introduce further delays.

Capital raiseThe company completed a $7.0 million convertible promissory note transaction in January 2026.The company completed a $12.0 million convertible promissory note transaction in September 2025.The company sold 14,628 restricted common shares for approximately $320,000 commencing March 25, 2025.Following the closing of the First Towers Business Combination, the company agreed to use commercially reasonable efforts to raise additional funds of at least $4.0 million and a maximum of $10.0 million, comprising two debt or equity financings within four and seven months of the closing date, respectively.The company has historically effected reverse stock splits when there is downward pressure on the trading price of its Common Shares, typically as a result of the sale into the market of registered Common Shares upon the conversion of outstanding convertible promissory notes or warrants, implying a continuous need for capital and reliance on such mechanisms.

Worse than expectedThe company continues to report significant net losses, with an accumulated deficit of over $58 million as of June 30, 2025, indicating ongoing financial distress.Cash used in operating activities increased from $(1.5) million in 2023 to $(3.98) million in 2024, reflecting higher cash burn from operations.The company's financial situation creates substantial doubt about its ability to continue as a going concern, a critical indicator of poor financial health.First Towers, the newly acquired subsidiary, also reported net losses of $(6.4) million in 2024 and has a significant shareholders' deficit, adding to the overall negative financial picture.Despite capital raises, a substantial portion of funds has been directed towards marketing services, and the company still faces a working capital deficiency, suggesting that capital is being consumed rapidly without achieving sustained profitability.

Summary

Akanda Corp. is registering 30,314,961 common shares for resale by selling stockholders, which will not generate proceeds for the company.
These shares are issuable upon conversion of $7.0 million in principal and interest from convertible promissory notes (January Notes) at a floor price of $0.254 per share.
The company completed the acquisition of First Towers & Fiber Corp. on August 21, 2025, a telecommunications infrastructure company operating in Mexico.
First Towers owns a 700+km 5G dark fiber optic network in Central Mexico, with 24 towers deployed and 6 under construction, and 20-year master lease agreements.
Akanda has discontinued its UK cannabis distribution operations (Canmart Ltd.) as of March 5, 2025, and sold its Portuguese cannabis cultivation subsidiary (RPK) in April 2024.
The company is developing a THC and CBD farming facility in British Columbia, Canada, and obtained a hemp license in September 2024.
A $7.0 million convertible note transaction closed on January 21, 2026, with proceeds allocated to marketing ($2.3M), working capital ($2.6M), and debt repayment ($2.1M).
As of February 28, 2026, cash and cash equivalents were approximately $1.3 million, projected to be sufficient for up to twelve months of operations.
The company implemented a 1-for-3.125 reverse stock split on August 26, 2025, and a 1-for-5 reverse stock split on January 12, 2026.
Net loss from continuing operations improved to $(3,268,409) for 2024 from $(3,712,377) for 2023.
Total net loss significantly decreased to $(4,096,029) for 2024 from $(32,275,070) for 2023, largely due to reduced impairment losses.
Cash used in operating activities increased to $(3,980,365) for 2024 from $(1,500,574) for 2023.
Working capital was $1,418,036 as of December 31, 2024, and $724,276 as of June 30, 2025.
Accumulated deficit stood at $(57,459,061) as of December 31, 2024, and $(58,253,006) as of June 30, 2025.
First Towers reported a net loss of $(6.4) million for 2024 and $(3.1) million for 2023, with a shareholders deficit of $(13.1) million for 2024.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this filing with a low sentiment score due to persistent operational losses, significant accumulated deficit, ongoing litigation, and a history of reverse stock splits, which collectively overshadow the strategic diversification into telecommunications and recent capital raises.

Positives

The acquisition of First Towers & Fiber Corp. provides significant diversification into the telecommunications infrastructure market in Mexico, reducing reliance on the volatile cannabis sector.
First Towers possesses a substantial 700+km 5G dark fiber optic network and 24 deployed towers, with 6 more under construction, backed by 20-year master lease agreements.
The company successfully raised $12.0 million in September 2025 and $7.0 million in January 2026 through convertible note transactions, providing capital for operations and debt repayment.
Net loss from continuing operations decreased from $(3,712,377) in 2023 to $(3,268,409) in 2024, and total net loss dramatically reduced from $(32,275,070) in 2023 to $(4,096,029) in 2024, primarily due to lower impairment losses.
The company secured a hemp license from Health Canada in September 2024, advancing its British Columbia farming facility development.

Negatives

The company is an early-stage entity with a limited operating history and minimal revenue generation from its cannabis segment, leading to recurring operating losses and a substantial accumulated deficit of $(58,253,006) as of June 30, 2025.
The financial situation, including significant operating losses and cash outflows, raises substantial doubt about the company's ability to continue as a going concern.
The Lesotho subsidiary, Bophelo, is in liquidation proceedings, and the company is not actively contesting the matter due to lack of funds, with no assurance of recovering significant loans made to it.
The company has a history of multiple reverse stock splits (1-for-3.125 in August 2025, 1-for-5 in January 2026), which can negatively impact stock liquidity and investor attractiveness.
Future equity issuances, particularly from convertible notes and the First Towers acquisition, are expected to cause significant dilution for existing shareholders.
First Towers, the newly acquired subsidiary, also has a limited operating history, has incurred net losses of $(6.4) million in 2024, and has a shareholders' deficit of $(13.1) million.
The company faces increased litigation from former executives, including claims for wrongful termination and unpaid amounts totaling significant sums, which could divert resources and harm financial condition.
A substantial portion of capital raise proceeds ($6.725 million since 2024) has been allocated to marketing services provided by IR Agency, raising questions about capital efficiency.
First Towers' debt post-acquisition, including assumed indebtedness of approximately $20 million, could limit financial flexibility and require a substantial portion of cash flow for debt payments.

Risks

Limited operating history and may never become profitable.
Requires additional funding, which may not be available on acceptable terms, or at all.
Financial situation creates doubt as to whether the company will continue as a going concern.
Bophelo subsidiary is currently in insolvency proceedings.
May become involved in litigation matters that are expensive and time consuming, and, if resolved adversely, could harm reputation, business, financial condition or results of operations.
Market price of common stock is expected to continue to fluctuate after the First Towers Transaction.
Failure to attract, motivate and retain executives and other key employees could diminish the anticipated benefits of the Transaction.
First Towers Transaction has and may continue to cause disruptions in the business of Akanda and First Towers.
Akanda's debt post-Transaction may limit its financial flexibility.
Declaration, payment and amounts of dividends, if any, to stockholders of Akanda post-Transaction will be uncertain.
Holders of Akanda's common shares will be diluted by the future issuance of additional common shares underlying the issuances of Class A Special Shares and Class B Special Shares in connection with the First Towers Transaction or otherwise.
Demand for cannabis and its derivative products could be adversely affected and significantly influenced by scientific research or findings, regulatory proceedings, litigation, or media attention.
Success will depend, in part, on the ability to continue to enhance product offerings to respond to technological and regulatory changes and emerging industry standards and practices.
Subject to the inherent risk of exposure to product liability claims.
Expected to be subject to the inherent risks involved with product recalls.
Research regarding the viability, safety, efficacy, use and social acceptance of cannabis or isolated cannabinoids remains in early stages.
The cannabis and cannabinoid industries face strong opposition.
Subject to the inherent risks in an agricultural business (e.g., crop disease, weather).
Business will be reliant upon third party suppliers, service providers and distributors.
No assurance that sales and promotional activities will be successful.
May be unable to sustain pricing model due to significant price fluctuations or shortages in material costs.
May be unable to effectively manage future growth.
Subject to significant competition by new and existing competitors in the cannabis industry.
Directors and officers may have conflicts of interest in conducting their duties.
Disease outbreaks or public health emergencies could adversely affect future operations.
Could be subject to a security breach that could result in significant damage or theft of products and equipment.
May incur significant costs to defend intellectual property and other proprietary rights.
As a company based outside of the United States, subject to economic, political, regulatory and other risks associated with international operations.
Marijuana's medical framework in the United States is evolving, but recreational use remains illegal under U.S. federal law.
Tax risks in carrying out business in multiple jurisdictions.
Risk of being a passive foreign investment company (PFIC) for U.S. federal income tax purposes.
Failure to develop internal controls over financial reporting as the company grows.
If share price fluctuates, investors could lose a significant part of their investment.
Future sales and issuances of capital stock or rights to purchase capital stock could result in additional dilution.
The company has effected numerous reverse stock splits and may effect additional reverse stock splits in the future, which has in the past and could in the future have the effect of decreasing the liquidity of common shares and further causing the stock price to decline.
Incurs increased costs as a result of operating as a public company and management is required to devote substantial time to new compliance initiatives.
May not be able to maintain a listing of Akanda Shares on Nasdaq.
As a foreign private issuer, takes advantage of less frequent and detailed reporting obligations.
May lose status as a foreign private issuer in the United States, which would result in increased costs.
Investors may be unable to enforce judgments against certain directors and officers because they reside outside of the United States.
Does not intend to pay dividends on Akanda Shares in the near future.
If securities or industry analysts do not publish research or publish inaccurate or unfavorable research, share price and trading volume could decline.
First Towers has a limited operating history and operates in an innovative and steady sector with long-term commitments, resulting in uncertainty about the prospects of Akanda post-Transaction.
First Towers is highly dependent on its management team, and the loss of any of its senior executive officers or other key employees could harm its ability to implement strategies.
First Towers' insurance may not adequately cover its operating risk and Akanda post-Transaction may have difficulty obtaining insurance at economically viable rates.
Changes in accounting standards and subjective assumptions, estimates and judgments by management related to complex accounting matters could significantly affect financial results.
First Towers' growth and financial health are subject to substantial uncertainty due to extreme market volatility in securities prices, reduced liquidity and credit availability, rating downgrades of certain investments and declining values.
The current and future state of the domestic and global economy, including increased costs and inflation, may adversely affect the operations and anticipated revenue of Akanda post-Transaction.
A significant failure or deterioration in the First Towers dark fiber optic network and its control systems could have a Material Adverse Effect on its business and operating results.
First Towers' networks and services may be affected from time to time by design and manufacturing defects.
First Towers will need to raise substantial additional funds in the future, which funds may not be available or, if available, may not be available on acceptable terms.
First Towers may be subject to risks associated with climate change, including the potential increased impact of severe weather events on its operations and infrastructure.
First Towers and its third-party suppliers must comply with environmental, health and safety laws and regulations, which can be expensive and restrict how First Towers does, or interrupt its business.
First Towers' networks, service coverage, and telecommunication infrastructure may be subject to regulation, or local municipal approvals, which may limit demand for its infrastructure.
Infrastructure development and maintenance is a long, expensive and uncertain process for First Towers.
Rapid technological changes may adversely affect the market acceptance of First Towers' networks and services.
First Towers may face competition from other telecommunications companies, many of which have substantially greater resources.
If First Towers' services do not experience significant growth, if it cannot create and expand its customer base, or if its services do not achieve broad acceptance, then it may not be able to achieve its anticipated level of growth.
If First Towers' long-term contracts are not maintained, it may not earn enough revenue to become profitable.
First Towers may engage in transactions with businesses that may be affiliated with officers, directors or significant stockholders, and which may involve actual or potential conflicts of interest.
Adverse global economic, market and industry conditions and other geopolitical issues may impact First Towers' operations.
First Towers is subject to Canadian Privacy and Data Security Laws, which impose a range of obligations.
First Towers may be subject to liability arising from any fraudulent or illegal activity by its employees, contractors and consultants.
First Towers' dependence on suppliers and service partners for parts and components may result in shortages of key components.
If First Towers or its third-party service providers experience a security breach, or if unauthorized parties otherwise obtain access to customer data, reputation may be harmed, demand for services may be reduced, and significant liabilities incurred.
Any material disruption in information systems could adversely affect First Towers' business.
Failure to attract, retain and motivate key employees may adversely affect First Towers' ability to compete.
Litigation costs and the outcome of litigation could have a Material Adverse Effect on First Towers' business.

Future Outlook

The company plans to continue developing its THC and CBD facilities in British Columbia, Canada, and expand First Towers' telecommunications infrastructure in Mexico and potentially other Latin American countries. It intends to strategically effect additional reverse stock splits in 2026 or beyond, subject to market conditions and Nasdaq requirements, to address downward pressure on its share price. The company believes its current cash on hand and expected future revenues will be sufficient to operate for up to twelve months as of February 28, 2026, but acknowledges the need for additional financing to fund growth initiatives.

Management Comments

Management considers current expectations and assumptions about future events to be reasonable, but acknowledges significant business, competitive, economic, regulatory, and other risks.
Management intends to seek to recover significant loans made to Bophelo to fund its business plan, in the event the Lesotho Court does not reverse its liquidation determination.
Management is unable to assess the likelihood of success in ongoing litigation matters and notes that adverse outcomes could be material to the consolidated financial position.
Management believes that Akanda's revenues will increase or that additional financing will be available on acceptable terms, but provides no assurance.
Management believes that maintaining and promoting the brand is critical to expanding the customer base, requiring substantial investments that may not achieve desired goals.
Management expects the legislative and regulatory environment in the cannabis industry to remain dynamic and require innovative solutions for compliance.
Management believes that a higher market price of its Common Shares may help generate greater or broader investor interest, but cannot assure that a reverse stock split will achieve this.

Industry Context

StockSavvy.ai notes Akanda's strategic pivot from the highly regulated and often unprofitable cannabis sector, where it faced significant operational challenges and divestitures, to the more stable and growing telecommunications infrastructure market in Mexico. This move aligns with a broader trend of diversification among companies seeking more predictable revenue streams and less regulatory friction. The Latin American telecom market, particularly for 5G and dark fiber, presents substantial growth opportunities due to increasing internet penetration and infrastructure needs, positioning First Towers favorably against regional competitors like América Móvil and Telefónica who are also investing heavily. However, the cannabis segment, while reduced, still carries significant risks, and the company's history of reverse stock splits and ongoing losses suggests a challenging path to sustained profitability, even with the new telecom focus.

Comparison to Industry Standards

First Towers' 700+km 5G dark fiber network in Central Mexico and 20-year master lease agreements with anchor telecommunication companies position it as a significant regional player, comparable to established infrastructure providers like American Tower in terms of long-term contracts and asset ownership model.
The estimated need for up to 50,000 new wireless towers in Mexico to achieve 4G LTE coverage for 92% of the population indicates a substantial market opportunity, aligning First Towers' growth strategy with national infrastructure development goals, similar to how major telecom infrastructure companies expand in emerging markets.
First Towers' veteran tower development team with 20+ years of experience in telecommunications infrastructure development suggests a competitive advantage in execution, potentially allowing it to capture market share more effectively than newer entrants.
The Latin American fiber optic networks being two years behind more developed countries highlights a significant catch-up opportunity, where First Towers' existing infrastructure and expansion plans could capitalize on the projected 10.8% CAGR of the Mexican dark fiber network market from 2023 to 2030, outpacing growth rates in more saturated markets.

Management Changes

Role	Previous Person	New Person	Effective Date	Reason
Director	Harvinder Singh	NA	2024-04-24	Resignation, followed by a separation and mutual release agreement.
Director	NA	Usama Chaudhry	2025-04-10	Appointment to the Board of Directors.
President, VP and Chief Operating Officer, Country Manager of First Towers	NA	Christopher Cooper (President), Francisco Juarez (VP and COO), Edgar Contreras (Country Manager)	2025-08-21	Management of First Towers reconstituted as a wholly-owned subsidiary of Akanda Corp. following the acquisition.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Shareholder Approval for Special Shares	Shareholders approved an amendment to the articles of incorporation to provide for the issuance of Class A Special Shares and Class B Special Shares in connection with the First Towers acquisition.	2025-08-29	Enables the equity component of the First Towers acquisition, but Class B Special Shares require further shareholder and Nasdaq approval for conversion, potentially impacting voting power and market liquidity.
Director Independence	The Board of Directors has affirmatively determined that Christopher Cooper, Jatinder Dhaliwal, and David Jenkins are independent under Nasdaq Listing Rules.	NA	Enhances board oversight and compliance with regulatory standards, although the company follows Canadian home country practices for certain governance matters.
Board Composition	The number of directors for the Corporation was fixed at five, and five directors were elected to serve until the next meeting.	2025-04-30	Maintains a structured board for governance and oversight.
Auditor Re-appointment	GreenGrowth CPAs were re-appointed as auditors for the 2025 fiscal year, and the audit committee was authorized to fix their remuneration.	2025-04-30	Ensures continuity of external audit services and audit committee oversight of financial reporting.
Future Share Consolidation Approval	Shareholders approved one or more amendments to the articles for future consolidations of common shares with ratios between 1:2 and 1:100, to occur within 12 months of the meeting or by the next annual meeting.	2025-04-30	Provides flexibility to management to manage share price and Nasdaq listing requirements, but carries risks of decreased liquidity and potential stock price decline.
Nasdaq Corporate Governance Rule Deviations	The company has elected to follow home country practice in lieu of Nasdaq Rule 5635(d) regarding shareholder approval for certain transactions involving the sale, issuance, and potential issuance of common shares at prices less than certain thresholds, if such shares equal 20% or more of outstanding shares or voting power.	NA	May provide less protection to shareholders compared to U.S. domestic issuers, as certain significant equity transactions may not require shareholder approval under Canadian practice.

Legal Proceedings

Bophelo Bio Science and Wellness (Pty) Ltd. (Lesotho subsidiary) was placed into liquidation by the High Court of Lesotho in July 2022, following an unauthorized application by former Executive Chairman Louisa Mojela and the Mophuti Matsoso Development Trust. The company intends to contest this and seek recovery of significant loans, but is not actively contesting due to lack of funds.
Louisa Mojela filed a claim against Canmart and Akanda for wrongful termination in October 2022, seeking $1,832,150.62 plus fees. Akanda denied the claim and lodged a counterclaim. The claim was resolved via a confidential settlement of 100,000 ($129,705) on December 2, 2024.
Tejinder Virk, former CEO, issued a claim for detriment and dismissal in May 2023, totaling $1,630,302.22. The claim was denied and resolved via a confidential settlement of 30,000 on May 10, 2024.
Trevor Scott, former CFO, filed a claim for amounts owing under his employment agreement totaling 420,659.95 in April 2023. This claim was resolved via a confidential settlement on January 15, 2024.
Vidya Iyer, former SVP of Finance, filed a claim for amounts owing under her employment agreement totaling 151,774 in May 2023. This claim was resolved via a confidential settlement of 30,000 on March 27, 2024.
Shailesh Bhushan, former CFO, filed a complaint with the Employment Standards Branch of British Columbia on January 29, 2024, claiming unpaid salary and invoices of CAD $271,990. He also filed a Notice of Civil Claim in the Supreme Court of British Columbia on February 23, 2024, alleging constructive dismissal and seeking damages. The company denies all liability and disputes the claims.
Dentons UK and Middle East LLP filed a debt claim against Canmart for legal services totaling 204,391.98 plus interest. Canmart denies outstanding invoices and has asserted a counterclaim. This claim remains open.
Dallas Dunkley filed a claim against the company for wrongful dismissal on September 10, 2024, seeking $200,000. The company denies Mr. Dunkley was an employee and intends to defend itself, with parties exploring mediation.

Related Party Transactions

Christopher Cooper, a director, was co-founder, CEO, and director of First Towers. He recused himself from Akanda Board matters related to First Towers. He and his affiliates received Class A Special Shares and are to receive Class B Special Shares and stock options as a result of the First Towers Transaction.
Akanda loaned $350,000 to First Towers & Fiber Corp. on November 21, 2024, with an interest rate of prime plus 2%, secured by First Towers' assets. Additional loans totaling $423,000 were made to First Towers through April 2025.
Key management personnel (Board of Directors, CEO, CFO) received remuneration totaling $495,699 in 2024 and $522,669 in 2023. Remuneration payable to key management was $317,784 as of June 30, 2025.
Loans outstanding to 1248787 B.C. Ltd., a company controlled by director Jatinder Dhaliwal, included C$24,000, C$3,000, and C$40,000 loans with 18% annual interest, all repaid in full during the six months ended June 30, 2025.
Loans and advances from Halo Collective Inc., a company controlled by Interim CEO Katharyn Field, included a $328,000 promissory note settled by common shares in 2023, and additional loans totaling $1,192,953 in 2023 and $44,954 in 2024, which were fully repaid in 2024. Akanda also paid and accrued $15,969 in 2024 and $155,603 in H1 2025 for legal services rendered to Halo, accounted as non-interest bearing, unsecured loans to Halo.
A debt settlement agreement with former RPK director Kiranjit Sidhu on April 4, 2024, settled $487,295 in outstanding loans and consulting payables for $136,757, resulting in a gain on debt settlement of $353,159.
A Resignation and Mutual Release Agreement with former director Harvinder Singh on April 24, 2024, involved a $50,000 separation payment, resulting in a gain on debt settlement of $48,592.

Stakeholder Impact

Shareholders face significant dilution from the conversion of outstanding convertible notes and the issuance of Class B Special Shares related to the First Towers acquisition, potentially impacting their percentage ownership and voting power.
Shareholders are exposed to continued volatility in the stock price due to the company's early stage, recurring losses, and history of reverse stock splits, which could lead to a loss of investment value.
Employees of the discontinued UK cannabis operations (Canmart Ltd.) and the liquidated Lesotho subsidiary (Bophelo) have been impacted by the cessation of operations.
Customers of the former cannabis distribution and cultivation segments will no longer be served by Akanda's direct operations in those regions.
Creditors, particularly those holding convertible notes, have the right to convert their debt into common shares, which could further dilute existing shareholders.
The acquisition of First Towers and its focus on telecommunications infrastructure in Mexico could create new opportunities for employees, suppliers, and customers in that sector, while diversifying the company's revenue base.

Next Steps

Convene and conduct a special meeting of shareholders (Second Shareholder Meeting) to obtain Nasdaq approval for the issuance of Common Shares underlying Class B Special Shares and certain promissory notes related to the First Towers acquisition.
Continue development of the Tetrahydrocannabinol (THC) and CBD facilities at the Gabriola Island, British Columbia site, with additional payments contingent on milestone achievements like THC cultivation, product sales, and CBD cultivation.
File a further amendment to the Registration Statement to specifically state its effective date in accordance with Section 8(a) of the Securities Act of 1933.
Register for resale the Common Shares underlying the January Notes within five business days of the Registration Rights Agreement date.
Strategically effect one or more additional reverse stock splits in 2026 or beyond, subject to shareholder approval, to manage share price and Nasdaq listing requirements.
Continue to monitor and potentially contest the liquidation of Bophelo Bio Science and Wellness (Pty) Ltd. in Lesotho, and seek to recover significant loans made to it.
Address ongoing litigation matters with former executives and other parties, including potential mediation for the Dallas Dunkley claim.

Key Dates

Date	Description
2021-07-16	Akanda Corp. incorporated in Ontario, Canada.
2021-09-01	Akanda entered into a share purchase agreement with Halo to acquire Cannahealth Limited.
2021-11-03	Closing of the Cannahealth Acquisition, making Bophelo and Canmart indirect wholly-owned subsidiaries of Akanda.
2021-11-12	Halo transferred 168 Akanda Shares to an unaffiliated party, reducing Halo's ownership to 49.6%.
2022-03-14	Akanda issued 131 Akanda Shares to Halo to settle $6,582,980 in principal and accrued interest under a convertible debenture agreement.
2022-04-20	Akanda entered into a share purchase agreement to acquire Holigen Limited (holding company of RPK Biopharma) from The Flowr Corporation.
2022-04-29	Closing of the Holigen Acquisition.
2022-07-15	Bophelo, an indirect wholly-owned subsidiary, was placed into liquidation by the High Court of Lesotho.
2022-08-09	Akanda entered into a cooperation agreement with Cansativa GmbH for supplying the German market with dried flowers from its Portugal facility.
2022-10-20	Louisa Mojela, former Executive Chairman, filed a claim against Canmart and Akanda for wrongful termination.
2023-02-01	Tejinder Virk, former CEO, resigned.
2023-04-29	Trevor Scott, former CFO, filed a claim against the company for amounts owing.
2023-05-12	Tejinder Virk issued a claim for detriment and dismissal.
2023-05-15	Vidya Iyer, former SVP of Finance, filed a claim against the company for amounts owing.
2023-09-22	Akanda entered an amended and restated option to purchase agreement for a Canadian THC and CBD farming facility in British Columbia.
2024-01-15	Consequentials hearing for Louisa Mojela's claim, where Akanda and Canmart were awarded 60,000 in legal costs.
2024-01-29	Shailesh Bhushan, former CFO, filed a complaint with the Employment Standards Branch of British Columbia.
2024-02-23	Shailesh Bhushan filed a Notice of Civil Claim in the Supreme Court of British Columbia against Akanda.
2024-02-28	Akanda entered into a share purchase agreement to sell all shares of RPK to Somai for $2,000,000.
2024-03-24	Akanda completed the transaction with Somai for the sale of RPK.
2024-03-27	Akanda entered into a settlement agreement with Vidya Iyer.
2024-04-01	Company completed the transaction with Somai for the sale of RPK.
2024-05-10	Akanda entered into a settlement agreement with Tejinder Virk.
2024-09-05	Akanda's subsidiary, 1468243 B.C. Ltd., was issued a hemp license by Health Canada.
2024-09-10	Dallas Dunkley filed a claim against the company for wrongful dismissal.
2024-11-21	Akanda entered into a Bridge Loan Agreement with First Towers & Fiber Corp. for $350,000.
2024-12-02	Akanda entered into a confidential settlement agreement with Louisa Mojela.
2025-03-05	Akanda announced discontinuation of UK operations (Canmart Ltd.) and entered into a Share Exchange Agreement with First Towers & Fiber Corp.
2025-03-25	Akanda commenced a series of Subscription Agreements, selling 14,628 restricted common shares for approximately $320,000.
2025-04-10	Usama Chaudhry appointed to the Board of Directors.
2025-04-30	Annual General and Special Meeting of Shareholders held, approving director elections and future share consolidations.
2025-05-30	Canmart Ltd. commenced creditors voluntary liquidation.
2025-08-21	Closing of the First Towers Transaction, making First Towers a wholly-owned subsidiary of Akanda.
2025-08-26	Akanda implemented a 1-for-3.125 reverse stock split.
2025-08-29	First Shareholder Meeting held, approving the issuance of Class A Special Shares.
2025-09-12	Closing of the September 2025 Convertible Note Transaction, raising $12.0 million.
2025-09-24	Amendment No. 1 to Amended and Restated Option to Purchase agreement with 1107385 B.C. LTD., extending the option term to September 25, 2027.
2025-11-28	Special meeting of common shareholders held, approving further share consolidations and the issuance of Class B Special Shares related to the First Towers acquisition.
2026-01-12	Akanda implemented a 1-for-5 reverse stock split.
2026-01-21	Closing of the January 2026 Convertible Note Transaction, raising $7.0 million.
2026-01-22	All $12 million aggregate principal and interest from September Notes converted.
2026-01-27	Company entered into a six-month consulting agreement with IR Agency LLC for marketing services, effective February 1, 2026.
2026-02-28	Cash and cash equivalents were approximately $1.3 million.
2026-03-19	Last sale price of Akanda Common Share on Nasdaq Capital Market was $0.80.
2026-03-20	Filing date of the F-1/A registration statement.

Recommendation

sell

Akanda Corp. presents a highly speculative investment with substantial risks. The company's history of significant operating losses, a large accumulated deficit, and repeated reverse stock splits to maintain Nasdaq listing are strong indicators of financial instability. While the pivot to telecommunications infrastructure through the First Towers acquisition offers diversification, First Towers itself has a limited operating history and is also unprofitable. The ongoing litigation with former executives, the liquidation of a subsidiary, and the substantial allocation of capital to marketing rather than core operations raise serious concerns about management's effectiveness and capital allocation. The potential for further dilution from convertible notes and future capital raises, coupled with the 'going concern' doubt, suggests a high probability of continued share price depreciation and significant risk to capital. A seasoned investor would likely view this as a distressed asset with an unclear path to sustainable profitability.

Keywords

Telecommunications Infrastructure, 5G Network, Dark Fiber, Mexico, Cannabis, Hemp Cultivation, Convertible Notes, SEC Filing, F-1/A, Akanda Corp, First Towers, Nasdaq, Reverse Stock Split, Going Concern, Dilution, Litigation Risk, Capital Raise, Foreign Private Issuer

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