Akanda has closed a private placement for aggregate gross proceeds of ~£3.7m (USD~$5m).
The net proceeds of Akanda’s private placement of $5,316,000 for working capital and general corporate purposes will go towards alerting the company’s plans to create an international medical cannabis company.
Boustead Securities, LLC served as exclusive placement agent for the Akanda private placement offering, and has accepted warrants as partial renumeration in addition to a cash fee.
CEO and director of Akanda, Tej Virk, commented: “This financing provides vital capital to accelerate our plans to build one of the leading international medical cannabis companies with a unique seed-to-patient business model.
“In the UK, we are building out our network of pharmacies, clinicians and other innovative channels as we seek to democratise access to medical cannabis for patients throughout the United Kingdom.
“In Lesotho, we are putting the finishing touches on a cultivation expansion project which is expected to be completed over the coming months. And we’re establishing a world class team. We also have plans to connect other elements of the international cannabis supply chain at an exciting time when, we believe, the European markets are showing increasingly promising indicators that positive regulatory change is coming.”
Akanda recently completed the acquisition of parent company Halo Collective‘s subsidiaries Bophelo Bio Science and CanMart, which will allow Akanda to reach international markets through multiple channels.
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