Business
Akanda Corp. Announces Plans to Be Among International First Movers Pending Completion of Landmark Change in US Drug Policy
London, United Kingdom--(Newsfile Corp. - May 10, 2024) - Akanda Corp. (NASDAQ: AKAN) ("Akanda" or the "Company"), an international medical cannabis company,
About this update from Akanda Corp.
[{"type":"text","content":"London, United Kingdom--(Newsfile Corp. - May 10, 2024) - Akanda Corp. (NASDAQ: AKAN) (\"Akanda\" or the \"Company\"), an international medical cannabis company, today announces it is actively following the landmark change in federal US policy to reschedule cannabis under the Controlled Substances Act (\"CSA\"). It has been widely reported that as of April 30, 2024 the DEA plans to reclassify cannabis as a Schedule III substance. The Company believes this imminent rescheduling may reinvigorate capital markets and could lead to changes in NASDAQ and NYSE rules on listing plant-touching U.S. companies. Should this occur and provided NASDAQ rule changes, Akanda has strategic plans to become a leader in consolidating US-based operators.\nA U.S. Department of Health and Human Services (\"HHS\") report was made public on January 29, 2024. The August 2023 report submitted to the Drug Enforcement Agency (DEA), recommended that cannabis be rescheduled as a Schedule III controlled substance. The DEA's subsequent proposal, which still must be reviewed by the White House Office of Management and Budget, would recognize the medical uses of cannabis and acknowledge it has less potential for abuse than some of the nation's most dangerous drugs. Once OMB signs off, the DEA will take public comment on the plan to move marijuana from its current classification as a Schedule I drug and -after the public-comment period -the agency would publish the final rule.\nThis decision marks both a symbolic and a very tangible victory. Once enacted, we believe this move should provide immediate benefits to both the state-legal industry and cannabis consumers – such as providing lower prices for retail products and providing greater flexibility to who can legally consume cannabis and where. Ideally, it will also encourage lawmakers at the state and federal level to take further steps to amend and repeal cannabis criminalization.\nMs. Field commented, \"Akanda’s Board and Management have subject matter expertise in multiple global markets including the United States. We are closely monitoring the loosening of federal regulations and plan to explore US opportunities. Some US markets are more depressed than others offering a unique opportunity to capitalize on low entry prices of licenses or licensed operations.\" \nAbout Akanda Corp.\nAkanda is an international ...