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Akanda Corp. Announces Signing of Option to Develop Canadian THC and CBD Farming Facility
FRANKFURT, Germany & LONDON--(BUSINESS WIRE)-- International medical cannabis company Akanda Corp. (“Akanda” or the “Company”) (NASDAQ: AKAN, WKN: A3DG83)
About this update from Akanda Corp.
[{"type":"text","content":" FRANKFURT, Germany & LONDON--(BUSINESS WIRE)--\nInternational medical cannabis company Akanda Corp. (“Akanda” or the “Company”) (NASDAQ: AKAN, WKN: A3DG83) announces that Akanda (the “Optionee” the “Company”) and 1107385 B.C. LTD (the “Owner”) have agreed upon terms to purchase farming land and related operations and licenses.\n\n\nThe key deal terms are as follows:\n\n\nAkanda will issue a non-refundable payment equal to One Million Eight Hundred Thousand United States Dollars (USD1,800,000) and if paid in common shares of Akanda will be based on formula to calculate the per share price as set forth in the agreement. The initial payment will be broken up into the First Option Payment, the Second Option Payment and the Third Option Payment, upon signing, 15 days after signing, 30 days after signing respectively.\n\n\nThis buys Akanda the right to develop the property for two years. The Company plans during this time period to develop Tetrahydrocannabinol (THC) and CBD facilities at this site. Additional payments will be made based upon milestones achieved from the development. Additional milestones include THC cultivation, sales of product, CBD cultivation, and Hemp cultivation. This is similar to a mining agreement where operators buy the right to mine a site. In this case the Company has purchased the right to develop the farming land.\n\n\nFurther payment milestones include:\n\n\n\nUpon approval or a license for THC cultivation on the property from the applicable regulatory authority, $500,000 will be paid to the Owner.\n\n\n\nUpon sale of THC product cultivated from the property, $500,000 will be paid\n\n\n\nUpon Hemp cultivation approval from the application regulatory authority, $750,000 will be paid\n\n\n\nUpon CBD cultivation approval from the application regulatory authority, $750,000 will be paid\n\n\n\nAbout Akanda Corp.\n\n\nAkanda 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 Holigen, a Portugal-based cultivator, manufacturer and distributor with a prized EU GMP certified indoor grow facility; 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 a...