HomeMarket NewsMicro Cap StocksNASDAQ-Traded Akanda Corp Secures Land Deal For CBD & THC Development

NASDAQ-Traded Akanda Corp Secures Land Deal For CBD & THC Development

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Akanda Corp, an international medical cannabis company listed on the NASDAQ exchange (ticker: AKAN), has recently partnered with 1107385 B.C. LTD to acquire land for the development of CBD and THC operations.

What’s the News

On Wednesday, Akanda Corp announced its plans to make a non-refundable payment of $1.8 million, which can be paid in common shares according to a predetermined formula outlined in the agreement.

The payment will be made in three installments: upon signing, 15 days after signing, and 30 days after signing.

Why It’s Important

This deal grants Akanda Corp the right to develop the property owned by 1107385 B.C. LTD over a two-year period. The company plans to establish facilities for THC and CBD production at the site.

What’s Next

Additional payments will be made based on milestones achieved during the development process, including THC cultivation, CBD cultivation, hemp cultivation, and sales of cannabis products.

The payment milestones are as follows:

  • If the regulatory authority approves a license for THC cultivation on the property, Akanda Corp will pay $500,000 to the land’s owner.
  • Upon the sale of THC products cultivated from the property, Akanda Corp will pay $500,000.
  • If the regulatory authority approves hemp cultivation on the property, Akanda Corp will pay $750,000.
  • If the regulatory authority approves CBD cultivation on the property, Akanda Corp will pay $750,000.

If you’re interested in staying up-to-date with the latest developments in the cannabis industry, join us at the Benzinga Cannabis Capital Conference in Chicago on Sept 27-28. Secure your tickets today for an opportunity to engage in cannabis investment and branding.

AKAN Stock Performance

As of writing on Wednesday morning, shares of Akanda Corp were trading 11.1111% higher at $0.69 per share.

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Photo by geralt and lindsayfox on Pixabay

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