Akanda Corp. Announces Share Exchange Agreement with First Towers and Fiber Corp

Core Viewpoint - Akanda Corp. has announced a Share Exchange Agreement with First Towers & Fiber Corp, focusing on expanding its telecommunications infrastructure in Mexico while discontinuing its cannabis distribution business in the UK [2][4][12]. Company Overview - Akanda Corp. is an international cannabis company dedicated to cultivating and distributing high-quality medical cannabis and wellness products [20]. - First Towers specializes in telecommunications infrastructure development in Mexico, operating a 700+ km fiber optic network and focusing on expanding its services to other Latin American countries [6][9]. Transaction Details - The Share Exchange Agreement will result in First Towers shareholders receiving one share of Akanda for every 2.5 shares held, totaling approximately 15.3 million shares, with an additional US$14.1 million payable 18 months post-transaction [4][5]. - Upon closing, First Towers shareholders are expected to own approximately 83.1% of the combined company [5]. Market Opportunity - The telecommunications industry in Latin America is valued at approximately US$81 billion, with Mexico being the second-largest market [7]. - There is a significant demand for new wireless towers in Mexico, with First Towers estimating that several thousand towers are needed to achieve 4G LTE coverage for 96.4% of the population [8][15]. - An estimated 244 million people in Latin America lack internet access, presenting a substantial opportunity for 5G network deployment, projected to develop into a market exceeding US$21 billion annually [10]. Business Strategy - Akanda Corp. plans to focus on the growth of its pre-revenue Canadian farming property in British Columbia, where it intends to develop THC and CBD facilities [13]. - The decision to cease operations in the UK was influenced by challenges in management and the cost-effectiveness of maintaining the business in light of projected revenues [12].