Akanda Corp. Receives Notice of Non-Compliance from NASDAQ

Core Points - Akanda Corp. has received a deficiency notification from Nasdaq for non-compliance with the minimum stockholders' equity requirement of $2,500,000, as its reported stockholders' equity was ($3,828,892) for the fiscal year ended December 31, 2023 [2][3] - The company has 45 calendar days, until June 28, 2024, to submit a plan to regain compliance, with the possibility of an extension of up to 180 days if the plan is accepted [3] - Akanda is currently evaluating options to resolve the deficiency and intends to submit a comprehensive plan within the stipulated timeframe [3] - The company's common shares will continue to trade on the Nasdaq Capital Market under the symbol "AKAN" despite the notification [3] - Interim CEO Katie Field emphasized the company's commitment to addressing the compliance issue and appreciated investor support during this period [3] Company Overview - Akanda Corp. is an international medical cannabis and wellness platform company focused on improving access to high-quality and affordable products [4] - The company's portfolio includes CanMart, a UK-based licensed pharmaceutical importer and distributor, and partnerships with Cellen Life Sciences' Leva Clinic, a digital pain clinic in the UK [4] - Akanda has acquired rights to develop a Canadian farming property in British Columbia for THC and cannabinoid (CBD) facilities [4]