Akanda (US:AKAN) newsfilecorp.com·2024-05-21 12:00Core Viewpoint - Akanda Corp. plans to implement a 1-for-40 reverse stock split effective May 23, 2024, to enhance its stock price and maintain compliance with Nasdaq listing requirements [1][2]. Company Overview - Akanda Corp. is an international medical cannabis company focused on improving access to high-quality and affordable products [3]. - 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 [3]. - Akanda has acquired rights to develop a farming property in British Columbia, Canada, for THC and cannabinoid (CBD) facilities [3]. Reverse Stock Split Details - The reverse stock split will convert every 40 shares into one share, with no fractional shares issued; any fractions will be rounded down [2]. - This action was approved by the company's board of directors and shareholders, and the company will file Articles of Amendment with the Ontario Ministry of Government and Consumer Services [2]. - The new CUSIP number for the ordinary shares post-split will be 00971M304 [1].