Akanda Corp.

Akanda Corp. (AKAN), an Ontario-based emerging growth company and foreign private issuer, operates in cannabis cultivation, distribution, and telecommunications infrastructure following its August 2025 acquisition of First Towers & Fiber Corp., which owns 700+km of 5G dark fiber in Central Mexico and 27 towers. Previously focused on medical cannabis via subsidiaries like Canmart (UK, discontinued May 2025) and RPK (Portugal, sold March 2024), Akanda now pivots to First Towers' tower leasing and fiber operations targeting Latin America's telecom growth. For FY2024, Akanda reported $836,664 revenue (up from $423,683), $4.1M net loss from continuing ops, $3.8M cash, but negative working capital and $57.5M accumulated deficit. First Towers added $695K revenue but $6.4M loss. This F-1/A registers up to 30.3M Common Shares (floor price $0.254/share) issuable upon conversion of $7M January 2026 convertible notes (10% interest, 12-month maturity) held by Selling Stockholders Alternative Investment Capital Inc. ($5M note) and Corbo Capital Inc. ($2M note). No proceeds to Akanda; covers resale by noteholders. Recent financings include $12M September 2025 notes (fully converted) and multiple equity raises totaling ~$11.5M in 2024. Funds support marketing ($6.7M spent via IR Agency), BC hemp farm development (Health Canada license Sept 2024), and debt repayment. Investment thesis: Exposure to Mexico telecom via First Towers amid 5G expansion, but high dilution risk from conversions, Nasdaq compliance issues (multiple reverse splits, equity deficiency notices), ongoing losses, and going concern doubts.

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