Akanda raises $12 million through convertible note offering

Akanda Corp. (NASDAQ: AKAN) completed a private placement of 12-month convertible promissory notes totaling $12 million with institutional investors, the company announced.

The Toronto-based company will allocate the proceeds across four areas: up to $3.5 million for marketing, renewal and development of its Gabriola, British Columbia site, up to $3 million for working capital and general corporate purposes, and up to $7 million for debt.

Univest Securities served as the exclusive placement agent for the offering. Legal counsel included Ruskin Moscou Faltischek PC for Akanda, Sullivan & Worcester LLP for the placement agent, and Gowling WLG (Canada) LLP as Canadian counsel for the company.

The convertible notes and any common shares issued upon conversion have not been registered under the Securities Act of 1933 or state securities laws. The securities cannot be offered or sold in the United States without registration or an applicable exemption.

Additional transaction details will be available in the company's Form 6-K filing with the Securities and Exchange Commission.

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