Here are 1-3 brief analogies for Akanda (AKAN):

• Akanda is like the **ADM for medical cannabis.**
• Akanda is like the **raw materials division of a pharmaceutical giant (e.g., Pfizer or Merck), but for medicinal cannabis.**

• Medicinal-grade cannabis biomass: Raw cannabis material cultivated for medical use.
• Cannabis flower: Dried and cured cannabis buds intended for medical applications.
• Cannabis concentrates: Potent extracts derived from cannabis plants.
• Imported medical cannabis-based products: Various medical products derived from cannabis that are imported and sold in the United Kingdom.

Akanda Corp. (AKAN) primarily operates on a business-to-business (B2B) model, supplying medicinal-grade cannabis products to other companies. Its major customers include:

• Cansativa GmbH: A leading European medical cannabis wholesaler based in Germany.
• LYPHE Group: A UK-based medical cannabis clinic and pharmacy group that distributes Akanda's products to its patient network.
• Phlo Connect: A digital pharmacy platform in the UK that facilitates the dispensing of medical cannabis products to patients.

Katharyn Field, Interim Chief Executive Officer

Ms. Field is the Interim CEO and Executive Director of Akanda. She previously served as Chief Strategy Officer at Halo Collective from April 2019 through February 2020. Entering the cannabis industry in 2014, she led the procurement, build-out, and sale of one of five original vertically integrated companies with state licenses in Florida. Her background also includes senior positions at The Brookings Institution and Bain & Company, and she operated a strategy consulting practice focused on cannabis, also working at MariMed in 2018.

Charn Deol, Chief Financial Officer

Mr. Deol was appointed Chief Financial Officer on December 12, 2023, bringing over 35 years of public company management experience across multiple industries. His recent experience includes serving as a director or in management of various Canadian private and public companies, such as Bayridge Resources Inc., Trilogy AI Corp, and Green Battery Minerals Inc. Mr. Deol has also been involved in initial public offerings (IPOs), guiding private companies through the regulatory process to go public in Canada.

Christopher Cooper, Director

Mr. Cooper was appointed to the board of directors on April 25, 2024, and has over 20 years of extensive business experience in corporate development, senior management, finance, and operations within both private and public sectors. He has spearheaded growth strategies, financial reporting, and corporate administration. Notably, Mr. Cooper was a director of Alpha Lithium Corporation, which was acquired by Tecpetrol in October 2023 for approximately CAD$313 million, and a director of Counterpath Corporation, which was taken over by Alianza, Inc. in March 2021 for USD$25.6 million. He holds a Bachelor of Business Administration from Hofstra University and a Master’s in Business Administration from Dowling College.

Jatinder Dhaliwal, Independent Director

Mr. Dhaliwal is a registered pharmacist with considerable capital markets experience, having served as CEO and director of multiple publicly traded cannabis companies and as a director of a licensed producer and extractor. He possesses extensive knowledge across agricultural, medical, and pharmaceutical operations and is well-versed in the cannabis market from cultivation to distribution, including quality control. Mr. Dhaliwal is also a certified medical cannabis practitioner.

Usama Chaudhry, Independent Director

Mr. Chaudhry is an experienced executive with broad expertise in corporate management, currently serving on several public company boards. His areas of specialization include corporate development, investor relations, financial reporting, and corporate governance. He is recognized for his ability to align strategic objectives with rigorous cost control measures to enhance organizational performance. Mr. Chaudhry earned his Bachelor of Commerce degree with a major in accounting from the University of Northern British Columbia.

The key risks to Akanda's business are:

1. Severe Financial Distress and Profitability Challenges: Akanda Corp. is quickly burning through cash and operates with a significant debt burden, with its short-term obligations exceeding liquid assets. The company has experienced a precipitous decline in its stock value, with its market capitalization dwindling significantly. Akanda continues to face ongoing profitability challenges, evidenced by a negative P/E ratio, a substantial contraction in revenue, and weak gross profit margins. The company is currently unprofitable, with deeply negative operating and net margins, and its Altman Z-Score indicates a potential risk of bankruptcy.
2. Risk of Delisting from NASDAQ: Akanda has faced repeated threats of delisting from the NASDAQ stock exchange due to its failure to meet minimum bid price requirements. The company has previously resorted to a reverse stock split to regain compliance, only to face similar challenges again, highlighting persistent issues with its market valuation and investor confidence.
3. Regulatory and Operational Challenges in the Cannabis Industry, Particularly in Lesotho: The broader cannabis industry is inherently subject to regulatory changes and market volatility. More specifically, Akanda's operations in Lesotho face significant hurdles related to the implementation and compliance with laws, extended timeframes for finalizing regulatory frameworks, and inconsistent application of regulations due to a knowledge and skills gap among local officials. Additionally, high licensing fees in Lesotho may exclude local participation and contribute to an active black market, while a lack of accredited in-country testing facilities adds logistical and financial burdens for producers.

Akanda Corp. (AKAN) operates in the medical cannabis market, focusing on cultivation, manufacture, and distribution of medicinal-grade cannabis biomass, cannabis flower, and cannabis concentrates, primarily in the United Kingdom and through cultivation in Lesotho and Portugal for international supply.

United Kingdom

The addressable market for Akanda's medical cannabis products in the United Kingdom has various estimations:

• The UK medical marijuana market generated approximately USD 12.5 million in revenue in 2023 and is projected to reach about USD 62.8 million by 2030, with a compound annual growth rate (CAGR) of 26% from 2024 to 2030.
• Another estimate values the UK Medical Cannabis Market at USD 238.8 million in 2024, with an anticipated growth to USD 397.1 million by 2032 at a CAGR of 6.62%.
• In 2025, the UK's medical cannabis market is estimated to surpass €269 million (approximately USD 291 million).
• A report from November 2025 indicates the current market of approximately 75,000 patients generates about £300 million (roughly USD 378 million) in annual revenue.
• The fully mature medical cannabis industry in the UK, excluding recreational and over-the-counter CBD markets, is estimated to be worth at least £7-10 billion annually (approximately USD 8.8-12.6 billion).
• The UK medical cannabis market includes segments for flower and oil/tinctures, with flower volume seeing significant growth, increasing from 2.7 million grams in 2022 to 9.8 million grams in 2024. Akanda's distribution segment primarily involves medical cannabis products, including cannabis oil and cannabis flower, for use in the United Kingdom.

Lesotho and International Markets

In Lesotho, Akanda is involved in cultivation, with the primary market being for export rather than domestic consumption. Lesotho aims to be a significant source for medicinal cannabis exports to international markets, including the United Kingdom and Canada. The global market for medical cannabis was estimated at USD 150 billion and is projected to reach USD 272 billion by 2028, representing the broader addressable market for such exports.

Akanda Corp. (NASDAQ: AKAN) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic expansion in its telecommunications infrastructure in Mexico and targeted growth in its international medical cannabis operations.

Here are 3-5 expected drivers of future revenue growth for Akanda:

• Expansion of Telecommunications Infrastructure in Mexico: Akanda, through its wholly-owned subsidiary First Towers & Fiber Corp. (FTF), plans to construct and/or acquire up to 20 new cellular towers by the end of 2025, reinforcing its presence in the Mexican telecommunications market. This expansion aims to boost recurring cash flow and long-term revenue by strengthening coverage and increasing network capacity. FTF is also recognized as a key player in Mexico's $7 billion telecom project, Altán Redes Red Compartida.
• Deepening Presence in Mexico's Digital Connectivity Market: The company's expansion directly aligns with Mexico's growing demand for robust mobile and enterprise data connectivity. By adding new towers, Akanda aims to enhance network utilization, serve existing partnerships with key players like Altan and CFE, and attract new business, thereby securing scalable and predictable income streams.
• Growth in the UK Medical Cannabis Market: Akanda's UK subsidiary, CanMart, is focusing on integrating technology solutions, such as social shopping capabilities with Meta (Facebook and Instagram), to create a user-friendly buying experience. This initiative is designed to expand the addressable audience for CanMart's products and drive sales by showcasing vendor products through shoppable content. CanMart also continues to collaborate with premium product suppliers and clinical cannabis operations in the UK.
• Entry and Expansion in the German Medical Cannabis Market: Akanda anticipates taking a leading position in the fast-growing German medical cannabis market, with plans for the first export shipment from its Portugal-based Holigen operation. The company has a significant agreement to deliver 1,000 kilograms of medical cannabis flower to German pharmacies via the Cansativa platform, targeting a leading 10% market share of German medical cannabis imports.
• Leveraging Strategic Cannabis Brand Partnerships in Europe: Akanda has an exclusive license agreement with the international cannabis lifestyle brand Cookies. This multi-year agreement allows Akanda to pursue medical and future adult-use opportunities across Europe, starting with the production of EU GMP certified Cookies branded high THC medical cannabis products at its facility in Sintra, Portugal. The company also intends to exclusively open and operate Cookies branded pharmacy outlets throughout Portugal.

Share Issuance

• In January 2026, Akanda entered into a private placement to issue $7.0 million in 12-month convertible promissory notes to institutional investors, which closed on January 23, 2026. These proceeds are designated for marketing, working capital, general corporate purposes, and debt repayment.
• Shareholders approved the issuance of 4,775,972 Class B Special Shares, exchangeable into common shares, to former First Towers & Fiber Corp. shareholders as part of a transaction in December 2025.
• Akanda has undertaken multiple reverse stock splits to maintain its Nasdaq listing, including a 1-for-5 reverse stock split effective January 12, 2026, reducing outstanding shares from approximately 10.1 million to 2.0 million.

Inbound Investments

• The company secured $7.0 million in January 2026 through a private placement of 12-month convertible promissory notes from institutional investors.
• In October 2024, Akanda raised approximately $1,500,000 in gross proceeds from an underwritten public offering.

Outbound Investments

• Akanda completed a Merger/Acquisition with First Towers and Fiber in August 2025. This acquisition is part of the company's expansion into the Mexican telecommunications market.
• Through its cannabis operating subsidiary, Akanda extended its option on its British Columbia asset for two additional years in October 2025 to pursue a full cultivation license and develop THC products.

Capital Expenditures

• Akanda's capital expenditures for the last 12 months (as of March 2026) amounted to -$754,245.
• In October 2025, Akanda announced plans to build or acquire up to 20 new cellular towers by the end of 2025 through its subsidiary, First Towers & Fiber Corp. (FTF), as a strategic investment to expand its telecommunications presence in Mexico.
• Proceeds from an October 2024 public offering were intended, in part, for capital expenditures.