London, United Kingdom--(Newsfile Corp. - October 2, 2024) - Akanda Corp. (NASDAQ: AKAN) ("Akanda" or the "Company"), an international medical cannabis company, today announced that it has entered into a firm commitment underwriting agreement with Univest Securities, LLC, as underwriter, whereby Univest has agreed to purchase 1,500,000 common shares (or pre-funded warrants in lieu thereof) at a public offering price of $1.00 per share or $0.9999 per pre-funded warrant in an underwritten public offering.

The gross proceeds to Akanda are estimated to be approximately $1,500,000 before deducting the underwriter fees and other offering expenses payable by the Company. The offering is expected to close on about October 3, 2024, subject to the satisfaction of customary closing conditions. Akanda plans to use the net proceeds from the offering for capital expenditures, operating capacity, working capital, potential milestone payments of the option to purchase agreement for certain Canadian property, general corporate purposes, and the refinancing or repayment of existing indebtedness and acquisitions of complementary products, technologies or businesses.

The securities described above are being offered by Akanda pursuant to an effective registration statement on Form F-1, as amended (File No. 333-281945), declared effective by the U.S. Securities and Exchange Commission ("SEC") on September 30, 2024. A final prospectus relating to the offering will be filed with the SEC and will be available free of charge on the SEC's website at https://sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

About Akanda Corp.

Akanda Corp. is an international cannabis company with operations in Europe and North America. The company is dedicated to cultivating and distributing high-quality medical cannabis and wellness products that improve lives. Akanda's mission is to provide safe, reliable, and accessible cannabis products to consumers worldwide while promoting sustainable business practices.

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