Akanda Corp (AKAN)

[Scumbag Fraudsters]

Did you know Akanda had liquidated its Lesotho assets?

I thought it was still bogged down in court.

If they never PR'd it, that's a failure to disclose material information. But when did Halo or its subsidiary ever care about laws or investors?

I'm still waiting for SCAM 1 to distribute shares of SCAM 2.

Nov. 25, 2022

Akanda Pulls Out Of Lesotho Amid Ongoing Legal Battle, Bruce Linton Joins SynBiotic, & Ananda Completes Acquisition

The NASDAQ-listed international medical cannabis operator announced last week that it will abandon its operations in Lesotho following a legal battle with a disgruntled former director.

In July, BusinessCann reported that Akanda’s wholly owned subsidiary in the Southern African country had been placed into liquidation by its former Executive Chairman Louisa Mojela and the Mophuti Matsoso Development Trust (MMD Trust), which she founded.

Ms Mojela was one of the six board members who were thrown out of the company on June 23 following a coup from ‘concerned shareholders’ who held a collective 54% stake in the company.

In what Akanda has described as an act of ‘retaliation’, Ms Mojela filed the ‘unauthorised’ application ‘without Akanda’s prior authorisation, knowledge or consent’ with the Lesotho High Court to place the company into liquidation.

At the time, Akanda said it would ‘pursue all of its available legal rights’ to reverse the liquidation, and seek to recover ‘significant loans it has made to Bophelo’ to fund its business plan, following its acquisition last year.

On November 16, however, the company said that ‘after careful consideration’ it has made the decision to ‘cease involvement in Bophelo’s Lesotho operations’.

Instead of continuing the legal battle, Akanda has apparently chosen to cut its losses and ‘assert its rights as a creditor’ of Bophelo.

Despite this, the company maintains its position that Ms Mojela acted ‘unilaterally for her own interest, without warning or notice, in breach of contract, fiduciary duty, and in a manner that was likely to bring the Company or Group Companies into disrepute’.

Ms Mojela has also launched legal action against Akanda, alleging wrongful termination of her service agreement. Akanda says it intends to ‘vigorously defend’ its position and seek compensation from Ms Mojela.

Akanda’s CEO Tej Virk said that despite the loss of one of Akanda’s key facilities, his company is continuing on its path to ‘operational profitability’.

“The Company has been forced into a position to exit Lesotho due to the unauthorised liquidation of Bophelo,” he added.

“However, having a presence in Africa was always about building for the long term and making a social impact on Lesotho’s communities. Fortuitously, we have seen higher demand from German buyers for products produced in Portugal over Lesotho due to quality and evolving EU cannabis import regulations. As such, Akanda is proving that it can more than offset this African cultivation operation with its Portuguese operation to meet German demand.”

https://businessofcannabis.com/?p=8794/quote]