AKANDA CORP.

AKANDA CORP. operates in the cannabis cultivation, manufacturing, and distribution sector. The company has a limited operating history and minimal revenues to date. AKANDA CORP. plans to expand its cultivation operations and develop sales channels for its cannabis products. On September 19, 2023, AKANDA CORP. entered an option to purchase agreement for Canadian farming property located at 1900 Ferne Road, Gabriola Island, British Columbia, including related operations and licenses, from 1107385. This agreement was amended and restated on September 22, 2023. The company intends to develop THC and CBD facilities at this site. AKANDA CORP. agreed to make a non-refundable payment of $1,800,000, structured in three payments. The first payment was made on September 22, 2023, by issuing 156 Common Shares. The second payment of $600,000 and the third payment of $600,000 were made on April 4, 2024. Additional payments to the seller are contingent upon achieving development milestones, including THC cultivation, product sales, CBD cultivation, and hemp cultivation. On September 5, 2024, Health Canada approved a hemp license for AKANDA CORP.'s subsidiary, 1468243 B.C. LTD, which triggered a milestone requiring an additional payment of $750,000 to the seller. This payment was made on September 16, 2024. On September 24, 2025, AKANDA CORP. amended the option agreement, extending the option term to September 25, 2027, for an extension fee of $250,000. The first payment of $150,000 for this extension was made on September 25, 2025. As of the filing date, AKANDA CORP. has not yet cultivated any product from this land. The Canadian hemp industry stabilized around 29,309 acres in 2023.