Akanda to Contest Unauthorized Liquidation of its Lesotho-Based Subsidiary, Bophelo Bio Science & Wellness (Pty) Ltd.

Jul 27, 2022

Akanda Corp. ("Akanda" or the “Company”) (NASDAQ: AKAN), an international medical cannabis platform company, today announced that the High Court of Lesotho (the “Lesotho Court”) has placed in liquidation the Company’s indirect, wholly-owned subsidiary, Bophelo Bio Science & Wellness (Pty) Ltd. (“Bophelo”). The action to place Bophelo in liquidation was taken by the Lesotho Court pursuant to an unauthorized application and request (the “Liquidation Application”) that was filed by Louisa Mojela, the former Executive Chairman of Akanda, who was recently terminated as Executive Chairman of Akanda, and the Mophuti Matsoso Development Trust (“MMD Trust”), which the Company believes was established by Ms. Mojela.

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