Akanda Determined That It Was No Longer Going To Pursue The Cultivation Of Cannabis Or Any Future Cannabis-Related Businesses; Going To Focus Its Business Efforts On Growth, Management Of Its First Towers & Fibers Corp. Subsidiary, Potentially Other Business Targets; Declined To Pay Next Option Payment Due Under Its Amended And Restated Option To Purchase Agreement With 1107385 B.C. LTD; Company’s Right To Acquire Or Use The BC Property Under The Option Agreement Has Been Terminated

On September 24, 2026, the Board of Directors of Akanda Corp. (the "Company") determined that it was no longer going to pursue the cultivation of cannabis or any future cannabis-related businesses, including its planned development of Tetrahydrocannabinol (THC) and cannabidiol (CBD) facilities, and is instead going to focus its business efforts on the growth and management of its First Towers & Fibers Corp. subsidiary, and potentially other business targets.

Accordingly, the Company declined to pay the next option payment due under its Amended and Restated Option to Purchase agreement with 1107385 B.C. LTD., dated September 22, 2023, as amended (the "Option Agreement"), pursuant to which the Company originally acquired an option to purchase a Canadian THC and CBD farming facility located at 1900 Ferne Road, Gabriola Island, British Columbia and related operations and licenses (the "BC Property"). As a result, the Company’s right to acquire or use the BC Property under the Option Agreement has been terminated. The Company had not cultivated any product from the BC Property.