Akanda Corp. — Form 6-K Summary
Reporting period: Six months ended June 30, 2026, compared with the six months ended June 30, 2025. The unaudited interim statements are prepared under IFRS and reported in U.S. dollars. The report was filed September 30, 2026.
Business context
Akanda’s principal operating business is First Towers, a Mexican telecommunications infrastructure company acquired in August 2025 that leases fiber-optic networks and telecom towers. On September 24, 2026, after the reporting period, Akanda’s board decided to discontinue cannabis-related plans and focus on First Towers and potentially other business targets. Akanda had not cultivated product at the British Columbia property.
Financial performance
| Metric | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Sales | $404,394 | $0 |
| Cost of sales | $327,803 | $0 |
| Gross profit | $76,591 | $0 |
| Gross margin | 18.9% | Not meaningful |
| Operating expenses | $4,894,859 | $1,490,756 |
| Operating loss | $(4,818,268) | $(1,490,756) |
| Net loss | $(6,246,310) | $(815,001) |
| Comprehensive loss | $(5,798,028) | $(692,857) |
| Basic and diluted loss per share | $(11.80) | $(26.43) |
General and administrative expenses rose to $3.65 million from $315,859, which management attributed partly to First Towers’ operations and increased marketing and promotional activity. Depreciation and amortization increased to $211,168 from $84,788. Consulting and professional fees declined to $518,867 from $863,287. The reported table shows personnel expenses of $512,657 versus $226,822; a later narrative instead refers to $820,127, an apparent inconsistency to verify.
Finance expense was $820,127, compared with $17,749. The company also recorded a $417,418 foreign-exchange loss and a $120,623 loss on debt settlement. The prior period included $589,292 of gain from discontinued operations, contributing to the increase in the current-period net loss.
Cash, financing and liquidity
At June 30, 2026, cash and cash equivalents were approximately $755,238. Management estimated that cash and expected revenue, without future financing proceeds, would fund operations at the then-current burn rate for approximately five months. The filing states that conditions raise substantial doubt about Akanda’s ability to continue as a going concern and warns that inadequate working capital could force it to discontinue operations.
| Cash flow | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Operating activities | $(3,194,676) | $(375,604) |
| Investing activities | $(3,269,058) | $173 |
| Financing activities | $6,774,048 | $7,296,454 |
Investing cash outflows primarily related to First Towers consideration and telecom infrastructure projects. Financing cash inflows primarily reflected note proceeds. In January 2026, Akanda issued convertible promissory notes for gross proceeds of $7 million. After June 30 and through August 26, conversions of the January notes and interest resulted in 1,030,000 common shares issued for an aggregate amount of $4,839,970.
First Towers acquisition-related debt included notes with aggregate principal of approximately $4.91 million, bearing 8.5% interest and maturing August 19, 2031, and a consideration note originally issued for $14.13 million, bearing 16% interest and maturing August 19, 2027. Akanda reported prepaying approximately $8.5 million of the consideration note, including interest. The notes are secured by company assets. The filing does not provide a clear total outstanding debt balance as of June 30, 2026.
Minimum undiscounted lease payments at June 30, 2026 totaled $395,588: $114,232 due within one year, $212,184 in one to five years, and $69,172 thereafter.
Material changes, outlook and risks
- First Towers’ acquisition explains the emergence of revenue in 2026; there was no comparable-period revenue. Revenue generation has not yet covered operating expenses.
- Akanda’s September 2026 cannabis exit is a major strategic change. It terminated its right to acquire or use the BC property after declining the next option payment. The company cited approximately $3.6 million in prior option and milestone payments as potentially stranded costs, possible wind-down and contractual costs, and loss of the benefit of a Health Canada hemp license for which a $750,000 milestone payment had been made.
- Management gave no quantified revenue or earnings guidance. It cautioned that First Towers may not produce adequate cash flow and that additional financing may be required; availability and terms are uncertain.
- Key risks include going-concern funding needs, dependence on First Towers, acquisition integration and growth, competition, regulatory and Mexico expansion risks, ability to raise capital, and maintaining Nasdaq listing. Forward-looking statements are subject to substantial uncertainties and are not guarantees.
- Subsequent to the period, Katie Field resigned as interim CEO and Christopher Cooper was appointed CEO, effective September 3, 2026.
- Shares and per-share data were retrospectively adjusted for three reverse splits implemented in August 2025, January 2026 and April 2026.
Important facts for investors to verify
- Current cash runway, near-term working-capital needs and the status and terms of any required financing, given the stated five-month runway and going-concern uncertainty.
- First Towers’ revenue, margins, operating cash generation, customer concentration and capital requirements after the acquisition.
- Outstanding balances, conversion terms and maturity or default provisions for the January notes and acquisition-related secured debt; the filing does not clearly state total debt outstanding.
- The personnel-expense discrepancy between the results table ($512,657) and narrative ($820,127), and the cash-flow discussion’s differing description of the operating cash-flow change.
- Any remaining liabilities, payments or wind-down costs arising from the cannabis exit and termination of the BC Option Agreement.