Akanda

Financial resilience is weak. 2024 cash from operations was meaningfully negative and first half 2025 remained cash‑consuming. Liquidity has relied on dilutive financings, including 10 percent, 12‑month convertible notes with a floating conversion formula and a floor price.

Multiple reverse splits in August 2025, January 2026 and April 2026, and the registration of up to 30.3 million shares tied to recent notes, underscore equity fragility and prospective dilution. Debt service and redemption mechanics in the notes further pressure flexibility if equity markets are unreceptive.