Akanda Corp. announced that it has entered into a loan agreement dated April 26, 2023 with Veridia Canada Ltd. in the principal amount of €500,000 (approximately CAD 738,650), which has been advanced in full by the Lender. The Loan is expected to be used for the short-term financial commitments of Akanda and Akanda's wholly-owned company in Portugal, RPK Biopharma, Unipessoal, LDA, which is indirectly held by Akanda through Holigen Limited .

Holigen is a directly held, wholly-owned subsidiary of the Company. Pursuant to the Loan Agreement, the parties may mutually agree to increase the aggregate principal amount of the Loan by an additional €500,000. The Loan is not interest bearing, provided that if the Loan is not repaid within 90 days from the date of the Loan Agreement, the Loan will be subject to an interest rate of 4% per annum, commencing from the Maturity Date.

The Loan is secured by certain of RPK's current and existing inventory and equipment, accounts receivables and purchase orders, as further set out in the Loan Agreement. The Company is not issuing any securities, or paying any bonus, commission or finder's fees in respect to the Loan. The Loan is repayable at any time without penalty.

The Company expects to re-pay the Loan on or before the Maturity Date.