AKANNasdaqCommunications Services, NECUS GAAP · USD

Akanda Corp

Akanda Corp. is a U.S.-listed holding company with operating interests in cannabis cultivation and wellness products in Canada and telecommunications infrastructure in Mexico through First Towers & Fiber Corp. Its business combines plant-based consumer products with fiber-optic and tower infrastructure assets that support connectivity networks in Latin America.

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Revenue0.3m USD
−69.2 %y/y
Operating profit (EBIT)-5.0m USD
−13.7 %y/y
EBIT margin-1,931.0%
−1,407.2 ppy/y
Net income-45.7m USD
−1,014.6 %y/y
Free cash flow-8.0m USD
−31.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-25-20-15-10-505m USD20202021: 0.04 m USD2021: EBIT -6.8 m USD20212022: 2.6 m USD2022: EBIT -20 m USD20222023: 2.2 m USD2023: EBIT -10 m USD20232024: 0.84 m USD2024: EBIT -4.4 m USD20242025: 0.26 m USD2025: EBIT -5.0 m USD20250.26-5.0
RevenueOperating profit (EBIT)
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Business

Share of revenue
Cannabis cultivation and wellness35 %

Production and distribution of cannabis and wellness products through Canadian operations.

Dark fiber leasing45 %

Long-term leasing of fiber optic capacity to enterprise and carrier customers in Mexico.

Tower development20 %

Development of cellular tower infrastructure for mobile network coverage and expansion.

Customers

Akanda sells cannabis and wellness products to consumers, with distribution tied to regulated cannabis markets in Canada and related wellness channels. Through First Towers & Fiber, it serves enterprise customers, national carriers, and technology providers that need long-term connectivity infrastructure and network capacity in Mexico.

Cannabis consumers

Buy cultivated cannabis and wellness products for regulated consumer use and wellness applications.

Enterprise fiber customers

Lease dark fiber capacity under master lease and IRU structures for predictable network access.

Mobile network operators

Use tower and fiber assets to expand coverage and backhaul capacity across Mexico.

Technology and infrastructure partners

Work with FTF to deploy and monetize telecom assets in underserved corridors.

Strategy

Akanda’s strategy is to pair long-duration infrastructure contracts with asset expansion in Mexico, using dark fiber and tower buildout to create recurring cash flow. It also keeps a cannabis operating platform in Canada, giving the group exposure to regulated consumer products alongside digital infrastructure.

Expand Mexican fiber and tower assetsShort term

More network mileage and towers increase addressable customer coverage and revenue capacity.

Lock in long-term contracted cash flowShort term

IRUs and master lease structures improve visibility and reduce reliance on spot demand.

Scale a telecom infrastructure platformMedium term

Management is positioning FTF as a broader digital infrastructure business across Latin America.

Geography

The company is headquartered in the United States but its operating footprint is centered in Canada and Mexico. Cannabis activities are tied to Canadian operations, while First Towers & Fiber operates a growing fiber and tower platform across Central Mexico, with expansion potential into other Latin American markets.

Risks

Akanda faces execution risk from integrating and scaling its telecom infrastructure business alongside its cannabis operations, both of which operate in regulated and competitive markets. The company also faces financing, listing-compliance, and leverage-related risks, while its Mexico exposure ties performance to local demand, permitting, and customer adoption of fiber and tower assets.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Nasdaq listing noncompliance1Capital raising and debt burden2Execution risk on infrastructure expansion3Regulatory and legal risk4Customer and contract concentration5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Nasdaq listing noncomplianceImpact: HighLikelihood: High

    Failure to file required reports can trigger delisting risk and reduce market access.

    Exposure: U.S. public listing

  2. Capital raising and debt burdenImpact: HighLikelihood: High

    The company states it may need equity or debt capital while also managing significant liabilities.

    Exposure: Corporate funding and liquidity

  3. Execution risk on infrastructure expansionImpact: HighLikelihood: Medium

    Fiber and tower projects require permits, buildout discipline, and customer adoption to monetize.

    Exposure: Mexico telecom assets

  4. Regulatory and legal riskImpact: MediumLikelihood: Medium

    Cannabis and telecom assets are both subject to licensing, market, and legal constraints.

    Exposure: Canada and Mexico operations

  5. Customer and contract concentrationImpact: MediumLikelihood: Medium

    IRU and master lease revenues depend on a relatively small base of enterprise users.

    Exposure: Dark fiber network

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Accounting

Judgemental items
IRU and lease accounting

Long-term capacity agreements can affect when revenue is recognized and how deferred income is presented.

Impact: Reported revenue and contract liabilities

Long-lived asset impairment

Fiber, tower, and cannabis assets require judgment on recoverability if utilization or market demand disappoints.

Impact: Asset carrying values and earnings

Fair value of acquisitions

Any acquired telecom assets or subsidiaries may require allocation of purchase price to intangibles and equipment.

Impact: Goodwill, intangibles, and depreciation

Reverse stock split presentation

The 1-for-4.5 reverse split affects share counts and per-share comparability.

Impact: Earnings per share and equity presentation

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Last updated: 28/09/2026