Akanda CEO Tej Virk Quits Over Canmart Cash Row
After almost two months of being on paid leave pending an internal investigation, Akanda’s CEO Tej Virk has handed in his resignation, accusing the company of breaching a service level agreement. Akanda disputes this and has not accepted his resignation pending the outcome of an inquiry relating to CanMart.
Akanda released a statement on 7 February 2023 saying it had been notified four days earlier that Tejinder Virk had resigned. It said this “was a result of disagreement with the company regarding contractual obligations owed pursuant to the Service Agreement dated June 2, 2021 (the “Service Agreement”) between Mr. Virk, Halo Labs Inc., as guarantor, and Canmart Limited, a subsidiary of the Company (“Canmart”)”
Virk believes that the company breached the agreement by failing to pay him “monies and benefits owed”. The exact amount being sought is not public knowledge at this stage.
Akanda says it “wholeheartedly disputes Mr. Virk’s interpretation of the Service Agreement and, while it has not accepted his resignation pending a legal review and Canmart’s completion of the independent investigation announced on December 21, 2022”
However, the company says it “actively searching for a candidate to succeed Mr. Virk as Chief Executive Officer and Executive Director. Executive Director Katie Field has assumed his duties in the interim”.