付録4.1

株予約権の事前資金化の形式 普通株式の購入に関する株予約権 AKANDA CORP.の普通株式の購入のための株予約権。この株予約権は、加入金を受け取ったことについて、__________ 、またはその譲渡先（以下「保有者」といいます）は、本日（「初回行使日」）またはその後のいつでも、株予約権の行使に関する制限および以下に記載される条件に従って、このWarrantがすべて行使されるまで、つまり「終了日」に、Akanda Corp.、カナダの法人（「会社」）から、株式調整を受けず、株券一枚あたりの購入価格である行使価格（2(b)条で定義される）で最大 __________ 株の普通株式（修正後の株券である「株券株式」）を申し込んで、購入することができます。
普通株を購入する
AKANDA社

この株式を購入するための予め資金提供されたワラント（以下「ウォッカント」）は、価値の対価として、[_____]またはその譲渡先（以下「所有者」）に、ここに記載された条件と行使の制限の下で、 本日付（以下「「初期行使日」とは、オリジナルの発行日から45日後です。このワラントが全額行使されるまで（以下、「終了日しかし、以降は、カナダの法人であるAkanda corpから購読し、購入することができます。 ビジネス法人法(オンタリオ州)（以下、"法令"） の最大[___]株式、株式1株当たりの金額なしの株式（以下、"株式"）会社ここで調整の対象となる株式普通株式 行使可能になる上場株式購入証（「Warrant Shares」）としての普通株式14,800,000株（「Warrant Shares」）このワラントの下での1株の普通株式の購入価格は、第2(b)項で定義される権利行使価格に等しい。

セクション1. 定義このワラントにおいて他の場所で定義されている用語に加えて、次の用語はこの第1条で示された意味を持ちます:

“関係会社「その他の関係者」とは、証券法の規則405の適用および解釈に従って解釈されるように、一人または複数の書面を通じて直接または間接的に支配し、または支配されたり、共通の支配下に置かれたりする場合に、何らかの人物を意味します。

“買気配価格「」は、任意の日付において、次の適用される条項のうち、最初に当てはまるものによって決定される価格を意味します：(a) もし共通株式が取引市場に上場されている場合、当該時点でのCommon Sharesの買気配価格(または最も近い先行日)を報告したBloombergによる取引市場において報告された価格(ニューヨーク時間の9:30 a.m.(ニューヨーク時間)から4:02 p.m.(ニューヨーク時間)まで)、(b) OTCQbまたはOTCQXが取引市場でない場合、その日のCommon SharesのVWAP(または最も近い先行日)を該当日のOTCQbまたはOTCQXで適用される場合、(c) Common Sharesが当時OTCQbまたはOTCQXに上場または取引価格が報告されておらず、Common Sharesの価格がThe Pink Open Market(またはその機能を引き継いだ類似の組織または機関によって報告されている場合、Common Sharesの最新の株価買気配、または(d) その他の場合は、当時のSecuritiesの過半数を購入者が選択し、会社が合理的に受け入れ可能と判断する独立の査定人によって決定されるCommon Sharesの株価の公正市場価値、その費用と経費は会社が支払う。

“営業日「銀行」とは、商業銀行がニューヨーク市で営業を停止することが法律で許可または義務付けられた土曜日、日曜日、またはその他の日以外の任意の日を指します。 提供する, 、証券法1933年に基づく何らかの責任を決定するためには、登録声明書またはその一部である目論見書、または登録声明書またはその一部である文書に記載された記載事項は、当該有効期間以前に直前に開示された内容を更新または変更するものではない。明確化のために、商業銀行は「自宅待機」「避難所」「非必要な従業員」またはいかなる類似する命令や制限、または政府機関の指示により、物理的な支店の閉鎖を余儀なくされることはないと見なされません。 商業銀行の電子送金システム（ワイヤ転送を含む）がニューヨーク市で一般的に顧客の利用が可能である限り、商業銀行は閉鎖されることはありません。

“委員会「SEC」とは、アメリカ合衆国証券取引委員会を意味します。

“普通株式「株」とは、会社の普通株式であり、面額のない株式であり、その他の証券のクラスに再分類または変更される可能性があります。

“一般 シェア相当額「」とは、その時々で一般株式を取得する権利を有する会社または子会社の有価証券全般を意味し、債務、优先股、権利、オプション、ワラントその他、その時々で一般株式に換金または行使または交換可能またはその他の権利を与える金融商品を、これに限定せず、含みます。

“取引所法「『取引所』とは、1934年改正証券取引法及びその下で制定された規則および規定を指します。」

“人物「個人または法人、パートナーシップ、信託、法人または非法人団体、合弁会社、有限責任会社、株式会社、政府（またはその機関または支部）、その他のあらゆる種類の実体」を指します。

“登録 声明書「”」とは、会社の登録声明書（フォームF-1、ファイル番号333-281945）を意味します。

“証券法「」は、修正された1933年の証券法およびその下で制定された規則と規制を意味します。

“子会社「」は、(i)その第一身元の者によって直接または間接的に有利株を所有されるか、あるいはその他によって制御される者の選挙権の過半数、または(ii) 選挙権または所有権の利益について十分な量の投票権または所有権の利益を持ち、その他の者がビジネスと事業の指揮に責任を持つ取締役(または同様の者)の過半数を選出できる場合、その第一身元の者によって直接または間接的に有利株を所有されるか、またはその他によって制御されることが定義される。「子会社」とは、当該会社の子会社を意味し、該当する場合には、ここに記載の日付以降に形成された直接または間接の子会社を含むものとします。

“取引日「‟」は、Trading Market で一般株式が取引される日を指します。

“取引所「市場」は、当該日の取引が行われている以下の市場や取引所のいずれかを指します：nyse American、ナスダック・キャピタル市場、ナスダック・グローバル市場、ナスダック・グローバルセレクト市場、またはニューヨーク証券取引所（またはこれらの後継者）。

“譲渡代理人「"」は、会社の現在の譲渡代理店であるVstock Transfer, LLCを指し、18 Lafayette Pl, Woodmere, NY 11598に郵送することを意味し、会社の任意の後継譲渡代理店を指します。

“アンダーライティング契約「」は、2024年10月2日付けの会社と代表としてUnivest Securities、LLCとの間で締結された引受契約を意味し、その後にその条件に従って修正、変更、または追加されたもの。

“：ナスダックの30日出来高加重平均取引価格に等しい定められた価格でSnow Lakeの株式をMancoに割り当て、発行することにより、有効日にMancoに合計500,000の株式を割り当て、発行します。日”は、任意の日付に対して、適用される次の条件の最初の条件によって決定される価格を意味します：(a) もし共有が営業市場にリストされているか引用されている場合、その日付の共有の日次出来高加重平均価格（または最も近い前日）がリストされている取引市場で共有が引用されているBloombergによって報告された取引市場での共有の価格に基づいて（ニューヨーク市時間午前9時30分から午後4時2分（ニューヨーク市時間）の取引日に基づく）、(b) OTCQbまたはOTCQXが営業市場でない場合、その日付の共有の出来高加重平均価格（または最も近い前日）が該当日のOTCQbまたはOTCQXである場合、(c) 共有がその時点でOTCQbまたはOTCQXで取引市場にリストされておらず、共有の価格がその後The Pink Open Market（またはこれに続く類似の組織または機関が価格の報告を続けてきた場合）で報告される場合、その報告されたCommon Shareあたりの最近の買気配価格、または(d) その他の場合、営業中の価格の大部分を取得する購入者によって営業中の証券の株式の公正な市場価値として選ばれた善意を持って会社に合理的に受け入れられた独立鑑定人によって決定されるCommon Shareの価値であり、その料金および経費は会社が支払うものとします。

“warrants「 」とは、会社が登録声明に基づき発行したこの認証およびその他の普通株式購入ワラントを意味します。

セクション2. エクササイズ.

(a) 権利行使 このワラントによって表される購入権の権利行使は、権利行使日以降、またはそれ以降、適用される終了日まで、いつでも全部または一部を、電子メールで会社に正式に申し出られた権利行使通知書のPDFコピーの提出によって行うことができる。権利行使通知書の形式は、付随する形式に添付されている。 同意書「第3合同計画」とも「翻弄の行使」に関する規定です。）。権利行使後の期間、すなわち( i ) 2営業日を超えない期間、または( ii ) 当該権利行使日を起算日として、本文書のセクション2(d)(i)で定義された標準決済期間に該当する営業日数の期間の経過前に、株主は該当する権利行使通知書に指定されたワラント株の総権利行使価格を、米国の銀行が引き換えにワイヤー送金またはキャッシャー小切手で支払わなければならない。現金なし権利行使手続きが当該権利行使通知書に定められている場合を除き、必要とされるインク正本の権利行使通知書も必要とされないし、(またはその他のタイプの保証または公証) はいかなる権利行使通知書に対しても不要である。本文書のいかなる条項に反する内容があろうとも、株主は、ワラント株の全額を購入し、ワラントが完全に行使された時点で、株主は、最終的な権利行使通知書が会社に提出された日から3営業日以内に、本ワラントを会社に取消しのため引き渡すまで、このワラントを会社に身体的に引き渡す必要がないことになる。ここで購入されるワラント株の合計数を減少させる部分的な権利行使は、これに関連する部分的な権利行使に伴って購入された適用されるワラント株の数に等しいワラント株の数で、ここで購入可能なワラント株の未払いの数を減らす効果がある。株主と会社は、購入されたワラント株の数とその購入日を示す記録を維持しなければならない。会社は、早い者勝ち方式によって目的の権利行使通知書が受領された後1営業日以内に、いかなる権利行使通知についても異議を述べるべきである。前述の事項にかかわらず、初回権利行使日の午前9:00(ニューヨーク市時間)までに、すべての領収書に関して履行契約の締結時間の後、提出可能な権利行使通知に関して、会社は、初回権利行使日の午後4:00(ニューヨーク市時間)までに、当該通知に応じてのワラント株を提供し、または提供するように合意する。初回権利行使日は、当該事項の目的たるワラント株引き渡し日とされるが、当該ワラント株引き渡し日に全体の権利行使価格の支払い(現金なし権利行使の場合を除く)が受領されるまでの途中で、どの日未」となっています。 本領収書の受領者および譲受人は、このワラントを受け入れることにより、本段落の規定に基づき、ここでのワラント株式の一部の購入後、いつでもここで購入可能なワラント株式の数量が、ここに記載されている金額よりも少なくなることを認識し同意することを認める。 疑いの余地なく、会社がワラントを現金決済することを求める状況はありません。

(b) Exercise Price. The aggregate exercise price of this Warrant, except for a nominal exercise price of $0.0001 per Warrant Share, was pre-funded to the Company on or prior to the Initial Exercise Date and, consequently, no additional consideration (other than the nominal exercise price of $0.0001 per Warrant Share) shall be required to be paid by the Holder to any Person to effect any exercise of this Warrant. The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid aggregate exercise price under any circumstance or for any reason whatsoever, including in the event this Warrant shall not have been exercised prior to the Termination Date. The remaining unpaid exercise price per Warrant Share under this Warrant shall be $0.0001, subject to adjustment hereunder (the “Exercise Price”).

(c) Cashless Exercise. Notwithstanding anything to the contrary set forth herein, if at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of, the Warrant Shares to the Holder, then this Warrant may only be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

(A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Shares on the principal Trading Market as reported by Bloomberg L.P. (“Bloomberg”) as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

(B) = the Exercise Price, as adjusted hereunder; and

(X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 2(c).

(d) Mechanics of Exercise.

i. Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to, or resale of, the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of the Warrant Shares, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares set forth in the Notice of Exercise to the address specified by the Holder in such Notice of Exercise by the date that is the earliest of (i) three (3) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company, and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) three (3) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder in cash for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after the Warrant Share Delivery Date) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent (the “Transfer Agent”) that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise.

ii. 新しい warrants の納品 行使後. この Warrant が部分的に行使された場合、会社は、保有者の要請に応じて、この Warrant 証明書を返納し、Warrant Shares の納品時に、この Warrant によって要求された未購入の Warrant Shares を購入する権利を保有者に証明する新しい Warrant を提供しなければならず、この新しい Warrant はその他すべての点でこの Warrant と同一である。

iii. 取消権権利行使日に関連する権利行使を除き、会社がウォラント株式を譲渡代理人に送信させない場合、株主はウォラント株式配信日までにセクション2(d)(i)に基づいてウォラント株式を受領する権利を有しないことになります。その場合、株主はその権利行使を取り消す権利を有します。

iv. バイインに対する報酬 行使時にワラント株式を適時に引き渡せなかったことについて。所有者が利用できるその他の権利に加えて、もし会社が 譲渡代理人に上記のセクション2（d）（i）の規定に従ってワラント株式を保有者に譲渡させない ワラント・シェアの引き渡し日またはそれ以前の行使によるもので、その日以降に所有者がブローカーから購入を求められた場合は （公開市場取引であろうとなかろうと）または所有者の証券会社が、満足して提供するために普通株式を購入します 所有者がそのような行使により受け取ると予想していた新株予約権の保有者による売却について（a」バイイン」)、 その場合、会社は（A）保有者の購入金額の合計（以下を含む）を足した金額（ある場合）を現金で保有者に支払うものとします そのように購入したワラント株式の仲介手数料（もしあれば）が、ワラント数に（1）を掛けた金額を超えています 発行時の行使に関連して会社が保有者に引き渡す必要があった株式（2）は そのような購入義務を生む売り注文が執行され、(B) 所有者の選択により、以下の部分を復活させるか 当該行使が履行されなかったワラントおよび同等の数のワラント株式（この場合、当該行使はみなされます） 廃止）または会社がその行使を適時に遵守していれば発行されていたであろう数の普通株式を保有者に引き渡します および本契約に基づく配送義務。たとえば、所有者が合計購入価格が11,000ドルの普通株式を購入した場合 売却価格の合計が10,000ドルで、ワラントの行使を試みたことに関する賛同です。 直前の文の（A）項に基づき、会社は保有者に1,000ドルを支払う必要があります。所有者は提供するものとします バイインに関して所有者に支払うべき金額と、会社の要求に応じて証拠を示す会社の書面による通知です そのような損失の額に関しては、会社にとっては満足のいくものです。ここに記載されている内容は、所有者が他のものを追求する権利を制限するものではありません 本契約に基づく、法律上、または衡平法において利用できる救済策（特定履行命令および/または差止命令を含むがこれらに限定されない） 当社がワラントの行使時に必要に応じてワラント株式を適時に引き渡さなかったことに関する救済 本契約の条件へ。

v. 単位未満株や スクリップはありません. このワラントの行使により、単位未満のワラント株式や単位未満のワラント株を代表するスクリップは出されません。かかる行使により、保有者が購入する権利があるワラント株の分数がある場合、会社はその単位未満のワラント株の発行の代わりに、次の整数のワラント株に四捨五入します。

vi. 料金、税金、経費。 新株予約権の発行と引き渡しは、発行、譲渡税、その他の付随的費用をかけずに保有者に無料で行われるものとします そのようなワラント株の発行に関する費用（税金と費用はすべて会社が支払うものとします）、およびそのようなワラントの発行に関する費用 株式は、所有者の名前、または所有者が指示する1つまたは複数の名前で発行されるものとします。ただし、その場合は 新株予約権が保有者の名前以外の名前で発行される場合は、行使通知を添付しなければなりません ここに添付されている課題フォームで 別紙B、保有者が正式に執行し、会社が条件として要求する場合があります それに、それに付随する譲渡税を払い戻すのに十分な金額の支払いと本ワラントは放棄されるものとします 当社に、そして本ワラントの一部が行使されないままの場合は、本書形式の新しいワラントが譲受人に引き渡されるものとします。 会社は、行使通知の当日処理に必要なすべての譲渡代理手数料とすべての手数料を預託機関に支払うものとします 同日の電子配信に必要な信託会社（または同様の機能を果たす別の設立された清算会社） ワラント株式。

vii. Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

(e) Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise all or any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance upon exercise as set forth on the applicable Notice of Exercise, the Holder (together with (i) the Holder’s Affiliates, (ii) any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates, and (iii) any other Persons whose beneficial ownership of the Common Shares would or could be aggregated with the Holder’s for the purposes of Section 13(d) (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of Common Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Common Shares issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of the Warrant Shares which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding Common Shares, a Holder may rely on the number of outstanding Common Shares as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of Common Shares outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of Common Shares then outstanding. In any case, the number of outstanding Common Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding Common Shares was reported. The “Beneficial Ownership Limitation” shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of Common Shares outstanding immediately after giving effect to the issuance of Warrant Shares issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Common Shares outstanding immediately after giving effect to the issuance of Warrant Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. If the Warrant is unexercisable as a result of the Holder’s Beneficial Ownership Limitation, no alternate consideration is owed to the Holder.

Section 3. Certain Adjustments.

(a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on Common Shares or any other equity or equity equivalent securities payable in Common Shares (which, for avoidance of doubt, shall not include any Warrant Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding Common Shares into a smaller number of shares, or (iv) issues by reclassification of Common Shares any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Common Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant remains unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or reclassification.

(b) [RESERVED]

(c) Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Share Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Common Share (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Shares are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Common Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

(d) Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Common Shares, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Common Shares are to be determined for the participation in such Distribution (provided, however, that, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Common Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

(e) Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (or any Subsidiary), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of the Company’s assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of more than 50% of the outstanding Common Shares of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Shares or any compulsory share exchange pursuant to which the Common Shares are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Common Shares of the Company (not including any Common Shares held by the other Person or Persons making or party to, or associated or affiliated with the other Persons making or party two, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction (and in the same proportion), at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Common Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of Common Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Common Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Common Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Common Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

(f) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of one Common Share, as the case may be. For purposes of this Section 3, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Common Shares (excluding treasury shares, if any) issued and outstanding.

(g) Notice to Holder.

i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

ii. Notice to Allow Exercise by Holder. If (A) the Company declares a dividend (or any other distribution in whatever form) on the Common Shares, (B) the Company declares a special nonrecurring cash dividend on or a redemption of the Common Shares, (C) the Company authorizes the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company is required in connection with a Fundamental Transaction, or (E) the Company authorizes the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Shares of record shall be entitled to exchange their Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report of Foreign Private Issuer on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

Section 4. Transfer of Warrant.

(a) Transferability. This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto as Exhibit B duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

(b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

(c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

Section 5. Miscellaneous.

(a) No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.

(b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

(c) Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Trading Day, then such action may be taken or such right may be exercised on the next succeeding Trading Day.

(d) Authorized Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Shares a sufficient number of shares to provide for the issuance of the Warrant Shares underlying this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued, and the Warrant Shares, delivered, as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Shares may be listed. The Company covenants that all Warrant Shares underlying this Warrant, which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Common Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Common Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

(e) Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

(f) Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and if the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

(g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant or the Underwriting Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

(h) Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company, at 1a, 1b Learoyd Road New Romney TN28 8XU, United Kingdom, Attention: Gurcharn Deol, email address: charn@akandacorp.com, or such other email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the e-mail address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 6-K.

(i) Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Share or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

(j) Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

(k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

(l) Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder or the beneficial owner of this Warrant, on the other hand.

(m) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

(n) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

(o) Currency. All dollar amounts referred to in this Warrant are in United States Dollars (“U.S. Dollars”). All amounts owing under this Warrant shall be paid in U.S. Dollars. All amounts denominated in other currencies shall be converted in the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange Rate” means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Warrant, the U.S. Dollar exchange rate as published in the Wall Street Journal (NY edition) on the relevant date of calculation.

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(Signature Page Follows)

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

EXHIBIT A

NOTICE OF EXERCISE

TO: AKANDA CORP.

(1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

(2) Payment shall take the form of (check applicable box):

☐ in lawful money of the United States; or

☐ if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

The Warrant Shares shall be delivered to the following DWAC Account Number:

EXHIBIT B

ASSIGNMENT FORM

(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

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