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Medical cannabis supplier Akanda (AKAN) saw its stock soar during its first day as a publicly traded company following a $16M initial public offering on Nasdaq.
Shares of the cannabis grower and distributor last changed hands at $17.99, up $350% from its IPO price of $4 per share, at approximately 10:30 a.m. ET. The stock opened at $30 and hit $31 before moving lower.
Akanda priced 4M shares at $4 per share, raising approximately $16M. The company said in a filing in February that it planned to grant underwriters a 45-day option to buy up to 600K additional shares at the public price.
Incorporated in Canada and based in the UK, Akanda operates a cannabis cultivation and processing facility in Lesotho through a wholly owned subsidiary called Bophelo. The company also owns CanMart, a UK-based medical cannabis products importer and distributor.
For a more in-depth look at Akanda, check out SA contributor Donovan Jones’s “Akanda Readies $20M US IPO”.
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