Cannabis company Akanda stock rallies for second day, up 218% from IPO price

Cannabis company Akanda (NASDAQ:AKAN) shares rallied for the second day following its initial public offering, with the stock trading 218% higher than its market debut price of $4 per share.

Shares of Akanda last changed hands at $12.70, up 21%, at approximately 12:20 p.m. ET. The stock opened at $12.98 and hit $19.90 before falling to $12 and then moving higher.

Akanda shares made their market debut on Monday, closing at $10.50, up 163% from its IPO price of $4 per share. The company sold 4M shares to raise $16M.

Akanda operates a cannabis cultivation and processing facility in Lesotho through its subsidiary Bophelo. The company also owns CanMart, a medical cannabis products importer and distributor based in the UK.

For a more in-depth look at Akanda, check out SA contributor Donovan Jones’s “Akanda Readies $20M US IPO”.