Posted in Cannabis Stocks

Cannabis cultivator Akanda stock craters for second day; shares sink 30%

 Posted by  Posted on May 10, 2022
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Cannabis cultivator Akanda (AKAN) stock plunged for the second day, with shares sinking 30% in early trading Tuesday.

Shares of AKAN opened at $1.97, reaching a high of $2.02 before sliding. The stock recently changed hands at $1.60, down 30%, at approximately 10:45 a.m. ET.

The stock cratered 75% during Monday’s session to close at $2.29 amid no apparent news or press release. AKAN held its initial public offering on March 15, raising $16M after offering 4M shares for $4 apiece.

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

Last month, the cannabis company agreed to buy Portugal-based Holigen Holdings, a unit of fellow cannabis cultivator Flowr (OTCPK:FLWPF), for approximately $35M.

Author: CSN