Akanda Corp (NASDAQ:AKAN) an international medical cannabis company, announced the pricing of its initial public offering of 4 million common shares at $4.00 per share to the public for a total of $16 million in gross proceeds to the Company, prior to deducting underwriting discounts, commissions, and other expenses.
Akanda recieved approval to list its common shares on the NASDAQ to begin trading on Tuesday under the symbol "AKAN."
“Becoming the first UK cannabis company with African operations to list on the Nasdaq is an important milestone for our Company and the industry,” said Tej Virk, CEO of Akanda. “Now, with new capital and increasing patient access across the UK and Europe, Akanda is well-positioned to continue on its mission of helping people lead better lives through high-quality and affordable products. We are building a unique seed-to-patient model, focused on growing, moving and healing, with a foundation rooted in the highest ethics and business practices.”
All of the common shares are being offered by Akanda, the proceeds of which the company intends to use primarily for property, plant and equipment, operations, working capital and general corporate purposes.
Akanda is building a seed-to-patient supply chain, connecting patients in the UK and Europe with diverse products including cannabis products cultivated at its competitively advantaged grow operation in the Kingdom of Lesotho and with other trusted third-party brands. Akanda’s initial portfolio includes Bophelo Bioscience & Wellness, a GACP qualified cultivation campus in Lesotho in Southern Africa, and CanMart, a UK-based fully licensed pharmaceutical importer and distributor, which supplies pharmacies and clinics within the UK.
