Cannabis company Akanda secures $16 million in IPO to fund growth

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The medical cannabis-focused company is now available on NASDAQ

UK-based Akanda Corp, a company focused on the medical cannabis sector, had postponed its debut on the Nasdaq stock market, which was scheduled for February 25 and was expected to raise up to $16 million from the sale of 4 million shares. However, that action was finally completed. After raising the expected $16 million in proceeds from its initial public offering (IPO), it will now be able to begin trading on the Nasdaq.

According to the report, the lead underwriter for the offering, Boustead Securities LLC, will be raising capital for property, plant, and equipment and general corporate purposes as Akanda continues to build a strong and robust legal cannabis business in Europe and the UK.

Kiran Sidhu, the CEO of Akanda’s largest shareholder, Halo, stated, “Halo congratulates Louisa Mojela, Tej Virk, and the entire Akanda team on this milestone accomplishment. We believe Akanda will become the first exclusive African, British, or European plant-touching cannabis company to be listed on NASDAQ. We believe Akanda is well-positioned to be one of the world’s leading platforms for medical cannabis, just as several international countries, including Germany, are moving increasingly toward legalization. Halo is proud to be Akanda’s largest shareholder.”

Akanda currently has a portfolio that includes CanMart, a pharmaceutical importer and distributor in the UK, and Bophelo Bioscience and Wellness, a cultivation campus in the Kingdom of Lesotho.