A cannabis company with primary operations in the U.K. and Lesotho, Akanda Corp. (Nasdaq: AKAN), came out swinging on its first day on one of the world’s most popular stock markets.
At the end of Tuesday, the company’s common shares closed their first day of trading at US$10.50, with a high of US$31.00 and a low of US$8.18 on a volume of 1.4 million shares.
On Monday, Akanda priced its underwritten public offering of 4 million common shares at US$4.00 per share. Gross proceeds from that offering were US$16 million before expenses.
U.S. multistate operator Halo Collective Inc. (NEO: HALO) (OTCQB: HCANF) (Germany: A9KN), the largest shareholder in Akanda, says it’s entered into a lockup deal to not sell any related securities for 270 days.
Through its CanMart business, Akanda is a licensed importer and distributor of cannabis in the U.K., supplying pharmacies and clinics in the country.
The firm also owns Bophelo Biosciences and Wellness, a Good Agricultural and Collection Practices-certified cultivation outfit in Lesotho.
Akanda says a cornerstone to its value system is a commitment to using its operations as a force for sustainability and social good.
“Akanda will seek to deliver on this promise by driving positive change in wellness, empowering individuals in Lesotho, and by uplifting the quality of the lives of employees and the local communities where it operates — while limiting its carbon footprint,” reads a statement.
The company says adhering to environmental, social and governance best practices and disclosure standards is among its highest priorities.
Stock was up around 2 per cent Wednesday to around US$10.69 on the Nasdaq.