Akanda Corp. (NASDAQ: AKAN), an international medical cannabis company, commenced trading on The Nasdaq Capital Market under the ticker symbol “AKAN.” Out of the gate, shares of AKAN are already up 265% to $14.63. The news has also been substantial for $14 million Halo Collective Inc. (NEO: HALO) (OTCQB: HCANF), which holds a 44% stake in Akanda Corp.
“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, Chief Executive Officer of Akanda. “Now, with new capital and increasing patient access across the UK and Europe, we believe 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 what we view as strong ethics and business practices.” In addition to Akanda Corp. and Halo Collective, the news has been positive for Canopy Growth (TSX:WEED)(NASDAQ:CGC), Tilray Inc. (NASDAQ:TLRY) (TSX:TLRY), and OrganiGram Holdings (NASDAQ:OGI)(TSX:OGI), as well.
Here’s More Information on the IPO from Halo Collective.
Halo Collective Inc. congratulates Akanda Corp. on the pricing of its initial public offering of 4,000,000 common shares at a price of $4.00 per share to the public for a total of $16,000,000 of gross proceeds to Akanda. prior to deducting underwriting discounts, commissions, and other Offering expenses.
All of the common shares in the Offering by Akanda. Akanda intends to use the proceeds primarily for property, plant and equipment, operations, working capital, and general corporate purposes. Akanda has received approval to list its common shares on The Nasdaq Capital Market, with its common shares expected to begin trading on March 15, 2022, under the symbol “AKAN.” The Offering is expected to close on March 17, 2022, subject to customary closing conditions. Halo is Akanda’s largest shareholder owning 12,674,957 common shares, representing approximately 44% of issued and outstanding proforma common shares post-closing of the Offering.
“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,” commented Kiran Sidhu, Halo’s Chief Executive Officer. “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.”
Other related developments from around the markets include:
Canopy Growth announced their participation in Natural Products Expo West 2022. Serving as a Silver Sponsor of the Expo, Canopy Growth’s CBD brands, including Martha Stewart CBD and Quatreau, will be on display from March 8-12 in Anaheim, CA. Canopy Growth will also host an industry panel at the show on Thursday, March 10 titled Cannabis Evolution: The Latest Innovations and Trends in CBD and Wellness. With consumers increasingly reaching for CBD products to support wellness, show attendees are invited to join Sol Clahane, Vice President and General Manager for the U.S. Region at Canopy Growth, CJ Rapp, CEO of Karma Culture, the manufacturer of Karma CBD Water, and Jonathan Small, Editor-in-Chief of Green Entrepreneur, for a lively conversation that unpacks CBD wellness trends and highlights innovations powering the CBD space.
Tilray Inc. announced proposed agreements for a commercial and financial partnership with HEXO Corp. that would bring together Canada’s top two cannabis market share leaders, strengthening their respective positions and setting the stage for increased production efficiencies amid competitive market dynamics. Under the terms of the proposed agreement, Tilray Brands would acquire up to US$211 million of senior secured convertible notes that were issued by HEXO and are currently held by funds affiliated with HT Investments MA LLC. The Notes would be amended to permit Tilray Brands to exercise conversion rights at a price of C$0.90 per HEXO Share and acquire a significant equity ownership position in HEXO, driving meaningful, additional upside and direct participation in HEXO’s considerable growth opportunities.
OrganiGram Holdings announced its results for the first quarter ended November 30, 2021. “Our record-breaking results in the first quarter of Fiscal 2022 are a testament to our successful strategy to create innovative, high-quality products that align with the evolving preferences of the various segments of cannabis consumers,” said Beena Goldenberg. “Our positive outlook for 2022 is further bolstered by the addition of Laurentian’s premium products to our portfolio, with an increased presence in Quebec and the resumption of international sales, which will continue through the year.”
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