International medical cannabis firm Akanda Corp. (Nasdaq: AKAN) goes public today on the Nasdaq Capital Market. The firm priced its initial public offering, targeting to raise US$16.0 million.
The offering will consist of 4.0 million common shares priced at US$4.00 per share. The shares are expected to trade on the Nasdaq big board under the symbol “AKAN”.
The proceeds from the offering are intended primarily for property, plant and equipment, operations, working capital, and general corporate purposes.
The offering is expected to close on March 17, 2022, subject to customary closing conditions.
The cannabis firm was initially formed when Halo Collective Inc. (NEO: HALO) reorganized its non-US assets, Bophelo Bioscience & Wellness and Canmart. Akanda Executive Chairman Louisa Mojela previously served as the chairman of Halo Collective’s board prior to the reorganization.
Akanda then bought 100% of Bophelo and Canmart assets from Halo Collective in November 2021. Halo Collective stands as Akanda’s largest shareholder, owning 44% equity.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.