Pot is going public with the Akanda IPO.
Mario Cupkovic/Dreamstime.com
Akanda, a medical cannabis company, will list its shares Tuesday in the month’s first traditional initial public offering.
Late Monday, Akanda sold 4 million shares at its expected price of $4, a statement said. It will trade on the Nasdaq under the ticker AKAN. Boustead Securities is the underwriter on the deal.
The U.K. company is a provider of medical cannabis. Akanda plans to target the international medical cannabis market, which is estimated to be worth about $47 billion by 2027, the prospectus said, citing Emergen Research.
The company intends to connect patients in the U.K. and Europe with products that it cultivates from its facilities in the kingdom of Lesotho in Africa. Akanda has minimal revenue and isn’t profitable.
The Akanda IPO comes during a pause in the IPO market. New issues have largely gone on hold due to volatility caused by the war in Ukraine and inflation fears. Not including Akanda, only 21 companies have gone public using a traditional IPO this year, raising $2.3 billion, Dealogic said. Akanda had planned to list in February but pushed back its deal until Tuesday.
Write to Luisa Beltran at [email protected]
