Why Is Akanda (AKAN) Stock Up 31% Today?

  • Akanda (AKAN) stock continues to rise after a rally yesterday.
  • This follows an update from the U.S. Food and Drug Administration (FDA).
  • The agency is looking to change the framework around cannabidiol (CBD).
AKAN Stock - Why Is Akanda (AKAN) Stock Up 31% Today?

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Akanda (NASDAQ:AKAN) stock is on the rise Friday as the company’s shares continue a rally that started yesterday.

That rally was kicked off by an update from the U.S. Food and Drug Administration (FDA). The agency called for a change to the framework surrounding cannabidiol (CBD). This could see updates to the legal standing of CBD that might benefit AKAN stock and other companies in the business.

When that news broke yesterday, it sent shares of AKAN stock soaring up to 200% higher. However, the stock didn’t remain that high. Instead, it closed out Thursday with shares up 47.4%.

Trading was also heavy that day with some 130 million shares on the move. That’s a massive surge in trading volume compared to the CBD company’s daily average of 3 million shares.

How AKAN Stock Is Moving on Friday

With the rally continuing, shares of AKAN stock are continuing to see heavy trading volume today, though not nearly as much as yesterday. As of this writing, more than 10 million shares of the stock have been traded.

AKAN stock is up 31% in pre-market trading on Friday. The company’s stock is also up 86.7% since the start of the year.

Investors seeking out more of the latest stock market news will want to keep reading!

We’ve got all of the hottest stock market news traders need to know about on Friday! Among that is what has shares of Redhill Biopharma (NASDAQ:RDHL) stock rising, this morning’s biggest pre-market stock movers, and more. You can check out all that news at the links below!

More Friday Stock Market News

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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