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Why Is Akanda (AKAN) Stock Up 114% Today?


  • Akanda (AKAN) stock is rising after filing its annual report.
  • This comes after it warned the filing would be late.
  • With this news comes heavy trading of the cannabis company’s shares.
AKAN Stock - Why Is Akanda (AKAN) Stock Up 114% Today?

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Akanda (NASDAQ:AKAN) stock is on the rise Wednesday after the cannabis company released its annual report.

Akanda originally filed a notice with the Securities and Exchange Commission (SEC) yesterday noting that it would be late in filing its annual report. However, it then filed its Form 20-F later that day.

Investors are reacting well to the filing, which has resulted in AKN stock rising today. This also comes alongside heavy trading of the shares. As of this writing, more than 8.8 million shares of the company’s stock have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 290,000 shares.

It’s worth pointing out that AKAN is a penny stock. That means volatility is a strong concern for investors in the shares. This also means investors may want to be careful about taking a stake in the company with today’s rally.

What to Know About AKAN Stock

Akanda is a cannabis company that was founded in 2021 and operates out of the U.K. The company’s focus is on creating a supply chain that provides cannabis seeds to patients in the U.K. and Europe. It went public in March 2022 through a $16 million initial public offering (IPO).

AKAN stock is up 114.4% as of Wednesday morning.

There’s plenty more stock market news traders will want to know about on Wednesday below!

We’ve got all of the latest stock market news worth reading about today! Among that is what has shares of Aptorum (NASDAQ:APM) stock up, the biggest pre-market stock movers this morning, and more. You can check out all of this news at the following links!

More Wednesday Stock Market News

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Read More:Penny Stocks — How to Profit Without Getting Scammed

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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/05/why-is-akanda-akan-stock-up-114-today/.

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