Akanda (NASDAQ:AKAN) stock is heading higher on Friday despite the cannabis company getting a non-compliance notice from the Nasdaq Exchange.
The issue here is AKAN stock not meeting the minimum stockholders’ equity requirement to remain on the Nasdaq Exchange. This requires a minimum stockholders’ equity of $2.5 million. Akanda’s was -$3,828,892 in its latest filing.
The Nasdaq Exchange is giving Akanda 45 calendar days, or until June 28, 2024, to submit a plan to regain compliance. If it does so, it may be eligible for a 180-day extension. The company intends to submit such a plant to the exchange.
It’s also worth mentioning that cannabis stocks are getting a boost from recent legal news. That includes the Department of Justice moving to reclassify marijuana as a less dangerous drug. This has investors in cannabis stocks celebrating.
AKAN Stock Movement on Friday
With today’s news comes heavy trading of AKAN stock. That has more than 58 million shares of the stock on the move as of this writing. That’s well above its daily average trading volume of about 11 million shares.
AKAN stock is up 164.2% as of Friday morning. However, shares were down 69.8% year-to-date when markets closed yesterday.
There are plenty of other stock market stories traders will want to read about today!
Fortunately, we have all of them ready to go with our stock market coverage for Friday! Among that is what has shares of Fangdd Network (NASDAQ:DUO) stock up, the biggest pre-market stock movers this morning and more. All of that info is available at the links below!
More Friday Stock Market News
- Why Is Fangdd Network (DUO) Stock Up 288% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
- The Dow Just Hit 40,000 for the First Time. Will the Rally Continue?
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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.
