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.
"Akanda (AKAN) is one of the leading international medical cannabis companies with a unique seed-to-patient business model,” said Tej Virk, CEO and Director of Akanda. “In the UK, we are building out our network of pharmacies, clinicians and other innovative channels as we seek to democratize access to medical cannabis for patients throughout the United Kingdom. In Lesotho, we are putting the finishing touches on a cultivation expansion project which is expected to be completed over the coming months. And we’re establishing a world class team. We also have plans to connect other elements of the international cannabis supply chain at an exciting time when, we believe, the European markets are showing increasingly promising indicators that positive regulatory change is coming.”
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.
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