Akanda shares once jumped 650% in its trading debut.
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.
“Becoming the first UK cannabis company with African operations to list on the Nasdaq is an important milestone for our Company and the industry,” said Tej Virk, CEO of Akanda. “Now, with new capital and increasing patient access across the UK and Europe, Akanda is well-positioned to continue on its mission of helping people lead better lives through high-quality and affordable products. We are building a unique seed-to-patient model, focused on growing, moving and healing, with a foundation rooted in the highest ethics and business practices.”