Akanda, an UK-based cannabis producer with cultivation facilities in Southern Africa, raised $16 million by offering 4 million shares at $4, as expected.
Akanda cultivates, manufactures and distributes cannabis, with plans to supply medicinal-grade cannabis biomass, cannabis flower, and cannabis concentrates to wholesalers in international markets. Incorporated in Canada, headquartered in the UK, and with cultivation facilities in the South African country of Lesotho, Akanda acquired the international operations of Toronto-listed Halo Collective (NEO: HALO) in late 2021 in exchange for roughly two-thirds of Akanda’s stock.
Akanda plans to list on the Nasdaq under the symbol AKAN. Boustead Securities acted as sole bookrunner on the deal.
