FLWPF - Cannabis cultivator Akanda stock nosedives 71%

Cannabis cultivator and distributor Akanda (AKAN) saw its shares nosedive 71% in afternoon trading Monday. Shares of AKAN, which went public in March, opened at $8.50 and hit a high of $8.53 before plunging into negative territory. The stock recently change hands at $2.63, down 71%, at 2:00 p.m. ET. The company held its initial public offering on March 15, raising $16M after offering 4M shares for $4 apiece. AKAN operates a cannabis cultivation and processing facility in Lesotho through a wholly owned subsidiary called Bophelo. The company also owns CanMart, a medical cannabis products importer and distributor based in the UK. In late April, AKAN agreed to buy Holigen Holdings, a unit of cannabis cultivator Flowr (OTCPK:FLWPF) with operations in Portugal, for approximately $35M.

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Cannabis cultivator Akanda stock nosedives 71%