Akanda Corp. (NASDAQ:AKAN) shares are trending on Thursday.
AKAN shares climbed 33.69% to $13.65 after the bell on Wednesday.
The after-hours gain follows a 214.15% surge during the regular session, which closed the medical cannabis and wellness company’s stock at $10.21, according to Benzinga Pro.
Cannabis Reclassification Report Sparks Sector-Wide Rally
The stock’s move came after a broader rally in the cannabis sector on Wednesday, following a report suggesting that President Donald Trump could reclassify marijuana as early as this week. The news also lifted peer companies including Tilray Brands (NASDAQ:TLRY), Canopy Growth (NASDAQ:CGC), and Cronos Group (NASDAQ:CRON).
What Investors Should Know
According to a Securities and Exchange Commission filing, Akanda executed a 1-for-4.5 reverse stock split effective April 13. The split reduced outstanding shares from approximately 2.4 million to 534,400.
The stock’s 52-week range of $2.30 to $209.02 underscores its extreme volatility and capacity for sharp price swings in either direction.
Trading Metrics, Technical Analysis
Akanda has a market capitalization of $5.45 million.
The Relative Strength Index (RSI) of AKAN stands at 86.73.
The small-cap stock has dropped 87.03% over the past 12 months.
Currently, AKAN is positioned at about 3.8% of its 52-week range.
Benzinga’s Edge Stock Rankings indicate that AKAN has a negative price trend across all time frames.
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Image via Shutterstock/ Joshua Sukoff
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