Akanda shares rise 11.77% after-hours after closing $7M convertible note offering to fund marketing, debt reduction.

Akanda Corp. (NASDAQ: AKAN) jumped 11.77% in after-hours trading following the announcement of a $7.0 million convertible note offering. The company secured the financing through institutional investors, with proceeds allocated to marketing ($2.3 million), working capital ($2.6 million), and debt reduction ($2.1 million). This strategic move aims to bolster operational capacity and address liquidity needs, signaling investor confidence in the company’s growth prospects amid its recent acquisition of First Towers and Fiber Corp. The transaction, facilitated by Univest Securities as placement agent, aligns with Akanda’s efforts to strengthen its financial position while navigating regulatory and market challenges in the cannabis sector.