Akanda shares surge 11.85% intraday after closing $7 million convertible note offering to fund marketing, working capital, and debt reduction.

Akanda Corp. (NASDAQ: AKAN) surged 11.85% intraday after announcing the completion of a $7.0 million convertible note offering in a private placement with institutional investors. The proceeds will be allocated to marketing efforts, working capital, and debt reduction, addressing liquidity needs and operational growth. The transaction, led by Univest Securities as placement agent, provides critical funding for a cannabis company with a current market capitalization of just $2 million, signaling investor confidence in its strategic priorities. The announcement aligns with the stock’s sharp intraday rally, driven by the perceived positive impact of the capital raise on its financial flexibility and market positioning.