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Akanda (NASDAQ:AKAN) stock is getting a boost on Friday after the cannabis company revealed it’s considering expanding into the German market.
Akanda is looking into investing in Germany’s cannabis market after the country legalized some recreational marijuana use. The new policy allows individuals to grow three plants and join cannabis clubs to “buy up to 25 grams per day.”
Akanda is optimistic that this new law will result in major growth for the cannabis industry in Germany. The company wants to be part of that as it sees the potential for profits from the expansion.
Katie Field, interim CEO and Director of Akanda, said the following about the news:
“This legislation represents a critical step and illustrates a public policy model for other European Union countries […] Akanda is evaluating opportunities to participate in the leading edge of this market and aspires to provide German consumers with exceptional cannabis products.”
AKAN Stock Movement on Friday
Akanda’s comments about expanding to Germany have brought extra attention to its shares today. That has more than 11.6 million shares of AKAN stock on the move as of this writing. This is well above its daily average trading volume of about 3.5 million shares.
AKAN stock is up 4.1% as of Friday morning.
There are more stock market stories traders will want to read about on Friday!
Luckily, we have all of them ready to go with our coverage of the market today! A few examples include what’s going on with shares of Wells Fargo (NYSE:WFC), NextPlat (NASDAQ:NXPL) and JPMorgan Chase (NYSE:JPM) stock today. All of that news is ready to go at the links below!
More Friday Stock Market News
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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