Akanda Corp. (NASDAQ:AKAN) shares are trading higher Thursday after the company announced it is evaluating opportunities to enter Bitcoin, blockchain, and AI applications in the cannabis industry.
The Details:
Akanda said it believes cryptocurrency may provide a solution to some of the cannabis industry's banking problems by allowing the businesses to bank themselves. The company highlighted the potential of blockchain technology to trace a product's origin, monitor handling and storage conditions, and track its distribution and sale.
Akanda also noted possible artificial intelligence applications including both market and cannabis-related scientific research.
The company announced the closing of its $5 million public offering on Wednesday.
"Akanda is in a strong position to execute a new sustainable strategic direction. The Company is in a better cash position and plans to reduce debt. We are looking forward to the Company's anticipated expansion through our UK business but also by entering ancillary technological segments that are supportive to our model and offer opportunities for growth," commented Katie Field, Interim CEO of Akanda.
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How To Buy AKAN Stock:
By now you're likely curious about how to participate in the market for Akanda (NASDAQ:AKAN) – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy 'fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.
In the the case of Akanda (NASDAQ:AKAN), which is trading at $0.21 as of publishing time, $100 would buy you 476.19 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to 'go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
AKAN Price Action: According to Benzinga Pro, Akanda shares are up 18.3% at 19 cents at the time of publication Thursday.
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