Akanda Corp. (NASDAQ:AKAN) shares are skyrocketing in the premarket session on Friday.

The international medical cannabis company implemented a 1-for-40 reverse stock split on its ordinary shares effective May 23, 2024, according to a recent exchange filing.

After the reverse stock split, every 40 shares of the company's issued and outstanding ordinary shares will automatically be converted into one issued and outstanding ordinary share.

The company said it will file Articles of Amendment with the Ontario Ministry of Government and Consumer Services to reflect the reverse stock split on May 23.

Akanda underscored the fact that no fractional shares will be issued as a result of the reverse stock split.

"Instead, any fractional shares that would have resulted from the split will be rounded down to the next whole number," the company said.

Akanda's portfolio includes CanMart, a fully licensed pharmaceutical importer and distributor based in the U.K. that supplies pharmacies and clinics in the country. Akanda also acquired the right to develop a Canadian farming property in British Columbia, including farming land and related operations and licenses.

Going ahead, the company said it plans to develop THC and cannabinoid (CBD) facilities at this site.

Price Action: AKAN shares are trading higher by 130.5% to $5.52 premarket at last check Friday.

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