Akanda Stock Skyrockets On FY22 Revenue Growth Of 6223%, Here Is What You Need To Know

Akanda Corp. AKAN stock skyrocketed today and it was trading 76.49% higher at $1.9591 at the time of writing Wednesday morning, following the Form F-20 filing with its FY 2022 earnings, revealing revenue of $2.6 million, an increase of 6223% compared to $41,431 in 2021.

FY 2022 Financial Highlights

  • Gross profit was $3.3 million compared to a gross loss of $1,591 in 2021.

  • Operating loss was $20.2 million compared to $2.6 million in 2021.

  • Net loss was $11.7 million compared to a loss of $8.1 million in 2021.

  • Cash and cash equivalents at the end of the year were $255,803, compared to $3.5 million in the prior year.

Recent Activity

The company announced on April 28th, that it has entered into a loan agreement with Veridia Canada Ltd., in the principal amount of €500,000 (approximately $551,000), which has been advanced in full by the lender. The loan is expected to be used for the short-term financial commitments of Akanda and Akanda’s wholly-owned company in Portugal, RPK Biopharma, Unipessoal, LDA, which is indirectly held by Akanda through Holigen Limited. Holigen is a directly held, wholly-owned subsidiary of the company.

Photo: Benzinga edit with photo by Kindel Media on Pexels

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