Published: December 5, 2025
Akanda Corp’s Nasdaq-listed shares (ticker: AKAN) are back in the spotlight after a dramatic late‑week move. On Thursday evening, the micro‑cap stock surged about 45% in after‑hours trading to roughly $1.37, after the company disclosed that shareholders had approved sweeping capital‑structure changes linked to its reverse merger with First Towers & Fiber Corp and a package of convertible debt. [1]
The spike caps a volatile stretch in 2025 during which Akanda has tried to reinvent itself from a tiny, loss‑making medical cannabis company into a hybrid telecom‑infrastructure and cannabis play with operations in Mexico and Canada. [2]
Where Akanda Corp stock stands now
As of the latest regular session on December 4, 2025, AKAN closed just under the $1 threshold, around $0.95 per share, after falling roughly 6% on the day, with intraday trading between about $0.94 and $1.04. [3]
Data providers show:
- Recent close: ~$0.95
- After‑hours move (Thu): up ~45% to about $1.37 [4]
- 52‑week range: roughly $0.88 – $5.94 [5]
- Market capitalization: under $1 million (about $689,000 at recent prices) [6]
- Shares outstanding: around 728,000, after a reverse split earlier this year [7]
In other words, Akanda is a thinly traded micro‑cap where small order imbalances and news headlines can lead to large percentage swings in both directions — something 2025 has repeatedly demonstrated.
From cannabis cultivator to Mexico tower operator
Akanda was incorporated in 2021 as an international medical cannabis and wellness platform, focused on cultivating, manufacturing and distributing cannabis‑based products through subsidiaries such as UK‑based Canmart. [8]
That story changed dramatically in 2025.
- On March 10, 2025, Akanda announced a Share Exchange Agreement with First Towers & Fiber Corp. (FT), a private telecom‑infrastructure developer operating cellular towers and a 700‑plus‑kilometre fiber network in Mexico. [9]
- On August 21, 2025, the parties closed the transaction, making First Towers a wholly owned subsidiary of Akanda. [10]
Because First Towers’ shareholders received Akanda securities and effective control of the combined entity, several data providers describe the deal as a reverse merger in which First Towers “acquired” Akanda, even though the surviving listed company continues to trade under the AKAN symbol. [11]
First Towers’ business is very different from Akanda’s cannabis roots:
- It develops telecom towers and operates a fiber network of roughly 700 km in Mexico. [12]
- It participates in Mexico’s $7 billion “Red Compartida” wholesale network project, led by Altán Redes, which aims to provide LTE/4G (and eventually 5G‑ready) coverage to more than 90% of the country’s population. [13]
This year, Akanda and First Towers announced an expansion plan of up to 20 additional towers in Mexico by the end of 2025, describing each new site as a source of recurring infrastructure‑style revenue. [14]
Those announcements triggered several sharp rallies in the stock:
- In mid‑October, Akanda said it would build or acquire up to 20 new or existing towers/sites; the stock reportedly jumped nearly 50% in response. [15]
- Earlier in October, press coverage of First Towers’ role in the Mexican telecom build‑out highlighted “scarce float” dynamics, helping fuel intraday spikes of more than 70% on some days, according to media reports. [16]
The net result: AKAN increasingly trades like a speculative telecom‑infrastructure micro‑cap that still carries legacy cannabis operations and debt.
The August reverse split: shrinking the float to stay on Nasdaq
Akanda’s tiny share count is the product of an aggressive reverse stock split.
On August 22, 2025, the company announced it would implement a 1‑for‑3.125 reverse stock split, effective August 26, 2025, to boost its share price and help satisfy Nasdaq’s continued listing requirements. [17]
Key details from that move:
- Every 3.125 pre‑split shares were consolidated into one post‑split share.
- Outstanding common shares fell from about 2.27 million to roughly 728,000. [18]
- The stock continued trading on the Nasdaq Capital Market under the AKAN ticker. [19]
Nasdaq had already notified Akanda multiple times over 2022–2024 that it had fallen below the $1 minimum bid price requirement, forcing the company to consider options such as reverse splits to regain compliance. [20]
The August consolidation bought Akanda time — but the latest shareholder vote shows that the reverse‑split story is not over.
November 28 special meeting: big share issuance and more split firepower
At a Special Meeting of Shareholders held on November 28, 2025, Akanda investors approved three major proposals, all tied to the First Towers deal and the company’s balance sheet. [21]
According to the company’s 6‑K filings and summarized analyses:
- Wide future reverse‑split authority
Shareholders authorized the board to implement one or more future reverse stock consolidations within a range of 2‑for‑1 up to 100‑for‑1, to be executed within roughly a year. This gives management broad flexibility to adjust the share count again if needed to support the share price or meet Nasdaq rules. [22] - Share issuance to First Towers shareholders
The meeting approved the issuance of 4,775,972 Class B Special Shares, exchangeable into the same number of common shares, as consideration to former First Towers & Fiber shareholders under the share exchange agreement. [23] - Share issuance tied to debt and convertibles
Shareholders also approved the issuance of:- 732,384 Class B Special Shares connected to debt‑settlement agreements; and
- Up to 27.3 million common shares upon conversion of approximately US$4.91 million of six‑year convertible promissory notes (principal plus interest). [24]
For context, only around 728,000 common shares were eligible to vote at the meeting. If all the newly approved instruments were ultimately converted, Akanda’s share count could expand more than forty‑fold compared with today’s basic outstanding shares — a level of potential dilution that even the company’s own filing summaries flag as “heavy.” [25]
The approvals were sought in part to comply with Nasdaq’s “20% rule”, which requires shareholder approval when new share issuance exceeds 20% of the pre‑transaction share count. [26]
Market reaction: a classic micro‑cap whipsaw
Newsflow around the special meeting and subsequent 6‑K filings has triggered rapid swings:
- On November 28, some data providers recorded AKAN trading around $1.01 intraday, down more than 5%, with a small‑cap market cap near $700,000. [27]
- On December 4, the stock slid about 6% in regular hours, closing near $0.95. [28]
- In the after‑hours session later that day, Benzinga reported that Akanda shares jumped about 45% to roughly $1.37, following coverage of the shareholder approvals and capital‑structure reset. [29]
These moves follow similar spikes earlier in the quarter:
- On October 16–17, the company and First Towers announced plans for up to 20 additional towers, linked to Mexico’s national telecom build‑out. Press releases and syndicated articles describe subsequent single‑session gains around 49%, fueled by the idea that each new tower could become a “recurring revenue engine.” [30]
- On November 13, Akanda revealed it had extended its option on a British Columbia cannabis site for two years and was planning Health Canada‑compliant security upgrades to pursue a full THC cultivation license. Coverage of that announcement noted an after‑hours jump of more than 20%. [31]
For traders, AKAN has effectively behaved like a headline‑driven lottery ticket: low float, high sensitivity to company news, and steep intraday ranges.
Cannabis is still in the picture: British Columbia option and licensing push
While telecom infrastructure has grabbed most of the headlines, Akanda continues to advance its cannabis strategy, particularly in Canada.
On October 20, 2025, the company announced that, through its cannabis subsidiary, it had extended its option on a British Columbia asset for two additional years. During this period, Akanda plans to work toward developing THC and CBD assets at the site. The option agreement includes additional payments tied to milestones such as THC cultivation, product sales and CBD cultivation. [32]
On November 13, 2025, Akanda followed up with a release saying it was researching security requirements and planning Health Canada–compliant perimeter, access and surveillance upgrades at the same location — steps intended to support a future full cannabis cultivation license, while the company currently operates under a hemp license. [33]
Despite these efforts, Akanda remains an early‑stage operator with modest cannabis revenues. A recent financial snapshot shows annual revenue of roughly $0.8 million and a negative EPS of about –$2.03 per share, underscoring the company’s reliance on capital markets and future growth projects rather than existing cash flow. [34]
What forecasts and models say about AKAN stock
Traditional Wall Street coverage of Akanda is thin to nonexistent:
- Sites that aggregate broker research show no formal 12‑month price targets or consensus ratings from major analysts. [35]
Instead, most “forecasts” for AKAN come from algorithm‑driven platforms, which tend to use historical price patterns and technical signals rather than deep fundamental analysis. Those models disagree sharply:
- CoinCodex projects that Akanda’s price could drift slightly lower in the coming days, with a short‑term forecast around $0.94 and an average December 2025 range of roughly $0.93–$0.95, implying a negative return from current levels. Its technical dashboard labels sentiment as neutral, with an even split between bullish and bearish indicators as of December 5. [36]
- Intellectia’s AI model calls Akanda a “Strong Sell” candidate in the near term, citing multiple negative technical signals and a falling trend. Yet its longer‑dated projection imagines the stock at about $1.21 in 2026 and $1.78 in 2030, a substantial percentage gain from current sub‑$1 prices. [37]
- WalletInvestor applies another technical approach and suggests that, from mid‑November quotes, AKAN could reach about $4.58 by late 2030, implying more than 200% cumulative upside over five years — a very optimistic scenario given the company’s size and risks. [38]
- Stockscan goes further, publishing long‑term projections that place average prices in the double‑ and triple‑digit range in later years (2027, 2030, 2035), implying five‑figure percentage gains relative to recent quotes. [39]
- On the opposite side, Danelfin’s AI‑based rating system assigns Akanda a very low AI Score and lists a one‑year target price of $0, effectively treating the probability of a complete loss of capital as material. [40]
All of these models come with prominent disclaimers: they are not investment advice and rely heavily on historical price action rather than detailed projections of tower leases, cannabis sales or balance‑sheet repair. [41]
For investors, the key takeaway is less “which target is right?” and more “all of these numbers are speculative.” The spread between a theoretical $0 and $100‑plus forecasts is a reminder that model outputs do not remove risk — they reflect different assumptions applied to a very volatile stock.
Key risks around Akanda stock
Anyone looking at AKAN needs to be comfortable with high risk and binary outcomes. Among the main issues:
- Massive potential dilution
Between special shares for First Towers, debt‑settlement stock and convertible promissory notes, the fully diluted share count could expand dozens of times from today’s levels if all instruments convert. Existing shareholders would own a much smaller slice of the combined business. [42] - Further reverse splits are explicitly on the table
Shareholders have authorized the board to implement additional reverse splits up to 100‑for‑1, potentially multiple times over the coming year. Reverse splits do not change a company’s value on their own, but they can erode investor confidence and often precede further declines if fundamentals do not improve. [43] - Execution risk in Mexico’s telecom build‑out
First Towers’ growth thesis hinges on building and operating towers and fiber in Mexico’s Red Compartida network. Delays in construction, changes in regulatory frameworks, or issues with anchor customers could all undermine projected recurring revenue. [44] - Regulatory and licensing risk in cannabis
Akanda is still working toward a full THC cultivation license in Canada and depends on regulators for approvals. The company also faces broader challenges in the cannabis sector, including pricing pressure, taxation and competition. [45] - Micro‑cap liquidity and volatility
With a market cap under $1 million and a very small float, relatively minor buy or sell orders can move AKAN double digits in minutes. That creates gap‑risk both to the upside and downside.
What could go right: the bull case
Despite the heavy risks, the bullish narrative around Akanda focuses on a few key points:
- Infrastructure‑style, recurring revenue potential
If First Towers successfully deploys its targeted 20 additional towers and monetizes its fiber assets, Akanda could shift its revenue mix toward long‑term tower leases, which typically carry multi‑year contracts and more predictable cash flows than early‑stage cannabis operations. [46] - Option value in cannabis licensing
The extended British Columbia option and efforts to secure a full THC license give Akanda exposure to any future improvement in Canada’s cannabis market without committing to an immediate, large‑scale build‑out. [47] - Small float can super‑charge positive surprises
As October and November trading showed, good news plus scarce float can drive outsized percentage gains in AKAN, at least in the short term. If the company delivers tangible milestones — completed towers, signed tenants, regulatory approvals — that dynamic could repeat. [48]
Still, these are ifs, not certainties. The infrastructure and cannabis businesses both require capital and careful execution, and the balance sheet is already stretched.
What investors will be watching next
Heading into 2026, market participants tracking Akanda Corp stock are likely to focus on:
- The exact timing and ratio of any new reverse stock splits. [49]
- Updates on the 20‑tower build‑out in Mexico and clarity on leased versus speculative towers. [50]
- Progress toward a full THC cultivation license at the British Columbia site and any associated capital expenditure guidance. [51]
- New 6‑K and 20‑F filings that quantify actual dilution from special shares and convertibles as they are issued or converted. [52]
- Any fresh communication from Nasdaq regarding listing compliance or bid‑price thresholds. [53]
Bottom line
Akanda Corp (AKAN) and its newly merged First Towers subsidiary sit at the intersection of micro‑cap cannabis and emerging‑market telecom infrastructure, a combination that naturally attracts speculative capital and sharp price swings.
- On one side of the ledger: a tiny, highly dilutable equity base, history of Nasdaq bid‑price issues, negative earnings and substantial execution risk.
- On the other: option value on Mexican tower assets, a national telecom build‑out, and a Canadian cannabis footprint that could become more interesting if licensing and market conditions improve.
For readers, the key is to treat AKAN as what it currently is: a high‑risk, news‑driven micro‑cap whose future value will likely depend less on algorithmic price targets and more on whether management can turn telecom towers and cannabis licenses into durable cash flow
References
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