Cannabis company Akanda postpones IPO

Cannabis company Akanda Corp. has postponed its initial public offering that had been planned for Friday, according to IPOScoop.com. The UK-based company founded last year by former Canopy Growth Corp. CGC, +0.14% executive Tej Virk had planned to raise $16 million by offering 4 million shares at $4 a share with Boustead Securities for trading on the Nasdaq under the symbol AKAN. Akanda was formed to focus on the medical cannabis market in the U.K. and Germany with a grow facility for medical in the Kingdom of Lesotho.