Akanda Corp. (NASDAQ:AKAN) shares are trending on Friday.
Shares of the Mexican telecom infrastructure company jumped 89.42% to $9.49 after the bell on Thursday, following an operational update from Akanda’s subsidiary, First Towers & Fiber Corp., a Mexico-based telecom infrastructure developer.
Fiber Rollout Nears Revenue Phase
FTF said the company completed physical installation of 200 kilometers of fiber optic network. Half of that network has been accepted by a network provider client and entered the billing phase, with cash flow expected in August or September. The remaining 100 kilometers are slated for client acceptance by December, with full run-rate cash flow projected beginning January 2027.
Guanajuato Expansion Adds Regional Reach
The company said the fiber deployment marks a strategic expansion into Guanajuato’s Irapuato-Silao industrial corridor, a key local market that FTF believes strengthens its regional presence.
FTF operates 28 active cellular tower sites under a passive leasing model.
FTF President Chris Cooper said the update marks “a meaningful step toward the recurring revenue growth we’ve been building toward.”
Trading Metrics, Technical Analysis
Akanda has a market capitalization of approximately $2.71 million. Its stock has traded between a 52-week high of $209.03 and a 52-week low of $2.30.
AKAN has a Relative Strength Index (RSI) of 29.27.
Over the past 12 months, the stock has fallen 94.80%.
AKAN is currently positioned close to its annual low.
Price Action: The stock closed the regular session on Thursday at $5.01, down 7.05%, according to Benzinga Pro data.
Benzinga’s Edge Stock Rankings indicate that AKAN stock has a negative price trend across all time frames.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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