Ananda Developments
Ananda Developments’ CEO has seemingly forced the hand of one of the UK’s most popular investment service providers, AJ Bell, after it decided to cut a raft of smaller-cap companies from its online trading platform.
Last week, AJ Bell moved to limit the trading of companies listed on the ‘Access’ segment of the Aquis Stock Exchange, as well as the more senior ‘Apex’ segment reserved for larger companies.
Effectively, this meant that AJ Bell customers could no longer trade these stocks via its popular online platform, and would be required to call a broker before being able to purchase or sell stocks.
This appeared to come as a surprise to many Aquis-listed companies. In a LinkedIn post published on Thursday, Ms Sturgess called the move ‘a disgrace’, and suggested that AJ Bell ‘have not communicated with any of us who run these companies or the punters who are trying to support us’.
Following a backlash from companies and traders alike, spurred by Ms Sturgess post, AJ Bell is understood to have reinstated stocks trading on the senior Apex segment, but as yet has not reinstated the lower-cap ‘Access’ stocks.
The broker argues that the move was made to help protect its customers from these more risky, less liquid investments, ensuring they are able to highlight these risks over the phone.
Aquis has long represented a haven for cannabis stocks, particularly its Access segment, with half a dozen cannabis companies trading on the platform in recent years.
However, the lack of liquidity and downturn in sentiment towards the sector has seen numerous companies cease public trading or go under entirely.
In 2022, Voyager Life, Apollon Formularies, Love Hemp, Ananda, Goodbody Health and Yooma Wellness all traded on Aquis.
Since then, Apollon opted to delist its stock from Aquis in June, Goodbody also delisted from the exchange last year, citing a lack of liquidity and high listing costs.
Meanwhile, Love Hemp fell into administration (twice) and ceased trading, but has since been bought out by a new owner. Yooma Wellness also filed for bankruptcy in December 2023.
Only Voyager Life and Ananda remain on the exchange, though the former also recently announced plans to move away from the cannabis industry.
In August, Ananda, which was first listed on the Aquis Stock Exchange (AQSE) in 2018, announced its move to the ‘Apex’ segment of the exchange.
Kanabo
The London Stock Exchange-listed medical cannabis and healthcare provider saw its stock rally nearly 30% this week, after publishing its unaudited results for the first half of 2024.
In the six months to June 30th, Kanabo reported significant revenue growth, jumping by 55% to £694k year-on-year.
It attributed this rapid growth to the expansion of its ‘Treat-It’ digital health platform, which launched 14 new clinics across the UK during the period.
Furthermore, the company introduced a pilot AI-powered ‘chat-to-prescription’ service, aiming to streamline patient access to medicinal cannabis through efficient, automated channels.
Meanwhile, the company saw its operating loss reduced by 10%, falling from £1.09m in H1 2023 to £980k.
As of June 30, the company’s cash reserves remain solid at £2.086m, providing stability for ongoing expansions and digital innovations.
Looking ahead, Kanabo plans to launch new medical cannabis products, including its medical inhaler which it says is currently in the process of recieveing certification.
Furthermore, the company says it plans to continue expanding its e-script system to more pharmacies across the UK, and is currently exploring expansion opportunities internationally.
This includes expansion into the flourishing German medical cannabis market, where it plans to launch its medical vape device once certified and registered.
After a period of infrastructure building, our development and clinical teams are now executing exceptionally well. Our expansion of in-pharmacy clinics and the launch of innovative systems, like our upgraded e-script and AI-powered services, will greatly improve patient access and operational efficiency,” Kanabo’s CEO Avihu Tamir said.
Argent Biopharma
Similarly, its LSE-listed stablemate Argent Biopharma (formerly MGC Pharmaceuticals), also saw its stock price skyrocket this week.
The release of its full-year results confirmed the financial figures reported last month in its unaudited financial results, namely that the company recorded a net financial loss of A$17.5m, and saw revenues decline significantly to A$891k from A$3.39m.
However, in an update following its General Meeting on October 01, the company said that as it prepares to delist from the Australian Stock Exchange (ASX), it is also seeking an uplisting in the UK.
The company is planning to shift from their current listing category, the Equity Shares (International Commercial Companies Secondary Listing) to the Equity Shares (Commercial Companies) category (ESCC) of the FCA’s Official List.
Argent says it is working towards appointing a sponsor, which is necessary for changing its listing category on the UK’s Financial Conduct Authority (FCA) Official List.
If approved, they will move forward with plans to delist from the Australian Stock Exchange (ASX), but this depends on FCA approval.
The post Ananda Stock Returns to AJ Bell Platform Following Backlash, Kanabo Stock Jumps 30% on Financial Results, & Argent Seeks to Shift Listing appeared first on Business of Cannabis.
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