Akanda Corp. ( AKAN ) shares continued to surge today after U.S. regulators moved to reclassify certain marijuana products, fueling a broader rally in cannabis stocks.

• Akanda ( AKAN ) stock is charging ahead with explosive momentum. What’s fueling AKAN momentum?

Regulatory Action and Sector Impact

The U.S. Department of Justice and Drug Enforcement Administration placed FDA-approved marijuana-based products and state-regulated medical marijuana under Schedule III, also launching an expedited process to consider broader reclassification from Schedule I.

A new administrative hearing is scheduled for June 29, 2026, to accelerate the rulemaking process and provide clearer guidance for research and medical use.

The move follows earlier speculation around potential reclassification, which lifted peers including Tilray Brand Ind  , Canopy Growth ( CGC ) and Cronos ( CRON ).

Akanda ( AKAN ) shares jumped 214.15% during Wednesday's session and gained another 33.69% after hours.

Stock Moves and Company Update

The company executed a 1-for-4.5 reverse stock split effective April 13. This reduced shares outstanding from about 2.4 million to 534,400.

Its 52-week range of $2.30 to $209.02 highlights significant volatility.

Tilray Eyes U.S. Expansion After Cannabis Reclassification

Tilray said it is preparing for U.S. expansion after cannabis was reclassified to Schedule III. The company called the move a major policy shift that could boost research, patient access and medical frameworks.

CEO Irwin Simon described it as a "pivotal moment," highlighting Tilray's global platform as a key advantage.

Critical Levels To Watch for AKAN Stock

The stock is trading 134.7% above its 20-day simple moving average (SMA) and 27.9% above its 100-day SMA, a setup that points to strong short-term momentum but a more fragile intermediate recovery.

The relative strength index (RSI), a momentum gauge, is 80.06, which puts the stock in overbought territory and often lines up with "crowded" upside moves.

How Akanda Operates in the Cannabis Market

Akanda ( AKAN ) is a cannabis cultivation, manufacturing and distribution company. Most of its revenue comes from the distribution segment.

This segment focuses on medical cannabis products such as oil and flower in the U.K.

AKAN Stock Price Movement on Friday

AKAN Stock Price Activity: Akanda ( AKAN ) shares were up 6.90% at $10.02 at the time of publication on Friday, according to Benzinga Pro data.