Akanda Stock More Than Doubled In Value Today – Here’s Why A $7 Billion Telecom Infrastructure Project Is Sparking Investor Interest

Akanda Corp. (AKAN) shares soared on Wednesday after the company announced that its wholly-owned subsidiary, First Towers & Fiber (FTF), had been named as a preferred contractor in Mexico’s Altán Redes project, a $7 billion telecom infrastructure program.

The company added that the Altán Redes project aims to deliver 4G and LTE services to more than 92% of the population in Mexico, with plans to include 5G progressively.

Akanda’s shares more than doubled in Wednesday morning’s trade before paring most of the gains. Retail sentiment on Stocktwits around the company trended in the ‘extremely bullish’ territory. At the time of writing, Akanda was also among the top five trending stocks on Stocktwits.

The company stated that FTF controls 700 kilometers of fiber across five cities and has nearly 30 towers ready to generate revenue, with each tower backed by a long-term lease agreement. It added that the Altán Redes project is currently connecting 80,000 localities, with 24 million people receiving coverage.

“For FTF, that alignment means the growth of its own network is no longer confined to scattered deals. It is tied to a project that has already proven to deliver, is already funded, and is already changing the digital map of Mexico,” the company said.

Akanda also stated that it has raised $12 million to help keep FTF’s current buildout on track, and that it will raise additional funds if the company’s expansion in the Altán Redes project proceeds as expected.

“Our growing tower network and expansive dark fiber network, coupled with our infrastructure expertise, position us to contribute meaningfully to Mexico's digital future,” said Chris Cooper, President of FTF.

AKAN stock is up 12% year-to-date, but down 18% in the past 12 months.

Also See: Microsoft Hikes Xbox Game Pass’ Top Tier Price By 50%

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