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Investing.com -- Akanda Corp. (NASDAQ:AKAN) stock soared 36% in after-hours trading Thursday following the announcement of a major network expansion initiative through its wholly-owned subsidiary First Towers & Fiber Corp. (FTF).
The company revealed plans to construct and/or acquire up to 20 new or existing cellular towers by the end of 2025, expanding its current portfolio of 30 operational revenue-generating towers and 700-kilometer dark fiber network in Mexico. The strategic investment aims to strengthen coverage, increase network capacity, and generate long-term revenue.
"Expanding our tower network is a clear step in executing our growth strategy," said Chris Cooper, President of the Company. "Each tower has the potential to not only strengthen connectivity across Mexico but also increase our recurring revenue and reinforce our role as a preferred partner for Altan and CFE."
Each additional tower is expected to drive incremental cash flow and enhance network utilization, positioning FTF to capture increasing demand for mobile data and enterprise connectivity solutions in Mexico. The expansion reinforces the company’s emerging role in Mexico’s telecommunications infrastructure development.
The initiative aligns with Mexico’s digital growth trajectory and nationwide push for enhanced connectivity, according to the company.
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