Hemp-based cigarette maker Hempacco (NASDAQ:HPCO) stock fell 17% in midday trading Wednesday after rallying as high as 600% the previous session following the company’s $6M initial public offering.

Shares of Hempacco opened at $7.16, jumping to an early high of $7.43 before dipping to a low of $6.19 in early trading. The stock recently changed hands at $6.47 at around 1:00 p.m. ET.

On Tuesday, Hempacco offered 1M shares priced at $6 per share. The stock rocketed as high as $41.80 before sliding to close at $7.78, up 30% from its IPO price.

The IPO was downsized from a proposal in June that indicated the company was planning to raise around $15M.

Based in California, Hempacco manufactures and sells hemp-based alternative cigarettes and rolling papers. The company also has patented technology for spraying hemp used in cigarettes with terpenes for flavoring, cannabidiol and cannabigerol.

For a more in-depth look at Hempacco, check out SA contributor Donovan Jones’s “Hempacco Begins US IPO Process”.