Akanda Corp. to Enter Blockchain and Artificial Intelligence Sector
London, United Kingdom–(Newsfile Corp. – April 12, 2024) – Akanda Corp. (NASDAQ: AKAN) ("Akanda" or the "Company"), an international medical cannabis company, announces its plans to enter the blockchain and artificial intelligence sector of the cannabis industry.
Harnessing Blockchain Technology
With an increasingly complex and global supply chain for the international cannabis industry, the Company believes companies and consumers will turn to blockchain and smart contracts to verify the authenticity of genetics, plants, and products alike. There are numerous advantageous applications of this technology, such as harnessing blockchain capabilities to certify all clones, or baby plants, with a batch certificate. Cannabis nurseries specialize in plant genetics, producing clones and baby plants and seeds for the purpose of wholesale distribution.
Interim CEO and Director Katie Field commented, "Everyone from consumers, to growers, to manufacturers, to retailers care very much about the stages of production from seed to sale. We believe this technology can be used to verify the authenticity clones and genetic lineage."
Blockchain and Smart Contracts
The Company believes other applications of blockchain include "track and trace" software for inventory and lab testing results. By utilizing this technology, Certificate of Analyses (COAs) will be available at the end customer’s fingertips to trace results back to the original laboratory. Blockchain technology provides traceability.
Artificial Intelligence and Machine Learning
Akanda also believes that artificial intelligence and machine learning can play a significant role in the cannabis industry. The Company is exploring the use of AI and ML to improve the efficiency and accuracy of various processes, including strain selection, cultivation, and quality control.
Partnership with Canmart
The Company is also partnering with Canmart, a UK-based fully licensed pharmaceutical importer and distributor, to develop a platform that utilizes AI and ML to provide personalized recommendations for patients. This platform will use a patient’s medical history, genetic profile, and other factors to suggest the most effective treatment options.
Conclusion
Akanda Corp. is committed to staying at the forefront of the cannabis industry by evaluating and adopting cutting-edge technologies such as blockchain and artificial intelligence. The Company believes that these technologies will help improve the efficiency, accuracy, and transparency of the cannabis supply chain, and provide new opportunities for innovation and growth.
FAQs
Q: What is Akanda Corp.’s plan for entering the blockchain and artificial intelligence sector of the cannabis industry?
A: Akanda Corp. plans to leverage blockchain technology to improve the transparency and traceability of the cannabis supply chain, and to develop AI-powered platforms to provide personalized recommendations for patients.
Q: How will Akanda Corp. use blockchain technology?
A: Akanda Corp. plans to use blockchain technology to certify the authenticity of clones and genetic lineage, and to provide "track and trace" software for inventory and lab testing results.
Q: How will Akanda Corp. use artificial intelligence and machine learning?
A: Akanda Corp. plans to use AI and ML to improve the efficiency and accuracy of various processes, including strain selection, cultivation, and quality control, and to develop platforms that provide personalized recommendations for patients.
Q: What is the significance of Akanda Corp.’s partnership with Canmart?
A: Akanda Corp.’s partnership with Canmart will enable the development of a platform that utilizes AI and ML to provide personalized recommendations for patients, and will help to improve the efficiency and accuracy of the cannabis supply chain.
