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Akanda Corp. (AKAN) announces its plans to enter the blockchain and artificial intelligence sector of the cannabis industry.
As the international cannabis industry faces an increasingly complex and global supply chain, the company believes businesses and consumers alike will turn to blockchain and smart contracts to verify the authenticity of genetics, plants and products alike. There are numerous beneficial applications of this technology, such as using blockchain capabilities to certify all clones or young plants with a batch certificate. Cannabis nurseries specialize in plant genetics and produce clones, young plants and seeds for wholesale distribution.
Katie Field, Interim CEO and Director, commented: “Everyone, from consumers to growers to manufacturers and retailers, places great value on the production stages from seed to sale. We believe this technology can be used to verify clone authenticity and genetic ancestry.”
The company expects other applications of the blockchain to include “track-and-trace” software for inventory and laboratory test results. By using this technology, the end customer is provided with certificates of analysis (COAs) that allow them to trace the results back to the original laboratory. Blockchain technology ensures traceability.
Akanda believes that blockchain solutions will complement the artificial intelligence capability developed at Canmart. Currently, Canmart plans to partner with a platform developed by its directors to make medical cannabis more accessible to UK patients with both social shopping trends and tailored products. Access Kaneh uses an AI algorithm that analyzes DNA from products on the UK market. EndoDNA is a groundbreaking test that offers patients solutions for a personalized wellness journey.
The Company believes there are additional applications of artificial intelligence to expand the cannabis industry. Manufacturers are developing automated processes that allow extraction cycles to be completed with minimal human intervention or flower quality control, as well as collecting efficiency data from the process. Akanda is also evaluating less capital-intensive applications such as improving consumer education and responsible consumption of the product, as well as a feedback loop to personalize research and development and ultimately locally grown varieties.
Ms. Field commented: “Akanda is competing in the brave new world of global cannabis and we intend to stay at the forefront by evaluating the technological solutions that can be deployed across the business and scaled for our customers and end users. We are excited at the prospect of introducing cutting-edge technology that will be game-changing for businesses and consumers alike.”
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or transaction is prohibited Sale previously would be unlawful without registration or qualification under the securities laws of any such state or other jurisdiction. Any offer, solicitation or offer to buy or sell securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.
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