Business
Akanda Corp. Announces Strategic Plan to Evaluate and Enter Bitcoin, Blockchain, AI Segments of the Cannabis Market
London, United Kingdom--(Newsfile Corp. - March 28, 2024) - Akanda Corp. (NASDAQ: AKAN) ("Akanda" or the "Company"), an international medical cannabis
About this update from Akanda Corp.
[{"type":"text","content":"London, United Kingdom--(Newsfile Corp. - March 28, 2024) - Akanda Corp. (NASDAQ: AKAN) (\"Akanda\" or the \"Company\"), an international medical cannabis company, announced aspirations to enter technology segments of the cannabis industry. The Company is evaluating potential opportunities to enter Bitcoin, Blockchain, and AI applications in the cannabis industry.\nThe Company believes cryptocurrencies may provide a viable solution to some of the cannabis industry's banking problems. Cryptocurrency enables users to store value, and engage in direct, peer-to-peer transactions with counterparties. Decentralized blockchain technology instead of the traditional financial system support these transactions. With the struggle cannabis operators have to bank traditionally, cryptocurrencies thus present an opportunity for businesses to bank themselves. The cannabis industry has faced further challenges with quality control and its supply chain. Blockchain technology can also help address these needs. One essential component is Certificate of Analysis (COA), which verifies the product's quality, safety, and potency. However, COAs can be vulnerable to fraud, tampering, or errors, which can compromise the integrity of the entire supply chain. Blockchain technology provides a secure, transparent, and decentralized way to track COAs throughout the supply chain, from cultivation to distribution and sale. Blockchain can trace the product's origin, monitor its handling and storage conditions, and track its distribution and sale, to enhance transparency and accountability.\nThe Company also believes Artificial Intelligence (AI) is a promising avenue to explore. It is researching and possibly pursuing investments and partnerships in this space. AI may identify which strains of cannabis are selling best for an organization and customize the growing conditions to consistently produce the same strain. It is also possible that down the road, medicinally, AI could take data from researchers to customize plants to treat specific ailments. When it comes to specifically cannabis, though, AI is increasingly being used to search databases of cannabis research to identify certain strains that may fit a target audience better than others.\nWith a stronger financial position from the closing of an underwritten public offering financing, the Company also plans ...