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Akanda ventures into blockchain and AI for cannabis industry

EditorAhmed Abdulazez Abdulkadir
Published 04/12/2024, 11:20 PM

LONDON - Akanda Corp. (NASDAQ: AKAN), an international medical cannabis company, has announced its intention to integrate blockchain and artificial intelligence (AI) technologies into its operations. This strategic move aims to enhance the traceability and verification of cannabis products within its global supply chain.

Interim CEO and Director Katie Field emphasized the importance of transparency and authenticity from production to sale, stating, "We believe this technology can be used to verify the authenticity clones and genetic lineage." Akanda plans to use blockchain to certify clones with batch certificates and employ "track and trace" systems for inventory and lab test results, enabling end customers to easily access Certificate of Analyses (COAs).

The company is also exploring AI applications through its UK-based subsidiary Canmart, which is working on making medical cannabis more accessible in the UK market. Canmart is partnering with a platform that uses AI to match patients with cannabis products based on DNA analysis, aiming to personalize the wellness journey.

Additionally, Akanda is investigating AI's potential to automate processes, enhance consumer education, and personalize research and development for local cannabis strains. "Akanda is competing in a brave new world of global cannabis, and we intend to stay at the forefront of it," said Ms. Field.

Akanda's portfolio includes CanMart, a UK-based pharmaceutical importer and distributor, and partnerships with Cellen Life Sciences' Leva Clinic, a digital pain clinic in the UK. The company has also acquired rights to develop a farming property in British Columbia, Canada, for THC and CBD facilities.

The information in this article is based on a press release statement.

InvestingPro Insights

Akanda Corp. (NASDAQ: AKAN) is taking significant steps to integrate cutting-edge technologies into its operations, but it's crucial for investors to consider the company's financial health and market performance. According to InvestingPro data, Akanda's market capitalization stands at a modest 1.28 million USD, reflecting its size in the competitive cannabis industry. Despite an impressive revenue growth rate over the last twelve months as of Q2 2023, soaring to 3466.29%, the company's financials also show a substantial operating loss of -15.08 million USD, indicating challenges in profitability.

The InvestingPro Tips highlight that Akanda is trading at a low Price / Book multiple of 0.05 as of Q2 2023, which could be attractive to value investors looking for potentially undervalued stocks. However, the company's stock price has experienced a sharp decline, with a 1-year total return plummeting by -86.12% as of the latest data. This volatility is a critical factor for investors to consider, especially those with a lower tolerance for risk.

For those interested in a deeper analysis, InvestingPro offers additional insights into Akanda's financials and stock performance. There are 15 more InvestingPro Tips available, which could provide further clarity on the company's debt burden, cash flow, and short-term obligations. To access these insights and enhance your investment strategy, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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