Akanda Corp. Announces Strategic Plan to Evaluate and Enter Bitcoin, Blockchain, and AI Segments of Cannabis Market

technology-kings.comMarch 28, 2024

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LONDON, UK–(Newsfile Corp. – March 28, 2024) – Akanda Corporation (NASDAQ: AKAN) (“Akanda” or the “Company”), an international medical cannabis company, Announced its desire to enter the technology space of cannabis companies. cannabis industry. We are evaluating potential opportunities to enter Bitcoin, blockchain, and AI applications in the cannabis industry.

We believe that cryptocurrencies have the potential to provide a viable solution to some of the cannabis industry’s banking problems. Cryptocurrencies allow users to store value and conduct peer-to-peer transactions directly with trading partners. Decentralized blockchain technology supports these transactions instead of traditional financial systems. Cannabis businesses have traditionally struggled with having to do banking, but cryptocurrencies offer an opportunity for businesses to do the banking themselves. The cannabis industry faces additional challenges regarding quality control and its supply chain. Blockchain technology can also help address these needs. One of the key components is the Certificate of Analysis (COA), which verifies the quality, safety, and effectiveness of the product. However, COAs can be vulnerable to fraud, tampering, and errors, which can compromise the integrity of the entire supply chain. Blockchain technology provides a secure, transparent and decentralized way to track his COA throughout the supply chain, from cultivation to distribution and sales. Blockchain can track a product’s origin, monitor its handling and storage, and track distribution and sales to enhance transparency and accountability.

We also believe that artificial intelligence (AI) is a promising avenue for the future. The company is researching and possibly pursuing investments and partnerships in this area. AI could identify which cannabis strains sell best for an organization and customize cultivation conditions to consistently produce the same strains. In the future, medically, AI could also take data from researchers to customize plants to treat specific diseases. But when it comes to cannabis in particular, AI is increasingly being used to search databases of cannabis research to identify certain varieties that may be a better fit for a subject than others.

The company, which is now in a stronger financial position following the completion of an underwritten public offering, also plans to strengthen its presence in the global cannabis market through its wholly owned subsidiary in the United Kingdom (UK), Canmart. Canmart is a licensed importer and distributor of medical cannabis-based products (CBPM) in the UK and provides third party and specialist import and distribution services for Schedule 2 products, including CBPM. Canmart will continue to work further with premium product suppliers to bring to market safe, effective and necessary products that patients want, and work with existing and new clinical cannabis businesses in the UK to provide third party products. Masu. In addition to its operations in the UK, Akanda is also developing the Gabriola Green Project in British Columbia, Canada. The agricultural site will be a production facility for tetrahydrocannabinol (THC) and cannabinoid (CBD) products, reflecting the company’s commitment to expand its footprint and advance projects in both Europe and North America.

The European medical cannabis industry has been growing steadily over the past year, with sales expected to reach more than €550 million by the end of 2023, according to Prohibition Partners.¹ Cannabis Business Times reports that European cannabis sales are expected to reach €1.6 billion by 2027 as the adult-use markets in Germany, Czech Republic, Switzerland and the Netherlands develop.².

“Akanda is in a strong position to execute on a new, sustainable strategic direction. The company’s cash position is improving and we plan to reduce debt,” said Katie Field, Interim CEO and Executive Director. We look forward to the company’s anticipated expansion through our growth.” By expanding into the UK business as well as ancillary technology areas that support our model and provide opportunities for growth. ”

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of our securities, nor shall this press release constitute an offer to sell or the solicitation of an offer to buy any of our securities, nor shall this press release constitute an offer to sell or the solicitation of an offer to buy any of our securities, nor shall this press release constitute an offer to sell or a solicitation of an offer to buy any of our securities in any state or other jurisdiction in which such offer, solicitation, or sale would previously be unlawful. There shall be no sale of such securities. registration or qualification under the securities laws of any such state or other jurisdiction; Any offer, solicitation, offer to buy, or sale of securities will be made pursuant to the registration requirements of the Securities Act of 1933, as amended.

About Akanda Co., Ltd.

Akanda is an international medical cannabis and wellness platform company that aims to help people live better lives by improving access to high-quality, affordable products. Akanda’s portfolio includes Holigen, a Portugal-based cultivation, manufacturing and distribution company with an EU GMP certified indoor cultivation facility. CanMart is a UK-based fully licensed pharmaceutical importer and distributor that supplies pharmacies and clinics across the UK. The company’s seed-to-patient supply chain also includes a partnership with California-based Cookies, the world’s most globally recognized cannabis company. Cansativa Group is Europe’s leading importer and distributor of medical cannabis. Cellen Life Sciences’ Leva Clinic is one of the UK’s first fully digital pain clinics.

Connect with Akanda: Email | Website | LinkedIn | Twitter | Instagram

Investor contact information

ir@akandacorp.com

Cautionary Note Regarding Forward-Looking Information and Statements

This press release contains certain “forward-looking information” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not historical facts or information or represent historical facts. They represent only Akhanda’s beliefs regarding future events, plans and objectives, not current conditions, many of which are inherently uncertain and beyond Akhanda’s control. Generally, such forward-looking information or forward-looking statements may include statements such as “plans,” “expects,” “does not expect,” “anticipates,” “budgets,” “scheduled,” or “anticipates.” You can identify them by the use of forward-looking terminology, such as “forward-looking statements”. “,” “estimate,” “predict,” “intend,” “anticipate,” “unexpected,” or “believe,” or variations of such words or phrases, or specific actions; May contain statements that events or results “may” occur. , “may,” “will,” “might,” or “will take place,” “continue,” “occur,” or “achieve” and similar expressions and are suggested. Contains a description of the timing and completion of delivery. Forward-looking information may relate to anticipated events or results, including, but not limited to, business strategy, product development, sales and growth plans. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Akanda does not warrant any forward-looking statements contained or referenced. We undertake no obligation to update any information and/or forward-looking statements. except in accordance with applicable securities laws.

¹ https://prohibitionpartners.com/2023/03/30/available-now-the-european-cannabis-report-8th-edition/
² https://businessofcannabis.com/cannabis-europa-takes-place-as-the-cannabis-industry-gains-exponential-global-momentum/