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AI Stocks in Play - Akanda Corp. (NASDAQ: AKAN) Changes Direction from Cannabis to AI and Blockchain

 

April 12, 2024 (Investorideas.com Newswire) Investorideas.com, a go-to platform for big investing ideas, including AI stocks reports on a new stock entering the sector. Previously focused on the cannabis sector. Akanda Corp. (NASDAQ: AKAN), announced its plans to enter the blockchain and artificial intelligence sector of the cannabis industry.

The stocks is trading at 0.1566, gaining 0.0056, up 3.7736% with a morning high of 0.1880 on volume of over 13 Million shares.

From the news : 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."

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.

Akanda believes Blockchain solutions will complement the artificial intelligence capability being developed at Canmart. Presently Canmart plans to partner with a platform developed by its directors to make medical cannabis more accessible to UK patients both with social shopping trends and tailored products. Access Kaneh utilizes an AI algorithm that analyzes DNA vis a vis products in the UK market. EndoDNA is a breakthrough test that matches patients with solutions for an individualized wellness journey.

The Company believes there are additional applications of artificial intelligence to augment the cannabis industry. Manufacturers are developing automated processes that allow extraction cycles to be completed with minimal human input or quality control of flower and collect efficiency data from the process as well. Akanda is evaluating less capital intensive applications too such as enhancing consumer education and responsible consumption of the product and a feedback loop to personalize research and development and ultimately strains that are grown locally.

Ms. Field commented, "Akanda is competing in brave new world of global cannabis and we intend to stay at the forefront of it by evaluating the technological solutions that can be leveraged in the business and scaled for our customers and end users. We are excited at the prospect to adopt cutting-edge technology that is a game-changer for companies and consumers alike."

Read the company's full news and disclaimer here:

https://finance.yahoo.com/news/akanda-announces-plans-enter-blockchain-150000814.html

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