Akanda Corp. Announces Plan to Integrate Technology Solutions to Capture UK Market
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The collaboration between Akanda Corp's subsidiary Canmart and META to develop social shopping capabilities is a strategic move aimed at leveraging the extensive user base of social media platforms like Facebook and Instagram. This integration aligns with current e-commerce trends where consumers are increasingly seeking convenience and seamless shopping experiences. By enabling users to purchase products without leaving their social media apps, Canmart is tapping into the 'social commerce' trend, which is gaining traction across various industries.
From a market perspective, this initiative could significantly broaden Canmart's reach and enhance customer engagement. The integration could lead to higher conversion rates as the purchasing process becomes more integrated into the user's social media experience. Moreover, the focus on CBPMs and related accessories positions Canmart in a niche yet growing segment of the market, which could see increased demand as societal attitudes towards medicinal cannabis evolve.
The projected growth of the UK cannabis market and the strategic use of AI algorithms to match patients with products further underscore the potential for personalized marketing and sales strategies, which could drive revenue growth for Akanda Corp. However, it's important to note that the success of such initiatives depends on regulatory developments, consumer acceptance and the company's ability to execute its strategy effectively.
The mention of Canmart's work with premium product suppliers and clinical cannabis operations indicates a commitment to quality and safety in the medical cannabis market. The partnership with Access Kaneh and EndoDNA to utilize AI algorithms for personalized cannabis recommendations is particularly noteworthy. This reflects a growing trend in personalized medicine, where treatments and products are tailored to the individual's genetic profile, potentially improving patient outcomes.
While the integration with META platforms is primarily a commercial development, the potential implications for patient access to CBPMs cannot be overlooked. If Canmart can successfully navigate the complex regulatory environment surrounding cannabis-based products, this could represent a significant advancement in how patients access and purchase their medications.
However, the long-term impact on the medical cannabis industry will depend on the effectiveness of these AI algorithms in matching patients with appropriate products, the quality of the products offered and the ability to maintain compliance with evolving regulations. The ethical considerations of data privacy and the accuracy of AI-based recommendations will also be critical factors to monitor as this initiative progresses.
The announcement by Akanda Corp about its UK subsidiary Canmart's partnership with META for social commerce initiatives should be of interest to investors due to the potential for revenue growth and market expansion. The projected revenue figures for the UK cannabis market indicate a growing industry, albeit with a modest annual growth rate. The per person revenue projection provides a benchmark for potential market penetration and revenue opportunities.
Investors should consider the scalability of Canmart's business model, especially in light of the integration with social media platforms which could reduce customer acquisition costs and increase market visibility. The partnership with Access Kaneh and EndoDNA suggests a forward-thinking approach to market differentiation through technology and personalized services.
Nonetheless, the actual financial impact of these initiatives will depend on the company's ability to convert social media engagement into sales, manage operational costs associated with the new sales channels and navigate the regulatory landscape. Additionally, while the integration with META platforms is a positive development, investors should be cautious about overestimating its immediate impact on sales, given the early stage of this initiative and the regulatory challenges associated with cannabis products.
London, United Kingdom--(Newsfile Corp. - April 11, 2024) - On April 4, 2024, Akanda Corp. (NASDAQ: AKAN) ("Akanda" or the "Company"), an international medical cannabis company, announced its wholly-owned United Kingdom (UK) subsidiary, Canmart, plans to develop its social shopping capability by integrating with META, to create a user friendly buying experience for Facebook and Instagram users to purchase Canmart products. In short, this integration allows Facebook and Instagram users to browse products featured in Canmart shoppable videos, place products in a native shopping cart and checkout all without leaving Facebook or Instagram. This integration marks a significant enhancement, allowing Canmart to showcase vendor products not only on its own Canmart platform but also through shoppable content on Facebook and Instagram, creating a massive expansion of the addressable audience of prospective buyers who want to shop without leaving their Facebook or Instagram app.
Canmart is a licensed importer and distributor of Cannabis-Based Products for Medicinal use (CBPMs) in the UK and provides third party and specialist import and distribution services for Schedule 2 products including CBPM's. Canmart continues to work further with premium product suppliers to bring safe, effective and required products to market that patients demand, and working with existing and new clinical cannabis operations in the UK to provide third party products. Canmart also works to supply customers with vape hardware for liquid and dry herb vapes to its patients, offering drop ship capabilities via partner websites for smaller or remote pharmacies and clinics not able to hold stock.
While CBPMs may not be sold on META yet, the Company's peripherals and non-plant touching accessories may. In addition, UK clinics are already certified on ecommerce platforms and Canmart has begun to work hand in hand to promote sales of CBPMs this way. The Company believes by first proving the concept with accessories and over the counter cannabinoid (CBD) products the model can be proven to target curated products and offers to specific customer types, even at an individual level. The Company plans on then applying this model to CBPM's and offering to its partner clinics.
Additionally, Canmart plans to partner with a platform founded by its directors to make medical cannabis more accessible to UK patients through an AI algorithm that analyzes DNA and products in market. Access Kaneh a platform for medical cannabis patients to help understand the market and obtain accessories and EndoDNA a breakthrough DNA test that matches the patient with the right cannabinoid products for an individualized wellness journey, leveraging technology to support identification of appropriate cannabinoid products.
According to projections, the Cannabis market in the UK is expected to reach a projected revenue of US
The UK market boasts 43 prescribing clinics, 31 dispensing pharmacies, and over 90 supplying producers whose products are imported2. Depending on quality, the retail price of cannabis per gram varies between 6 pounds to 15 pounds3.
Interim CEO and Executive Director, Katie Field commented, "We are planning for the positive market trends in the United Kingdom and Canmart is at the forefront of the UK industry. We are encouraged by the advent of recreational cannabis and decriminalization in Germany as well." The Company believes the passage of such programs could have positive effects on expansion in the EU.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Company's securities, nor shall there be any sale of such securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.
About Akanda Corp.
Akanda is an international medical cannabis and wellness platform company seeking to help people lead better lives through improved access to high quality and affordable products. Akanda's portfolio includes CanMart, a UK-based fully licensed pharmaceutical importer and distributor which supplies pharmacies and clinics within the UK. The Company's seed-to-patient supply chain also includes partnerships Cellen Life Sciences' Leva Clinic, one of the first fully digital pain clinics in the UK. Akanda also acquired the right to develop a Canadian farming property in British Columbia, including farming land and related operations and licenses. The Company plans to develop tetrahydrocannabinol (THC) and cannabinoid (CBD) facilities at this site.
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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 United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Akanda's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Akanda's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved" and similar expressions and include statements regarding the timing and completion of the proposed offering. Forward-looking information may relate to anticipated events or results including, but not limited to business strategy, product development and 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 undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
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3 https://lyphe.com/how-much-is-weed/
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