Akanda Corp. Announces Canmart's Plans for Facebook and Instagram Social Shopping Technology Integration
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Insights
The integration of Akanda Corp's subsidiary Canmart with META's social shopping platforms represents a strategic move to leverage the growing trend of social commerce. By enabling users to purchase directly through Facebook and Instagram, Canmart is tapping into a larger pool of potential customers who value the convenience of in-app shopping experiences. This could potentially increase sales and customer engagement, as social media platforms continue to play a significant role in consumer discovery and purchasing decisions.
From a market research perspective, this initiative could be a response to the increasing demand for seamless online shopping experiences. The social shopping functionality is expected to lower the barrier to purchase for users already engaged with content on social media. However, it is important to monitor how this will translate into actual sales, considering the regulatory complexities surrounding Cannabis-Based Products for Medicinal use (CBPMs).
While Canmart's integration with META's social shopping features is a notable development, it's important to understand the regulatory landscape of Cannabis-Based Products for Medicinal use (CBPMs) in the UK. The current limitations on selling CBPMs through social media platforms mean that Canmart will initially be restricted to peripheral and non-plant touching accessories in this new sales channel. This limitation poses a challenge in terms of the full potential market reach and could affect the long-term viability and impact of this strategy on the company's revenue.
However, this move could also be seen as laying the groundwork for future opportunities should regulations evolve to allow direct sales of CBPMs on social platforms. The partnership with META also indicates Canmart's commitment to innovation and adaptability within the medical cannabis industry, which could be beneficial for their brand positioning and market share growth over time.
Canmart's decision to develop social shopping capabilities via META's platforms could be a game-changer in e-commerce strategy within the medical cannabis space. By leveraging the existing user base of Facebook and Instagram, Canmart aims to reduce friction in the customer journey, offering a streamlined path from product discovery to purchase. The success of this strategy will largely depend on the execution of targeted marketing campaigns and the integration's user experience.
It is also important to note that while the integration is a significant step forward, the competitive landscape of e-commerce is rapidly evolving. Canmart will need to continuously innovate and possibly integrate advanced features such as AI-driven product recommendations and virtual consultations to maintain a competitive edge. Additionally, the effectiveness of this strategy should be measured not only by the short-term increase in sales but also by customer retention and lifetime value.
London, United Kingdom--(Newsfile Corp. - March 28, 2024) - Akanda Corp. ("Akanda" or the "Company") (NASDAQ: AKAN), an international medical cannabis company, Akanda Corp. 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.
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 Shopify and Canmart has begun to work hand in hand to promote sales of CBPMs this way.
Interim CEO and Executive Director, Katie Field commented, "Canmart is making plans to capitalize on social shopping trends. This is in line with the Company's anticipated expansion through our UK business but also by entering ancillary technological segments that are supportive to our business model."
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 Holigen, a Portugal-based cultivator, manufacturer and distributor with an EU GMP certified indoor grow facility; 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 with California-based Cookies, the most globally recognized cannabis company in the world; Cansativa Group, a leading importer and distributor of medical cannabis in Europe; and Cellen Life Sciences' Leva Clinic, one of the first fully digital pain clinics in the UK.
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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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