CannaOne Technologies (CSE:CNNA) (OTCPK:CNONF), an industry leader in providing e-commerce solutions to cannabis companies, has announced that it has signed a letter of intent with SpeakEasy Cannabis Club Ltd to launch Canada's first-ever CBD e-commerce marketplace, as part of The BWell Market.
BWell Edges Ahead in CBD E-Commerce
BWell was launched in the US by CannaOne in mid-2019 through a partnership in California following the historic passage of the updated Farm Bill, which federally decriminalized industrial hemp farming and derivatives such as CBD, allowing online sales in 50 of the 52 states. The site was one of the first to take advantage of the emerging CBD e-commerce space and has been able to attract some of the industry's most well-recognized names, including Select CBD and CBD-FX. BWell has also secured contracts to launch marketplaces in Mexico and the UK during the first half of 2020.
CBD Sales to Break $20 Billion in Just Four Years
BDS Analytics and Arcview Market Research project that the collective market for CBD sales in the US will surpass US$20 billion by 2024, and recent data from leading CBD producer Charlotte's Web shows that 57% of its US$70 million revenue came from e-commerce sales. In Canada, the CBD market is expected to hit C$1 billion in the next five years, and Todd Morrow, President of HempMeds, said, "there is a shortage of products with this formulation in the provincial cannabis retail outlets,” emphasizing the increasing importance of e-commerce in the CBD space.
The Way of the Future
"We believe online cannabis sales will inevitably be the way of the future and it is such global transformation that we see happening here and now," said CannaOne CEO Solomon Riby-Williams, adding that, "a partnership with SpeakEasy can take us one step further towards our goal of becoming an international market leader in the cannabis e-comm space.”
SpeakEasy Cannabis Club is a Canadian holder of a cultivation, processing, and sales license issued by Health Canada. With 290 acres of land in Rock Creek, British Columbia, the company utilizes three generations of farming experience to produce small-batch, high-quality craft cannabis. In 2020, SpeakEasy says it plans to produce approximately 70,000 kg of outdoor, sun-grown cannabis upon receipt of an amended cultivation license.
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