As a leading provider of e-commerce solutions for the cannabis industry, every move that CannaOne Technologies Inc. (CSE:CNNA) (OTCPK:CNONF) makes is worth noting. It's one of the few companies developing the online retail space for cannabis retailers. It's also the company behind the BWell Market, one of the first CBD-focused online marketplaces.
Today, CannaOne announced some corporate highlights for its past fiscal year. The company also took this opportunity to communicate its strategic plans and business directives for the coming year.
In reviewing what it has accomplished and what it still looks to achieve, CannaOne has provided investors with a privileged, insider look at its operations. Let's take a look at what this exciting company had to say.
CannaOne is Targeting Key Markets for Online CBD
Since the launch of the BWell Market in June, the company has made important in-roads to replicate its success and strengthen its foothold in the digital CBD retail space.
In September, it entered into a memorandum of understanding with LevelOut UK to create an online CBD marketplace for the UK. CannaOne will contribute its proprietary, turnkey software as well as its industry knowledge, digital marketing expertise, and access to its existing American CBD brand supply chain.
The company expects the joint venture with LevelOut UK to be ready for launch before the end of 2020's first quarter.
In partnership with Manna Health Services SA de CV, CannaOne will also launch an online CBD marketplace for Mexico early next year.
Mexican lawmakers are currently considering cannabis legalization, and will likely pass nationwide reform that includes permitting the sale of CBD products.
To affirm its position as a leader in online CBD retail, CannaOne entered into a letter of intent to acquire 100% of Real Life Sciences Inc., its managing partner for the BWell Market. This acquisition will give the company total ownership of BWell, which facilitates the sale of over 140 high-quality CBD products to more than 11,000 active consumers.
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THC and Recreational Cannabis are Also on the Horizon
In addition to expanding its online CBD marketplaces in the UK and Mexico, CEO Solomon Riby-Williams said:
"We remain ever vigilant in our assessment of the global cannabis market, and we continue to seek out potential acquisition targets that could offer synergies to our business to expedite and exponentially increase our future growth potential."
According to CannaOne's website, any user base established in a country through an online CBD marketplace offers a "huge advantage" when those markets eventually allow for the sale and consumption of THC-based products.
The company remains confident that THC will soon join CBD in the online world in countries around the world.
Now May Be the Time to Watch
At the end of October, CannaOne engaged the services of two investor relations firms. These firms will help the company facilitate its financing targets and help it provide swift updates to its shareholder base.
This means it's never been a better time to watch CannaOne Technologies. Just days prior to the investor relations announcement, CNNA shares were at a 52-week low of $0.36 on the CSE. Since then, the stock has begun climbing and has already added 52% value in less than two weeks.
In the past, CNNA has been as high as $1.84, and the company's corporate highlights indicate ample growth in the next year. Keep watching for more updates from CannaOne Technologies.
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