The first-ever publicly-traded cannabis e-commerce company has continued to impress the market since its October 2018 IPO, offering turnkey enterprise software solutions that are tailored specifically to the cannabis industry. On Tuesday, CannaOne Technologies Inc. (CSE:CNNA) (FRA: 3CT) announced that its BWell-branded CBD marketplace will be live and fully functional two months earlier than initially expected.
The company announced the creation of the US-facing CBD marketplace in April as part of an agreement with Real Health Science. CannaOne will be using its proprietary BloomKit technology to create, facilitate, and operate the online CBD marketplace alongside Real Health, providing the company access to the burgeoning CBD market that is projected to reach a whopping $22 billion by 2022.
The BWell CBD marketplace was initially set to launch in August; however, thanks to prioritized and focused efforts, CannaOne will be ready to launch the product in June.
“Since first announcing BWell, our platform development efforts towards a successful launch of this premium online US CBD marketplace have been our absolute top priority," said CannaOne CEO Solomon Riby-Williams. "We have made positive strides towards the overall success of our first to market strategy faster than we had previously forecast and we now remain focused on ensuring that BWell becomes quickly recognized as the go-to spot for CBD products for the connoisseur and the mass retail consumer alike.”
Offering Big Name CBD Products
Partnering with California-based Real Health Science to develop BWell gives CannaOne access to Real Health's large network of high-quality CBD suppliers. Real Health has established working relationships with superior providers in each vertical within the CBD industry in the US, from cannabis genetics businesses and cost-effective hemp-derived CBD extraction and purification labs to the highest-rated cannabis testing and certification labs.
The partnership with Real Health will also mean that the BWell CBD marketplace will have the ability to provide the market with premium CBD products at extremely competitive pricing.
One of the benefits of expediting the development of the BWell CBD marketplace is that it offers CannaOne additional time to prepare for the upcoming launch. According to the release, BWell has already signed on multiple big name CBD product vendors and will be selling some of the most-notable CBD brands available. The company is also in active discussions with a number of other premium CBD brands, which it expects to add to the marketplace in the near term.
Prior to the creation of the BWell CBD marketplace, CannaOne announced a partnership with Manna Health Services SA de CV to launch and operate a Mexico CBD marketplace branded ‘Casa CBD,’ which will be the home of premium CBD products to service the Mexican market.
Investors will be keen to see which premium CBD brands will be featured on the BWell CBD marketplace when it goes live next month as well as how the new platform is received by the US CBD market.
CannaOne's share price has had a rollercoaster year so far, hitting a high of $1.84 CAD in February and a low of $0.52 CAD in March on the Canadian Securities Exchange (CSE).
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