When an industry is projected to be worth $22 billion—as the Brightfield Group recently reported about the hemp-CBD market—product accessibility is perhaps the most important factor in determining a company's success. CannaOne Technologies (CSE:CNNA) (OTCPK:CNONF) has made an innovative move in this area by successfully launching the BWell CBD online marketplace, making it one of the first companies in the sector to focus on online CBD commerce.
TheBWellMarket.com, which offers nearly 100 unique CBD products, was launched significantly ahead of schedule on June 24. Two weeks before the site went online, CannaOne reported that it had already signed 10,000 members to the marketplace after a referral campaign that was only ten days long. Now, according to the most recent press release, membership has surpassed 11,000, and with benefits like reward programs encouraging customer retention and community building, that number is likely to keep on growing.
In the press release, CannaOne CEO Solomon Riby-Williams was quoted as saying, “Our teamwork has been validated by reaching this significant milestone and we have proven our strengths in platform development and marketing."
CannaOne's Partnership with Real Science
Back in April, CannaOne partnered with Real Health Science to begin work on the BWell marketplace, which was initially scheduled for an August 2019 launch. Due to the CannaOne's impressive efforts as facilitator and operator of the project, the launch date was moved up to June.
By partnering with CannaOne Technologies, California-based Real Health Science works towards its mandate of connecting customers with high-quality CBD products and providers in as timely and professional a manner as possible. Real Health's extensive relationship network, in combination with CannaOne's propriety cannabis targeted technology solution, offered a secure foundation for a partnership that's just beginning to pay off.
Targeting the CBD Market in America
CEO Riby-Williams notes that CannaOne launched the BWell marketplace "just months after the Farm Bill was passed in the US, which has opened up a plethora of opportunities to sell and market CBD products. We are truly in on the ground floor level of this rapidly growing CBD revolution in America and we’re now ready to compete as a dominant player in this online space.”
"CBD revolution in America" is no hyperbole. An analysis by Cowen & Co. found that almost seven percent of Americans are already using cannabidiol (CBD), which means that the market has the potential to grow by leaps and bounds as more retail avenues are made available. The analysis projects that the number of American CBD users will grow to 10 percent by 2025, and at that time, the market will be worth a staggering $16 billion in the United States alone.
Why is CBD becoming so popular in America, especially while cannabis has still not been federally legalized? Well, unlike THC, CBD is a non-psychoactive cannabinoid that has been proven to offer medicinal benefits for users. Hemp is a strain of cannabis that is low in THC and high in CBD, meaning products derived from the plant can help patients in need of relief from pain and anxiety without intoxicating them. This led to the passing of the Hemp Farm Act of 2018, which removed hemp from the list of controlled substances in America and allowed farmers to get to work cultivating the plant.
Since then, CBD products have begun flooding into pharmacies and doctors’ offices. Beyond the medicinal applications, CBD also has therapeutic and wellness benefits, leading to CBD-derived products being used in beauty shops, massage parlors, and natural food stores.
E-Commerce Could be the Future of CBD
With the launch of BWellMarket.com, CannaOne Technologies has positioned itself as an innovator of CBD online retail. Online marketplaces allow third parties to connect with customers, while transactions are processed by the market operator. This allows for a level of commercial access and interactivity that the CBD industry has not yet experienced.
“[CannaOne] is now well positioned to provide third-party providers, a premium turnkey technology solution for their CBD products that not only supply them with products but educates and engages their community from the ground up," says Riby-Williams.
The next step for the company is to create "cookie cutter" sites like BWellMarket.com that will target the CBD market in other countries. CannaOne is already set to make Mexico one of the next countries to expand into.
Featured Image: DepositPhotos © EdZbarzhyvetsky