CannaOne Technologies (CSE:CNNA) (OTCPK:CNONF) is a Vancouver-based firm that is leading the way in providing e-commerce solutions to cannabis companies, and in recent months has inked a number of high-profile deals that have helped solidify its unique yet vital position in the Canadian pot market. Here, we’ll take a deeper look at the factors that have helped propel CannaOne Technologies (CSE:CNNA) (OTCPK:CNONF) to the forefront of the digital cannabis space.
CannaOne Eyes Expanding Markets with CBD E-Commerce Launch
In December 2018, the US Federal government passed an updated Farm Bill, a landmark piece of legislation that fully legalized industrial hemp farming and the sale of CBD in 50 out of 52 states. This watershed moment presented a huge opportunity to launch an e-commerce platform specifically dedicated to CBD products, an opportunity that CannaOne Technologies (CSE:CNNA) (OTCPK:CNONF) quickly seized upon with the launch of The BWell Market in June 2019.
BWell, which is exclusively powered and managed by the proprietary e-commerce technology developed by CannaOne Technologies (CSE:CNNA) (OTCPK:CNONF), was one of the first companies to take advantage of the emerging CBD e-commerce space and, in doing so, has been able to attract some of the industry’s most well-recognized names, including Select CBD and CBD-FX.
However, it’s not just in the US that CannaOne Technologies (CSE:CNNA) (OTCPK:CNONF) saw its opportunity to capitalize on exploding CBD demand. BWell has also secured contracts to launch marketplaces in the UK and in Mexico during the first half of 2020, and just last month revealed that it would become Canada’s first-ever CBD e-commerce marketplace, as part of a partnership between CannaOne and SpeakEasy Cannabis Club Ltd.
To further cement its position at the forefront of digital CBD sales, CannaOne Technologies (CSE:CNNA) (OTCPK:CNONF) 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.
Developments in Cannabis Legislation Present Further Opportunities
CannaOne Technologies (CSE:CNNA) (OTCPK:CNONF) isn’t just focused on the CBD market but is constantly looking further afield to the next big opportunity. As we mentioned, the company has deals in place in Mexico and the UK for more CBD markets, but CEO Solomon Riby-Williams said his firm is keeping a keen eye on developments in THC legislation in those jurisdictions.
“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,” said Mr. Riby-Williams.
Just this week, a top Mexican lawmaker said the nation’s Senate will vote on a bill to legalize cannabis by the end of this month, the passage of which is considered highly likely. While the UK may be a little further behind, with no real motion to legalize the psychoactive compound in cannabis on the table as of yet, there remains the strong possibility that it could follow Mexico, Canada, and multiple US states in legalizing cannabis in the not too distance 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,” were the words of Mr. Riby-Williams, and judging by the rapid expansion of CannaOne Technologies (CSE:CNNA) (OTCPK:CNONF), it’s a point that’s hard to argue with. At the time of writing, CNNA stock is trading for just $0.15 amid a lull in the cannabis market.
Featured Image: DepositPhotos © egal