CannaOne Signs MOU with LevelOut UK for UK-Based CBD Marketplace

CannaOne

Leading cannabis e-commerce tech company CannaOne Technologies (CSE:CNNA) (OTC:CNONF) made an exciting announcement Wednesday that will further expand its online sales reach and give it access to a new key demographic. The company revealed that it has signed a Memorandum of Understanding (MOU) with LevelOut UK to establish a joint venture partnership and launch a CBD marketplace for the UK market.

As per the MOU, CannaOne will provide exclusivity to its proprietary software for the UK market, its wealth of industry knowledge and digital marketing expertise, and access to its existing US CBD brand supply chain.

Meanwhile, LevelOut UK will act as the majority equity partner in the JV and will provide between $184,000 USD to $247,000 USD (£150,000 to £200,000) in initial start-up capital.

“LevelOut UK has a strong sense of the direction and trend of the CBD Market in the UK,” said CannaOne Technologies CEO Soloman Riby-Williams. “The progression towards the consummation and launch of this JV could not be timelier, as UK and European consumers are ever keeners to source and utilize CBD Products.”

He said the company intends to open up the breadth of its US BWell marketplace supply chain to the UK market and introduce popular US products on the other side of the pond.

This soon-to-be-realized JV is a testament to our goal to be omnipresent in markets all over the world. This is one more pin on the map for us, as we continue in discussions and negotiations with other groups for the establishment of CBD marketplaces in additional lawful domestic and international geographic locales,” he added.

Riby-Williams also referenced Shopify’s (NYSE:SHOP) recent announcement that it will be offering US merchants tools to sell CBD on its platform, which he believes provided the market validation CannaOne has been expecting and waiting for.

Capitalize off Cannabis
Sign up now to start receiving our investing insights for FREE!

 

“We believe that this rising tide will drive the global cannabis commerce space and continue to support our business thesis playing out. We see the majority of these emerging countries coming online with proper regulation, and the markets will evolve to the notion of the 80-20 philosophy where a handful of players will have the lion’s share of the sales volume,” he added.

CannaOne: Becoming the “Amazon” of Cannabis

Although the launch date of this new UK-based CBD marketplace has yet to be determined if the launch of its US-based CBD marketplace is any indication, investors can expect this new platform to be available sooner than later. 

CannaOne’s BWell CBD online marketplace officially launched in June, two months ahead of schedule. What’s more, the company implemented reward programs throughout the pre-launch campaign to encourage loyalty, customer retention, and community building that resulted in an impressive 10,000 member signups before the site even went live.

>> CGC Stock Boosted By Martha Stewart CBD Collaboration

Membership of TheBWellMarket.com has since surpassed 11,000 and offers nearly 100 individual CBD products, including CBD topicals, pre-rolls, vapes, oils, pills, edibles, and concentrates and continues to expand its product offering. Apart from its wide variety of products, the BWell Marketplace features infrastructure that helps build consumer engagement and includes an AI capacity to recommend products and fulfill orders.

Following the launch, the company went on to sign a letter of intent (LOI) to acquire 100% ownership of its partner Real Life Sciences Inc. and the BWell CBD Marketplace.

The company is also planning to launch and operate a go-to CBD online marketplace in Mexico called ‘Casa CBD’ with Manna Health Services SA in the next six to twelve months.

In short, the team at CannaOne Technologies knows how to bring products to market the right way. If the launch of the UK CBD marketplace goes as smooth as its US counterpart, the company’s dream of becoming the Amazon of cannabis could soon become a reality.

The Growing Global CBD Market

The CBD industry is exploding across the globe, with the compound showing up in chocolate, skincare products, tinctures, supplements, beverages, and pet products. Even major retailers like Target, Walgreens, and Walmart are stocking their shelves with CBD products.

The CBD market is growing so quickly in the US that Brightfield Group expects sales to grow from $5 billion in 2018 to a whopping $23.7 billion by 2023, representing a CAGR of 107%. Meanwhile, the UK CBD market is expected to be worth $1.2 billion USD per annum by 2025, which is equivalent in size to the UK’s entire herbal supplement market.

Thanks to its all-in-one innovative online marketplace, CannaOne is in the perfect position to dominate this lucrative and largely untapped market.

Investors interested in cannabis e-commerce will no doubt be keeping a close eye on CannaOne and the launch of its UK CBD marketplace.

>> Read More CannaOne News

Featured Image: Depositphotos © PromesaStudio

Please See Disclaimer

If You Liked This Article Click To Share


Disclosure:

1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on research and understanding of the sector.

2) The Article was issued on behalf of a third party, CannaOne Technologies Inc. and Market Jar Media Inc.

3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. The author was not paid by Market Jar Media Inc. for this Article. Market Jar Media Inc. was not paid by the author to publish or syndicate this Article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Market Jar Media Inc. requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Market Jar Media Inc. relies upon the authors to accurately provide this information and Market Jar Media Inc. has no means of verifying its accuracy.

4) The Article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Market Jar Media Inc.'s terms of use and full legal disclaimer as set forth here. This Article is not a solicitation for investment. Market Jar Media Inc. does not render general or specific investment advice and the information on PotStockNews.com should not be considered a recommendation to buy or sell any security. Market Jar Media Inc. does not endorse or recommend the business, products, services or securities of any company mentioned on PotStockNews.com.

5) Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article.