A company with the future of cannabis retail in mind, CannaOne Technologies Inc. (CSE:CNNA) (FRANKFURT: 3CT) (OTC:CNONF), announced today that it received approval for its common shares to begin trading on the OTC markets.
CannaOne develops e-commerce tools that help cannabis companies efficiently and effectively get their products to consumers while navigating regulation. Its turnkey solutions can be deployed in any country and are capable of serving all cannabis-related marketplaces.
In addition to listing on the OTC markets, CannaOne Technologies has also received DTC eligibility. This means that the Depository Trust Company, which provides securities safekeeping and acts as a clearinghouse for trades, can electronically clear and settle CannaOne’s securities. As it complies with DTC requirements, CannaOne can expect its stock to be traded faster and for a lower cost over a much wider selection of brokerage firms.
“Receiving DTC eligibility and approval for listing and trading to the OTC market is an important step forward that expands CannaOne’s potential investor base in the United States,” said Solomon Riby-Williams, CannaOne Technologies CEO.
CannaOne Technologies Masters Online Marketplaces
E-commerce has transformed the retail sector in a remarkably short period of time. While the cannabis sector began its existence relying on brick-and-mortar stores, over the last year it has proven to be yet another industry transitioning to online marketplaces for wider-reaching and more lucrative customer connections.
CannaOne Technologies is poised to enable this transition by harnessing the best online marketing strategies and tailoring them for the cannabis industry.
Selling cannabis online isn’t like selling most other products. For example, Google and Facebook won’t run cannabis ads. Cannabis companies also have to understand complex regulations that can differ greatly from marketplace to marketplace.
By partnering with regional groups to manage local laws and regulations, CannaOne can quickly scale up without all the costly and time-consuming license acquirements. Its e-commerce platforms can also establish user bases that allow companies to bypass other marketplaces. This will also save businesses a lot of money on advertising and lead generation.
CannaOne’s First Marketplace Builds Bigger and Better Cannabis Consumer Bases
Last month, CannaOne Technologies launched its first online marketplace. Facilitating the sale of CBD goods in the United States, BWell Market currently connects over 11,000 consumers with suppliers offering collectively more than 100 unique CBD products.
The platform—which was established through CannaOne’s first software suite, BloomKit—not only connects suppliers and customers, it builds consumer engagement through an AI capacity. Just like Amazon’s artificial intelligence, BWell’s AI can recommend products to shoppers and fulfill orders based on the data it gathers.
Though BWell focuses on CBD products, it has the potential to offer even greater connectivity when legislation is passed permitting THC to be sold in more marketplaces online. While other companies will have to establish consumer bases and build platforms from the ground up, those that are already using BWell or any of CannaOne’s other solutions will already have the infrastructure in place to capture the new market.
The Future of Cannabis Retail Will Be Online
“Given the strong foundation we have laid and the continued execution of our growth strategy, with the recent launch of the BWell online marketplace in the United States, we look forward to continuing to introduce our unique story to additional investors in 2019 and beyond,” said Riby-Williams in the OTC marketplace announcement.
Next, the company is working on a “cookie-cutter” formula for its marketplaces, enabling CannaOne Technologies to extend sales into other countries. It has already begun development of an online CBD product purchase and delivery marketplace for Mexico.
As the cannabis sector continues to grow—estimated by the Bank of Montreal to be worth $194 billion by 2024—consumers will increasingly turn to the web to make their purchases. When they do, CannaOne will be there to make the experience that much easier.