Both cannabis and e-commerce are changing the landscape of modern retail. One of the only companies currently positioned at the intersection of these two innovations is CannaOne Technologies Inc. (CSE:CNNA) (OTC:CNONF) (Frankfurt: 3CT).
CannaOne is a leading software development and technology company that is empowering cannabis enterprises through e-commerce marketplace solutions. Today, the company provided a corporate update, which highlighted some impressive achievements from its recent past. In the release, CannaOne also communicated its direction for the year ahead.
CannaOne Technologies' Proprietary E-Commerce Software
After three years of development, CannaOne Technologies finalized production of a highly versatile e-commerce software suite called BloomKit. Designed for the sale of THC and CBD consumer products, the BloomKit platform is able to complete purchases, process payments, and deliver products to the doors of the consumers all across the United States.
In addition, the BloomKit software utilizes artificial learning to gather consumer and product data from the transactions it enables in order to provide key insights and analytics to retailers. BloomKit was also designed to easily adapt to the regulations governing cannabis in a wide range of jurisdictions.
The launch of the software platform gives CannaOne Technologies first-mover advantage as a provider of cannabis-focused e-commerce solutions. This positions it to fulfill the growing demand for online cannabis sales and provide both cannabis retailers and consumers with industry-leading online marketplaces.
"During the past few years the number of cannabis-based products has rapidly increased and now a diverse range of product options are available," said CannaOne Technologies CEO Solomon Riby-Williams. "The existence of this significant array of consumer creations has even further exacerbated the need for online e-commerce solutions and more specifically consumer focused Online Marketplaces."
CannaOne Launches BWell Marketplace via BloomKit
On June 24, CannaOne Technologies announced the launch of its first such marketplace. TheBWellMarket, which was launched ahead of schedule, can provide timely and cost-effective shipments of CBD products in the United States. More than 11,000 customers have signed up to receive access to nearly 100 CBD products.
The passing of the Hemp Farming Act late last year removed hemp from the list of controlled substances, allowing farmers to grow it like any other agricultural crop. It also enables companies to sell hemp-derived CBD to Americans of legal age.
Because of this, the CBD market in the US is now projected to be worth $23 billion by 2023. CannaOne Technologies worked quickly to launch TheBWellMarket in order to capitalize on this significant portion of the cannabis industry.
CannaOne's Continued Growth and Forward Strategy
As TheBwellMarket is beginning to capture the CBD market in the US, CannaOne Technologies is next focused on creating similar marketplaces around the world. These markets will enable CBD, THC, medicinal, and recreational cannabis e-commerce sales according to local regulations.
Already, the company has begun developing an online marketplace in Mexico, through a partnership with Manna Health Services, as well as one in the United Kingdom. These marketplaces are expected to launch within the next six to 12 months.
Regarding his company's growth, Mr. Riby-Williams said, "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."
As more and more products are being sold online, convenience is becoming the primary factor in determining consumer purchasing preferences. For the cannabis sector, no company is positioned to offer convenient and cost-effective solutions like CannaOne Technologies.
Featured image: DepositPhotos © kapustin_igor