VANCOUVER, Sept. 25, 2019 /CNW/ - CannaOne Technologies Inc. (CSE: CNNA); (OTC : CNONF); and (Frankfurt: 3CT) ("CannaOne" or the "Company"), a leading cannabis e-commerce technology company, is pleased to announce that it has entered into a Memorandum of Understanding ("MOU") with LevelOut UK (LO) on September 16, 2019. LevelOut UK Ltd., will act as the majority equity partner in a joint venture corporation (JV), being established between LO and CannaOne to service the UK market. CannaOne will contribute to the JV exclusivity to their proprietary software for the UK market, while further providing its industry knowledge, digital marketing expertise and access to its existing American CBD brand supply chain for sale on LO. LevelOut UK Ltd. will provide between £150,000.00 to £200,000.00 in initial start-up capital to the JV.
CannaOne Technologies CEO, Mr. Riby-Williams, commented "LevelOut UK has a strong sense of the direction and trend of the CBD Market in the UK. The progression towards the consummation and launch of this JV could not be timelier, as UK and European consumers are ever keener to source and utilize CBD Products. As part of the JV operation it is our intent to open up the breadth of our US BWell marketplace supply chain to the UK market and thus 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."
Riby-Williams added "Last week Shopify's announcement on providing services for US merchants for CBD is the market validation we have been expecting and waiting for. 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. Our fully customized, dedicated and purpose-built THC / CBD marketplace platform can react with speed to changing market conditions, help make data driven decisions and provide our clients and partners with a team of cannabis marketing experts that prove to be essential, and acts as a core differentiator in the industry."
CannaOne Technologies is a software development and technology company that has developed its own proprietary online E-Commerce Marketplace solution linking the rapidly expanding CBD industry to consumers. The company's first consumer product, BloomKit, is a software suite that delivers a complete online toolkit for a variety of applications for companies in the sector.
In June 2019 CannaOne launched BWell (thebewellmarket.com), in the United States, facilitating the sale of a large selection of premium CBD products from numerous suppliers to consumers. The platform includes an infrastructure to build consumer engagement including an AI capacity to recommend products and fulfill orders.
Additionally, to date, CannaOne has secured contracts with underlying expectations to launch further marketplaces in Mexico and the UK marketplace in the next 6-12 months. The company's overall vision is to provide comprehensive online solutions for the industry globally and is now well-positioned to offer industry suppliers with a premium, turnkey technology platform for their CBD products that not only sells and markets products, but also educates and engages their community from the ground up.
UK CBD Market
Market research commissioned by the CMC estimates that the CBD market is currently one of the fastest growing wellbeing product categories in the UK. At the current rate it will be worth almost £1B per annum by 2025, equivalent in size to the current entire UK herbal supplement market. 1
Europe's cannabis and cannabidiol (CBD) markets are set to grow exponentially over the next few years, with the weed sector set to rise over 2400% and CBD set to grow over 400% by 2023. Europe's CBD market was estimated at $318m in 2018 and is tipped to rise to $416m in 2019, according to the report, entitled European CBD & Cannabis Market 2019 Report. CBD is then expected to grow to nearly $1.7bn by 2023. 2
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The securities referred to herein will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
FORWARD-LOOKING STATEMENTS: Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be", or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the Company's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of CannaOne to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures, other costs or implied future forecasts. The Company further again cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. In addition, marijuana remains a Schedule I drug under the United States Controlled Substances Act of 1970. Although Congress has prohibited the US Justice Department from spending federal funds to interfere with the implementation of state medical marijuana laws, this prohibition must be renewed each year to remain in effect. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. CannaOne will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE CannaOne Technologies Inc.
For further information: Investor Relations Contacts: Plutus Bridge Capital Inc., +1 416-918-6785; Solomon Riby-Williams, Chief Executive Officer, [email protected], 604 - 559 - 8893