VANCOUVER, Aug. 26, 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 its corporate highlights and achievements and so as to communicate the company's direction for the year ahead.
CannaOne has been amongst the first companies to recognize the need for online e-commerce solutions for the rapidly expanding cannabis industry. CannaOne Technologies CEO, Mr. Riby-Williams commented, "during the past few years the number of cannabis-based products has rapidly increased and now a diverse range of product options are available. This range of cannabis products now expands beyond simply numerous cannabis strains to those forming a vast breadth of consumer products derived from extracted THC and CBD oils to generate cosmetics, beverages, edibles, pet products and much more. 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 Software Development
Following 3 years of in-house development, CannaOne Technologies has now completed the development of its signature versatile customizable e-commerce software suite, BloomKit. The successful launch of this software platform has provided CannaOne a distinct first mover advantage in the deployment of a cannabis focused online marketplace.
CannaOne has now established the adaptability and performance of this e-commerce platform with an inherent capability to now complete sales, payment processing, order fulfilment and product delivery to the door of consumers across the United States. BloomKit software is strictly developed for THC and CBD consumer products with further key focus on the collection and use of consumer and product data insights and analytics.
- As different global markets in North America, Europe, and South America have noticeably different legal and compliance requirements for the sale of cannabis-based products, BloomKit's proprietary software is designed in such fashion that it can adopt to the specific conditions of all such varying jurisdictions.
- BloomKit provides CBD/THC based products with an additional key focus on providing a platform of impartial education to its users that will in turn drive the development of a community of highly engaged and informed consumers.
- Leveraging our proprietary technology, product lineage, strain origin and attributes are retained, and database managed with each inventory item stored in a comparative manner across vendors.
- Cross vendor attribute data points allow for advanced customer stories and profiling groups for predictive shopping tendency and inventory management / demand prediction.
- The value of a customer in the THC/CBD market is widely understood and accepted to have some yet to be formally determined perceived lifetime value; profiling that customer beyond their specific interactions makes that value potentially exponential compared to the competition. Each data point collected, managed and analyzed by BloomKit allows for further extrapolation of individual consumer tendencies and allows for a completely customized shopping experience.
- Artificial Intelligence (AI): Machine learning is being utilized by feeding data to multiple partners while still ultimately retaining such data ownership the interpretation of that information is proprietary to BloomKit.
- BloomKit is built on open source software and deploys reputable and established web services for integrated back end functionality. It is agile in direction and compliance and it can pivot as required for different vendors and markets by not being dependant on a licensed platform for the management or vendor front end.
- Being first in the market has immeasurable value; using unique in-depth market knowledge and a ground up specific market and application focus BloomKit can be implemented with a customized fulfillment and payment processing element to work to ensure best in the industry times to market.
Key Market Developments & CannaOne Strategy
2018 United States Farm Bill and Hemp Farming Act
For the first time, the passing of the Farm Bill by the United States Senate on December 20th, 2018, removed hemp (cannabis with less than 0.3% THC) from the list of Schedule I Controlled Substances along with some cannabis products. This significant piece of legislation allows the legalized e-commerce CBD sales to over 300 million Americans.
CannaOne CEO, Mr. Riby-Williams, commented, "the Farm Bill opened up the massive CBD market in the US that is estimated to be around $23 billion by the 2020s.1 Our business model has now been streamlined to be 100% e-commerce driven with a focus towards becoming the global leader in cannabis e-commerce. Following the passing of the Farm Bill, we were able to move rapidly to launch our first online marketplace, www.thebwellmarket.com."
BWell Online Marketplace Launch in US
On June 24th, 2019, CannaOne Technologies announced the launch of its first CBD focused online marketplace, TheBWellMarket.com in the United States. The activation of the BWell marketplace gave CannaOne partnership in one of the first CBD focused online marketplaces.
In addition to the successful launch of this online marketplace ahead of its original schedule, the company received over 11,000 customer sign-ups seeking access to purchase almost 100 individual CBD products.
Mr. Riby-Williams stated "the BWell ecom marketplace strategy follows commonality to existing successful online marketplaces, by focusing the destination to a certain type of specific product segment, (i.e., books, as an example), whereby Bwell has been designated and marketed to become a go to destination for CBD. The Bwell Market is now live and can provide timely cost-effective shipment of CBD products to all 50 states in the US."
Global Growth and Forward Strategy
With the BWell Online Marketplace now operating in the United States, CannaOne Technologies is now focused on executing their global growth strategy of introducing similar marketplaces in emerging regulated markets for THC, CBD, medical and recreational cannabis e-commerce sales.
CannaOne's CEO, Mr. Riby-Williams stated, "during the past year, the management has been researching and developing relationships in Mexico, the United Kingdom and various other European countries. The UK and certain European marketplaces currently already allow the sales of CBD and CBD based products and the Mexican market is working towards the overriding development of its upcoming regulatory approval scheme. As a last point relating to our core business objectives, 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."
To further assist the Company to bring awareness to its online marketplace development aspirations, it has just added Winning Media LLC ("Winning Media") to the Company's strategic roster of digital marketing and public relations consultants, that has in past included Stockhouse Publishing and Oak Hill Investor Relations.
The Company engaged Winning Media to help to provide digital marketing and public relations services to the Company, as it begins to expand and execute the roll-out of its business in the United States. Winning Media was retained by the Company on August 16th, 2019, to provide a breadth of targeted digital marketing and corporate brand awareness and development initiatives for the Company. Winning Media, based in Houston, Texas, specializes in the use of marketing and corporate branding services to enhance public relations. Winning Media was hired by the Company under a 90-day fixed fee, $50,000 USD cash agreement.
By joining the services offered by Winning Media with the current investor relations services provided by Pluto Bridge Capital Inc., the Company hopes it will provide it a necessary platform to optimize exposure of its corporate vision as well as continue to increase interest in its online CBD marketplace offerings.
"In the near term as we now make efforts to being to generate awareness towards the increased usership of the BWell online marketplace in the United States, and we further look to continue the professional introduction of our business to a more widespread and diverse potential global investor audience, it is a timely decision for us to formally engage Winning Media and its pertinent offering of services in support of our Company," said Solomon Riby-Williams, CEO.
The Company and Winning Media act entirely at arm's length and to the best knowledge of the Company, neither Winning Media, nor any of its principals, employees, affiliates or associates, has any present interest, directly or indirectly, in the Company or any of its securities.
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 helped launch 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, CannaOne is in active negotiations with parties on other markets that have an underlying expectation that the Company be able 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.
CannaOne has uniquely positioned itself to its potential partners or clients, as not only a developer and operator of an innovative marketplaces and turnkey software platforms, but also as a consolidator, manager and overseer of extremely informative and valuable cannabis related analytics and consumer data.
1. Dennis Romero (December 16, 2018), Hemp industry expected to blossom under new Farm Bill, NBC
Investor Relations Contacts:
Plutus Bridge Capital Inc.
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: Solomon Riby-Williams, Chief Executive Officer, [email protected], 604 - 559 - 8893