Online Growth is Now Fueling a Second Boom for Cannabis Companies
PALM BEACH, Florida, Sept. 25, 2019 /PRNewswire/ -- Global demand for cannabis has been exceptionally explosive. In fact, at current pace, research firm, BDS Analytics says U.S. sales of CBD products alone could grow from $1.9 billion in 2018 to more than $20 billion by 2024. That's opening a wide range of opportunities for retailers, and it's also forcing many of those same retailers online. After all, if they fail to establish an online business model, they could easily put themselves out of business. To assist with that transition, companies like Shopify are introducing new features to help cannabis retailers establish and expand an online presence. That's creating sizable opportunity for companies such as CannaOne Technologies Inc. (CSE:CNNA) (OTC:CNONF), Shopify Inc. (NYSE:SHOP), Canopy Growth Corporation (TSX:WEED) (NYSE:CGC), Aurora Cannabis Inc.(NYSE:ACB) (TSX:ACB), and Aphria Inc. (NYSE:APHA) (TSX:APHA).
CannaOne Technologies Inc. (CSE:CNNA) (OTCPK:CNONF) BREAKING NEWS: CannaOne Technologies Inc. just announced announce that it has entered into a Memorandum of Understanding 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."