Farm Bill Passing Opens Up Ancillary Markets for CBD Sector
New York, NY – March 19, 2019 – Last year was a banner year for cannabis, as California became the largest legal US marketplace, Canada rolled out broad legalization, and Mexico’s Supreme Court opened the door to being the next country to follow. With even more new markets set to come, there also come new challenges and new goals for the cannabis sector as a whole. To keep up with the shift, industry innovators, such as CannaOne Technologies Inc. (CSE:CNNA), Green Thumb Industries Inc. (CSE:GTII) (OTC:GTBIF), Terra Tech Corp. (OTC:TRTC), Namaste Technologies Inc. (OTC:NXTTF) (TSX.V:N), and CV Sciences, Inc. (OTC:CVSI), are proposing solutions to keep up.
As new markets emerge, new concerns seem to be cropping up, including what’s known as the “LTV”, or Lifetime Value of a cannabis consumer. Helping companies curb that rapidly growing cost, is CannaOne Technologies Inc. (CSE:CNNA), with its unique B2C tech platform designed to help the cannabis industry.
“The Lifetime Value of a cannabis consumer is one of the highest of any consumer,” said CEO Solomon Riby-Williams in an interview with Stockhouse. “Our platform revolves around capturing the pertinent information and activity of a cannabis consumer to best serve their needs and retain them as loyal customers.”
CannaOne’s Bloomkit software is a one-stop platform for cannabis dispensaries and CBD retailers with full-service e-commerce, facilitating either delivery or in-store pickup options. The design-focused cannabis commerce solution provides all types of customized e-commerce platforms, all solely focused on the unique needs of the cannabis market. Built to handle both the recreational and medicinal marijuana markets, Bloomkit is adaptable to handle any and all legal regulatory environment.
A Wide Variety of Rules, Regulations, and Needs
While the hype was still resonating from cannabis legalization in Canada, and the ink was still drying on proposals for legalization of hemp-derived CBD in the USA, Mexico announced approval for the importation of cannabis products in pharmacies and retailers in late November 2018.
Spanning the entire country with a population of more than 130 million, the potential introduction of Mexico was a major market entry that was perhaps less publicized compared to the country’s fellow North American neighbors. So far, sixty product licenses have been initially approved by the country’s regulators known as COFEPRIS—and a decision is expected soon that will make cannabis products such as hemp-derived CBD available on shelves of general retailers across the nation.
Leading the pack of companies equipped to capitalize on Mexico’s legalization wave is CannaOne Technologies Inc. (CNNA). Through a formal service agreement with Manna Health Services of Mexico City, CannaOne will be utilizing its Bloomkit platform to undertake the development, launch, and operation of the first cannabidiol (CBD) product market for the Mexican nation.
Upon the announcement, CEO Solomon Riby-Williams stated: “BloomKit, our enterprise software solution, will give Manna Health the capability to offer a flagship and fully operational online CBD marketplace once regulations are finalized; the ability to inherently monitor and track pick-up and delivery logistics; the capability to deliver historical and current trending analytics to ensure optimal management of all CBD sales channels; and will do so all with a simple and easy to use built-in eCommerce solution to provide its clients a truly pleasurable shopping experience.”
As per the terms of the deal, CannaOne receives a fixed fee contract, as well as a long-term transaction-fee sharing opportunity. Manna Health brings with it a highly respected reputation with existing partnerships covering retail and commercial land, pharmacies, shopping malls, and tourist destinations across Mexico. Currently, Manna Health is approved to buy, sell, lease, distribute, import, export and anything else related to health and wellness products. Manna Health has committed to jointly study, analyze and further utilize all market and consumer data we collectively gather and retain through the marketplace once launched.
The Bloomkit software solution is ideal for the situation, as it is designed to give clients the ability to operate and satisfy regulatory environments of any governing body around the world. Bloomkit is the first product in the Bloom Product Suite, and presents a turnkey enterprise software solution that any B-to-C cannabis company can utilize.
Bloomkit’s inherent functionalities ensure its users the highest levels of on-going customer satisfaction, while giving CannaOne Technologies Inc. (CSE:CNNA) the opportunity to serve an overall base of global clients with a leading software suite at the forefront of the industry.
The Bloom Product Suite™ is representative of complete data-driven and design focused software solutions that contain diverse system architectures and provide intelligent, machine learning that will give clients detailed industry business insights and ultimately lead to the creation and management of predictive content and product recommendation engines.
“The uniqueness of differentiator of our digital environment is that it is 100% cannabis centric,” adds Riby-Williams. “The consumer-facing side and backend dashboard of our platform is intuitive and easy to navigate. The entire user experience for both the consumer and manager were designed with the cannabis user in mind at all times. All the tools and modules within our platform are developed and geared towards cannabis products and consumers.”
Further Solutions for the Sector’s Unique New Challenges
From a retail perspective, Green Thumb Industries Inc. (CSE:GTII) (OTC:GTBIF) made a recent splash, when it acquired Los Angeles-based For Success Holding Company, creators of the lifestyle suite of Beboe branded cannabis products. Beboe is a leader of luxury cannabis, which recently embarked on an exclusive partnership with Barneys New York for a luxury cannabis lifestyle and wellness shop, “The High End”. Amid Green Thumb’s operations, is the utilization of software from a tech startup called Leaf Trade, which it uses to create an online storefront.
Many sellers and dispensaries are pleased with technological advancements that can improve their sales and customer experience. Terra Tech Corp. (OTC:TRTC) recently completed its acquisition of the Blüm dispensary in Reno, Nevada.Terra Tech made a name for itself through engaging in the design, marketing, and sale of hydroponic equipment with proprietary technology for indoor agriculture, which it has implemented into renovations of its cannabis cultivation facility in Oakland, California. The state-of-the-art cultivation facility will soon be capable of flowering 1,120 pounds of cannabis per year.
Improvements in the delivery of cannabis products to new customers are coming in all forms. For Namaste Technologies Inc. (OTC:NXTTF) (TSX.V:N), that recently involves expanding into edibles, through an investment in the future Canadian cannabis-infused edibles market, through an acquisition of a 49% state in Calgary-based company, Choklat. Once legal, Choklat is looking to infuse its chocolate with THC or CBD. Namaste already retails vaporizers and smoking accessories through e-commerce sites in 26 countries, and is heavily involved in product design and manufacturing activities, as well as medical cannabis products.
On the more pharmaceutical side of the cannabis sector, CV Sciences, Inc. (OTC:CVSI) specializes in developing and commercializing prescription drugs utilizing synthetic CBD as the active pharmaceutical ingredient. Perhaps more notable, however, is the company’s development, manufacture, and marketing of consumer products containing plant-based CBD under the PlusCBD Oil name. These products come under various forms, such as nutraceutical, beauty care, specialty foods, and vape categories. The company saw record revenues of $48.2 million for 2018, with an increase of 133% over 2017. Its PlusCBD Oil softgels were named “Top Pick” by ConsumerLab.com.
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