VANCOUVER, Sept. 11, 2019 /PRNewswire/ - CannaOne Technologies Inc. (CSE: CNNA; OTC: CNONF; and Frankfurt: 3CT) ("CannaOne" or the "Company"), a leading cannabis e-commerce technology company, is pleased to provide highlights of the updates and improvements made to its proprietary online marketplace software developed exclusively for the cannabis industry.
Over the past 3 years CannaOne has developed its own in-house e-commerce solution, BloomKit, for the rapidly growing cannabis industry. This dynamic software can support multiple online marketplaces in various jurisdictions, with intelligence to engage and retain cannabis consumers; hence, establishing CannaOne amongst the first companies to be able to take advantage of this massive emerging market opportunity.
CannaOne Technologies CEO, Mr. Riby-Williams, commented "in the past few years, we have seen an astounding amount of cannabis derived products available in a broad range of options in various regions throughout the world and we're still in the early stages. We're one of the only companies that have developed our own proprietary software, which is specifically developed for e-commerce in the cannabis industry. Our technology is constantly being developed, tested and optimized. The advantage of owning our own proprietary software is that we can swiftly adjust and develop the framework to changes in the industry and regulations as the globe markets continue to allow sales for CBD and THC cannabis products. Additionally, we would remain the sole owner of our own sales and consumer data, thus allowing us to maximize our opportunities. We remain certain that ecommerce and online marketplaces are the most ideal outlet for cannabis sales, and being amongst the first in this space ideally positions us for growth"
CannaOne Software Development & Updates
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 the capability to complete sales, payment processing, order fulfillment, 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.
Online Marijuana Sales
By 2024, Americans are expected to spend more than $22 billion a year on CBD and by 2025 as much as $66 billion annually on cannabis products in general. Much of that money will be spent online. As e-commerce continues to redefine retail, convenience will be the determining factor in cannabis consumer preferences.1
CannaOne Technologies Proprietary Software
Adaptability on Global Scale:
- 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 a fashion that it can adapt to the specific conditions of all such varying jurisdictions.
- CannaOne's proprietary system is built on the platform of open source software and is being deployed on 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 dependent on a licensed platform for the management or vendor front end.
Focus on Big Data and Development of Artificial Intelligence (AI):
- 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.
- Artificial Intelligence (AI): Machine learning is being utilized by feeding data to multiple partners while ultimately retaining data ownership so that the interpretation of that information is proprietary to BloomKit.
Consumer Acquisition & Engagement:
- 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.
- The value of a customer in the THC/CBD market is estimated to have a lifetime value of (X); 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.
- CannaOne's Vice President of Product Development, Mr. Dominic Stann, further stated that "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."
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, 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.
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 Joresa Blount (September 5, 2019), Online Cannabis Sales Are About To Flourish With The Rise Of Cannabis Marketplaces, Forbes
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.