SpeakEasy Cannabis Club Ltd., a holder of a federal licence to cultivate, process and sell cannabis under the Cannabis Act, has signed a non-binding letter of intent with CannaOne Technologies Inc. to launch the first CBD e-commerce marketplace in Canada.
BWell Market is a CBD e-commerce marketplace which launched months after the historic Farm Bill passed by the US Federal government in December 2018, decriminalising CBD and allowing online sales to supply 50 of the 52 states in America.
BWell’s enterprise platform has first-to-market opportunity in the USA, powered by proprietary e-commerce technology developed by CannaOne.
Since BWell’s initial launch, they have been able to attract some of America’s most recognised CBD brands, including Select CBD, and CBD-FX. BWell currently holds over 200 different products for sale.
“The BWell Market’s focus directly aligns with SpeakEasy’s long-term business development goals,” says Marc Geen, founder of SpeakEasy. “Together we’ll work towards acquiring new customers at a low cost and further expanding on a business model that mirrors Amazon’s marketplace approach. BWell’s current inbound marketing metrics have them competing for the number one American online CBD marketplace — an opportunity to become a recognised household name on both sides of the border.”
“We’re excited to be working with CannaOne as they compliment our business in so many ways and the thought of us being vertically integrated is extremely exciting,” says Geen. “Their team is recognizing the needs of the modern consumer that can only be fulfilled online in this new era of commerce where convenience, service and education are at the forefront. That is the type of insight that will become extremely valuable as we enter the next area of our industry, “Cannabis 2.0″. CannaOne’s current global relationships in Latin America and Europe will open up new relationship that we are eager to explore.”
CBD market opportunity
BDS Analytics and Arcview Market Research project that the collective market for CBD sales in the U.S. will surpass $20 billion by 2024.
US-based CBD company Charlotte’s Web reported 57% of their $70 million revenue coming from their online sales platform.
According to Forbes magazine, Canadian CBD market is expected to reach $1 billion in the next four years.