Speakeasy Cannabis Club (EASY.C) signed a non-binding letter of intent with CannaOne Technologies (CNNA.C) to launch the Canadian arm of their theBwellMarket online marketplace.
The story begins last year around this time when the US federal government launched the farm bill, which legalizing hemp, decriminalizing CBD and allowing online sales for 50 of the 52 states in the union. That gave companies like CannaOne the opportunity it needed to get in early, make an e-commerce website and start bringing in customers. The race was on and winner take the spoils.
The company launched the Bwell market in July ahead of schedule and received 11,000 customer sign-ups looking for access to the company’s nearly 100 CBD products. The site included reward programs and encouraged loyalty, customer retention and community building.
Bwell’s platform is powered by CannaOne’s e-commerce tech, and since its launch has attracted some of America’s most recognized CBD brands, including Select CBD, and CBD FX. Right now, the marketplace sponsors over 200 SKUs.
Now with the arrival of cannabis 2.0 in Canada, it’s our turn.
“The BWell Market’s focus directly aligns with SpeakEasy’s long term business development goals. 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 recognized household name on both sides of the border,” said Marc Geen, founder of SpeakEasy.
CannaOne Technologies, first and foremost, isn’t a cannabis company. Instead, they’re a software development and tech company that’s developed the online e-commerce marketplace that’s linked the CBD industry to consumers. The company’s first product was Bloomkit, a software suite that delivers an online toolkit to companies in the sector.
- themed online storefronts
- automated customer acquisition tools
- website management features.
The company also included a data engine which will collect, store and sort all the data created by users, and provide customers with detailed industry business intelligence and predictive analytics through machine learning.
CannaOne’s overall vision is to provide online solutions for the industry globally, and has now gained the ability to offer industry suppliers with a platform for their CBD products that not only sells and markets products, but also educates and engages the community. That’s CannaOne’s aspect of the deal, and what they’re getting out of it. Exposure and reach, and an entrance into the Canadian marketplace.
The company has also moved beyond the United States and Canadian marketplace by securing contracts to launch additional marketplaces in Mexico and the UK during the first half of 2020.
Speakeasy’s opportunity takes advantage of the opportunity for CBD.
“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. 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,” Geen said.