Canncentral.com, a property of Media Central (FLYY.C), entered into beta testing for their new CBD e-commerce marketplace earlier this week.
The marketplace will launch to MediaCentral’s 6.5 million readers and offer both retailers and manufacturers the opportunity to sell their hemp-based CBD products, as well as generate advertising revenues for Canncentral.
“There’s no question that CBD has been growing in popularity for years. Research shows us that the market is still trending upwards and consumers will continue to seek and use CBD for many years to come. It is a natural progression and tactical decision for us to leverage our wellness site and elevate Canncentral’s platform into a shoppable experience for our readers. Brands will also benefit from this move as they will be able to expand beyond traditional banners and sell product through the e-commerce marketplace. We will leverage our significant 6.5 million readers through omnichannel marketing across all our platforms to further drive traffic to our new e-commerce site,” said Brian Kalish, chief executive officer of MediaCentral.
Canncentral is a digital news platform dedicated to cannabis and the emergent psychedelic space. The marketplace on Canncentral will act as a place where retailers and manufacturers can interact with their audience, while offering competitive rates and the ability to use Canncentral’s traffic to help develop their own mailing lists. The e-commerce site also offers full customizability for client stores.
The CBD hemp market is anticipated to grow to USD$26.6 billion by 2025, up from $4.6 billion in 2019, according to a 2019 study from MarketsandMarkets, The study showed a compound annual growth rate of 34% during the period.
“By introducing shoppable content we can directly connect our readers to a product they are interested in. This turns intent into action and creates a seamless and integrated experience for our readers. We are a modern media publisher and are exploring different streams of revenue so that we can continue to produce and share compelling, award-winning journalism across all our titles. We look forward to continuing to innovate, modernize and monetize our publications,” said Kalish.
Canncentral will continue providing coverage on cannabis and psychedelics, and will distribute stories through Media Central’s other titles, including the NOW Magazine and Georgia Straight.