CannaOne Technologies Inc. (CSE: CNNA) (OTC: CNONF) (FSE: 3CT) (“CannaOne” or the “Company“), a leading cannabis e-commerce technology company, is pleased to announce its corporate highlights and achievements for its recently completed fiscal year, and to further communicate the company’s strategic plans and business directives for the year ahead.
“CannaOne has been amongst the first companies to recognize the need for online e-commerce solutions developed exclusively for the rapidly expanding cannabis industry,” commented CEO, Mr. Riby-Williams. “Although there is a persistent frenzy of vendors and companies rushing in to represent vast product offerings, there remains a tremendous void as it relates to a distinct lack of quality support available for consumers regarding education and information. We invest in servicing the demands this global market seeks – We build community – We relay information back to respond to those inquiries and pair our replies with the product solutions that we offer. People are looking for a “go-to” and we feel we are well positioned to be that relevant and trust information source the market seeks, while simultaneously being provided the ability to harvest the data that comes with it. It’s truly a win-win scenario and we’re able to engage with a community with a veracious appetite for knowledge on cannabis products as we continue to pursue the active global footprint and expansion of our unique online marketplaces.
Important Highlights from the past fiscal year:
Memorandum of Understanding LevelOut UK
On September 24, 2019 – CannaOne Technologies Inc. announced that it entered into a Memorandum of Understanding (“MOU”) with LevelOut UK (LO) on September 16, 2019. LevelOut UK Ltd., will act as the majority equity partner in a joint venture corporation (JV), being established between LO and CannaOne to service the UK market. CannaOne will contribute to the JV exclusivity to their proprietary software for the UK market, while further providing its industry knowledge, digital marketing expertise and access to its existing American CBD brand supply chain for sale on LO. LevelOut UK Ltd. will provide between £150,000.00 to £200,000.00 in initial start-up capital to the JV.
We enter the next fiscal year well on the way to finalizing, facilitating and launching the UK JV prior to the end of Q1, 2020.
Mexico CBD Marketplace
We will be launching a online CBD marketplace for Mexico in partnership with Manna Health Services SA de CV (“Manna”). CannaOne is currently negotiating final terms of the formal service agreement with Manna intended to be a revenue sharing arrangement subject to terms and conditions expected to be fully defined in the near-term. It is predicted that this online Mexican marketplace will begin operations sometime in Early 2020 with such actual launch date dependent on when, and if, the Mexican authorities ultimately permit the import and sale of CBD products within Mexico. Mexican lawmakers will soon vote on a cannabis legalization bill.
BWell CBD Online Marketplace Acquisition
We announced on September 4th, 2019, that we entered into a Letter of Intent (“LOI”) to acquire 100% interest in Real Life Sciences Inc. (“Real Life Sciences”).
We had previously reported that on April 23rd, 2019, CannaOne first announced a formal partnership with Real Life Sciences to launch and operate the “BWell” CBD online marketplace in the US. Under the terms of this agreement Real Life Sciences acted as local managing partners for the BWell online marketplace providing strategic management, financial and business development expertise. As the managing partner of the BWell Marketplace, Real Life Sciences maintained a 75.1% ownership interest. Real Life Sciences’ possessed expertise, a vast network and strong relationships within the US and brought substantial value to the BWell marketplace. During the initial months of launch of the marketplace BWell (www.thebwellmarket.com), firmly established itself becoming capable of immediate sale and delivery of 140 high quality CBD products at extremely competitive prices to thousands of potential households in US. Witnessing the opportunity this infrastructure and knowledge contributed by Real Life Sciences to BWell represented then provided substantial baseline support towards our Company proposing to acquire sole ownership of Real Life Sciences, and the BWell marketplace. As at the date of this corporate update, we continue with our due diligence assessment and contract negotiations. The original expected closing date for this acquisition has now been extended to December 31, 2019. it remains our goal to consummate this acquisition as soon as practicable within this revised timeframe subject to a positive outcome for our financial, corporate and legal assessment of Real Life.
Investor Relations Engagement
On October 29, 2019 — CannaOne Technologies announced that it engaged Thesis Capital Inc. (“Thesis”), and Hybrid Financial Ltd. (“Hybrid”) to provide investor relations, financial and shareholder communications services to the Company and to assist the company in seeking to facilitate its overall financing targets and requirements. Services to be provided by Thesis includes initiation and on-going maintenance of a detailed strategy comprising investor relations, corporate communications, strategic business development counsel and retail and institutional investor outreach. We are confident that the representation of our Company by each of these parties will assist our Company to effectively and efficiently operate and maintain oversight of necessary and appropriate corporate communication and shareholder management efforts for the Company