Cannara Biotech Inc. (“Cannara” or the “Company”) (CSE: LOVE), a vertically integrated Cannabis company focused on cannabis-infused products, today announced it is entering the U.S. Hemp-CBD market, through a subsidiary, with an online e-commerce platform called shopCBD.com.
The new e-commerce platform will showcase retail products from Hemp-CBD manufacturers for the U.S. consumer market. With several vendors already committed, shopCBD.com intends to offer a variety of products, including tinctures, oils, capsules, body care, vape cartridges and pet-related products. shopCBD will provide a user-friendly online experience where consumers can purchase, review and compare a variety of CBD products.
“We are taking a leadership role by creating a hub for vendors to showcase their products and consumers to purchase Hemp-CBD products in a fast and easy way. We want to become the Amazon of CBD”, said Zohar Krivorot, President and CEO of Cannara Biotech, a 15-year veteran in the tech and online industries.
With the recent passing of the 2018 Farm Bill in the U.S., CBD represents an emerging sector with many vendors seeking national reach to U.S. customers. The Company’s strategy is to offer a wide variety of products from leading CBD brands, with competitive pricing and delivery times across the U.S.
The rise in popularity for CBD products is driven by consumers seeking natural-based health & wellness solutions to treat various ailments from inflammation, anxiety to insomnia amongst many others. As a result, the hemp-derived CBD market is expected to reach US $22 billion by 2022 according to industry analysts at Brightfield Group.
About Cannara Biotech Inc.
Headquarterted in Montreal, Cannara Biotech is building the largest indoor cannabis cultivation facility in Quebec, a modern and secure 625,000 square foot facility. Leveraging Quebec’s low electricity costs, Cannara’s facility will produce high-grade hydroponically grown indoor cannabis and cannabis derivative products for the Canadian and international markets. Working with partners from various industries, Cannara will generate licensing revenues, rental revenues and revenue streams from joint-venture arrangements leveraging this highly valuable property. For more information, visit our website: www.cannara.ca
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Cautionary Statement Regarding “Forward-Looking” Information
This information release contains certain forward-looking information. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company’s current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.