The e-commerce technology company, CannaOne has an entered into a “Letter of Intent” (LOI) with Real Life Sciences to collect 100% interest from the company.
According to the terms, CannaOne Technologies agreed to purchase Real Life Sciences for $2,000,000 CAD. The payment would be made in full through the issuance Company shares priced. Although, it is at a 20% discount to the market as at the date of Closing. The proposed closing date for the transaction is on the 25th of October.
In April, CannaOne Technologies announced a formal partnership with Real Life Sciences. The partnership involves launching and operating the BWell CBD online marketplace in the US. Accordingly, Real Life Sciences acted as a local managing partner for the BWell online marketplace providing strategic management, financial and business development expertise.
During this period, the managing partner of the BWell Marketplace, Real Life Sciences maintained a 75.1% ownership interest. But this has changed after the recent development.
CEO of CannaOne Technologies, Mr. Riby-Williams, said:
“Real Life Sciences’ expertise, vast network and strong relationships within the US have brought substantial value to the BWell marketplace. In recent months this has been key, it has also aided the early launch for the business.<…> This makes BWell capable of making immediate sales and ensuring delivery of 140 high-quality CBD products at extremely competitive prices to thousands of potential households in the US.” he said.
About CannaOne In Short
CannaOne Technologies, a software development and technology company. It developed its proprietary online E-Commerce Marketplace solution that links the CBD (Cannabidiol) industry to consumers.
The tech company’s first consumer product was BloomKit. It’s a software suite that provides a complete online toolkit for a series of applications for companies in the sector.
In June, CannaOne announced it launched BWell in the US. Thus, enabling the sale of a large selection of premium CBD products from different suppliers to consumers. The platform also includes an infrastructure that builds consumer engagement. It also has an AI capacity to recommend products and fulfill orders.
CannaOne is structured in a dynamic way that attracts potential partners or clients, not just as a developer but also as an operator of innovative marketplaces and turnkey software platforms.