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Weedbates In Top 10 Fastest Growing Startups

Weedbates : A Top 10 Cannabis Startup

Weedbates Contributor
10/26/2022

Once completely illegal and prohibited, cannabis restrictions are beginning to loosen up on both the federal and state levels, which explains why cannabis businesses have been developing in full swing over the course of the last decade. New legislations or ballot referendums pertaining to cannabis legalization are constantly being proposed in order to open new markets across the United States to the already rapidly-expanding cannabis industry. These initiatives are aimed at expanding the market and consumer reach. 

In this ever-evolving industry, one company that has been sending shockwaves in the cannabis tech sector is Weedbates. The online platform of Weedbates covers virtually all businesses that deal in the cannabis space, including cultivators, brands, dispensaries, delivery companies, suppliers, manufacturers, distributors, hydroponics retailers, and service companies. Weedbates was recently recognized in Global Cannabis Times as one of the Top 10 Fastest Growing Startups in the World pursuant to Crunchbase ratings. 


Cannabis Legalization And Economic Trends In The U.S. 

Cannabis is still prohibited under federal law. However, there are an increasing number of states that are taking action to legalize cannabis as adult-use cannabis programs are unleashed in the big-market states of the Northeast like New Jersey and New York. Meanwhile, the value of mature markets continues to increase in the west, leading for more states to follow suit from California and Colorado by voting for their own measures of legalization. Only 4 out of the 50 U.S. states have strict prohibitions of cannabis and severe criminal repercussions without any exceptions other than those carved out by federal law. 

One particular explanation for the trend of legalization is the ripple effect one state’s legalization program has on its neighboring states. For instance, the State of Oklahoma had previously filed a lawsuit against the State of Colorado for the incidental impact Colorado’s cannabis legalization had on Oklahoma. 

Among other grievances, Oklahoma argued that many of the cannabis products that were otherwise legal in Colorado were being imported in Oklahoma where cannabis was entirely illegal. A short time after the case was turned down to be heard by the U.S. Supreme Court, Oklahoma legalized cannabis for medicinal use and it is now a significant player in the nationwide marketplace of cannabis. 

In fact, it was just announced that Oklahoma will hold a Special Election on March 7, 2023, to fully legalize cannabis for recreational purposes. If the measure is passed, the metamorphosis of the legal status of cannabis in Oklahoma will be consistent with the trend across all the states that first legalized cannabis for medicinal use, enabling the creation of the baseline infrastructure and regulatory framework for the eventual legalization of recreational cannabis in their states. 

Even though cannabis was classified as a Schedule I drug under the Controlled Substances Act of 1970, which rendered all cannabis-derived products illegal for possession, facilitation, and distribution, there have also been steps taken towards loosening up the illegal status of cannabis on the federal level. 

The 2018 Farm Bill removed hemp from "Schedule I" even though both hemp and marijuana are derived from the cannabis plant. The passage of this bill created the pathway for hemp-derived CBD and products containing no more than 0.3% THC to no longer be regulated by the Controlled Substances Act. In October 2022, President Biden signed an Executive Order which pardoned those convicted of "simple possession" of marijuana and directed the Attorney General to review the classification of marijuana as a Schedule I drug. 

The evolving stance towards cannabis is overwhelmingly supported by the public. According to a Gallup survey conducted in 2019, 81% of respondents under the age of 30 support the legalization of cannabis and 62% of people between the ages of 50 and 64 also support legalization. These figures are increasing considerably on a yearly basis as reflected by the number of states that continue to make shifts towards the eventual recreational legalization of cannabis.

Due to the seismic shift in law and public opinion ever since Colorado became the first state to legalize cannabis for recreational use in 2014, the cannabis market in the U.S. has grown exponentially in the last decade. As a result of the Covid-19 pandemic, e-commerce has also reached unparalleled heights. One prominent example of an e-commerce platform is Amazon. It follows that cannabis e-commerce is positioned for rapid and accelerated growth since buying cannabis products today can be just a few clicks away in jurisdictions where such transactions are permitted.

According to MJBizDaily, the cannabis industry can add nearly $100 billion to the U.S. economy by the end of 2022 and around $155 billion by the end of 2026. 

When taken in totality, one can be confident that the cannabis sector will not end up in smoke any time soon. Therefore, it is not surprising that so many entrepreneurs have shifted their focus towards the cannabis industry. 



The Rise Of Weedbates 

There may be different niches for different types of consumers, but the online cannabis marketplace has created a new breed of customers and business owners. One company that has fully integrated the cannabis industry with e-commerce is Weedbates. 

Launched in October 2021, Weedbates is already on track to have one million visitors each year and in becoming the fastest growing seed-to-sale cannabis ecosystem in the world. This is further supported by the recent publication from Global Cannabis Times where Weedbates was acknowledged as the ninth fastest growing cannabis company to have been founded within the past 24 months, based on Crunchbase (CB) Rankings of Q3-2022.

So what makes Weedbates so special?

For one, Weedbates helps hundreds of thousands of eager consumers discover medical and recreational cannabis dispensaries, delivery companies, brands and products. 

For merchants, selling on Weedbates will increase the likelihood of acquiring new customers, building trustworthy bonds, having turnover and increase in revenue. These are just some of the factors that motivate most of the companies to continue selling on Weedbates. The results advertisers experience on Weedbates are usually beyond expectations. 

So how does a business list on Weedbates?

The process is simple and straight-forward. As soon as a business publishes its profile, adds company information and its menu, the company places itself in a position to get in front of countless customers. Weedbates also provides many brand promotional tools for the companies who are keen on selling on its platform. 

This innovative marketplace enables the seller to view, respond to, and dispute reviews of their products, to possess total control of their product pages, and include comprehensive product details like description, design, images, video, SEO, brand-related content and much more. 

A cannabis brand can protect itself and stand out with a verified badge, thereby implementing safety measures for both the business and its consumers from counterfeit products. The Weedbates Verified Badge™ also distinguishes the brand from others that do not have this badge and further improves the brand's search footprint. 

Data analysis shows that consumers are 65% more likely to purchase a brand-verified product. By being a verified brand on Weedbates, the seller protects its brand from widespread product counterfeiting. In addition, Weedbates offers proprietary brand-protection technology as an add-on feature for brands which certifies each product being sold as a Weedbates Verified Product™. 


Launch Of Weedbates Grow 

In conjunction with expanding its services for its current clients and customers, Weedbates is also on the verge of launching its exclusive B2B platform: Weedbates Grow. The new platform will connect thousands of B2B buyers and sellers globally. 

When analyzing the B2B industry sphere as a whole, one can conclude that half of all B2B transactions are already happening online. Cannabis B2B sellers must also adjust to the shift and implement a strategic vision that can generate sales swiftly and affordably. The world has gone global and digital, so for virtually any commercial business, it is necessary to follow the digital route and start selling online, which saves both time and money. 

Weedbates Grow will be the first major B2B marketplace in the cannabis industry to provide a bridge to everyone involved in developing cannabis products with those who ultimately sell the products to the end-consumer. For instance, cultivators that need equipment for their growing operations will be able to seamlessly connect with manufacturers of lighting equipment, HVACs, packaging companies, and other enterprises in order to develop and expand their cannabis operations. In addition, service providers such as insurance companies and law firms focusing in the cannabis space will be able to list and promote their services on this platform. 

Weedbates Grow will effectively provide a network for businesses that possess specialized expertise in a particular area of cannabis with a business seeking such expertise and create the landscape for the listing of high-quality products, as well as simplify the purchasing process in order to provide an exceptional buying experience for its customers. 

This new platform from Weedbates takes traditional sales methods to a completely new level in a modern e-commerce environment. In order to remain competitive, wholesale distributors, manufacturers, and service providers need to take full advantage of this rare opportunity. 

In order to highlight the extraordinary nature of Weedbates Grow, it is useful to offer a comparison with B2B industry giants like Alibaba and Amazon Business. While these platforms are active in a variety of mainstream industries and offer virtually anything possible within a specific set of industries, they are not tailored for cannabis businesses. On the other hand, Weedbates Grow provides numerous small and medium-sized cannabis enterprises an opportunity to be competitive in the B2B space. Moreover, by leveraging innovative technology available on the Weedbates platform, businesses can compete more efficiently both in the domestic and international markets. 

When listing on Weedbates Grow, businesses have the opportunity to reach their target audiences who are looking to try new products. Many businesses currently squander time and money on marketing campaigns to no avail, particularly since these campaigns generally do not target the right customers in such a niche consumer-base. On the contrary, listing products on Weedbates Grow will far more likely yield desired results both for brand awareness and conversion purposes. 

There are also advertising constraints faced by the cannabis industry that prevent cannabis-related products from being promoted on the most popular and traditional marketing platforms, whether they are online or offline marketing channels such as Facebook and newspapers. Whereas customers that come on Weedbates Grow are already those who are searching to enhance their operations by connecting with other businesses that can provide them the tools they need to accomplish their objectives. Such advertising constraints apply to all businesses in the cannabis space and not just the businesses that are specifically for Weedbates Grow, so all cannabis businesses can take advantage of Weedbates as a whole. 



Final Thoughts 

According to industry estimates, B2B e-commerce is expected to reach $1.8 trillion in 2023, which accounts for 17% of all B2B sales. This industry is twice the size of the B2C market and cannabis is positioned to play a significant role in both B2B and B2C environments. 

Weedbates is at the forefront of the countless opportunities in cannabis e-commerce. With the launch of Weedbates Grow by the end of 2022, Weedbates is poised to be the only ecosystem that offers both B2C and B2B solutions on the same platform. 


Disclaimer: This material is for informational purposes only and should not be relied on for legal, medical, financial, or any other form of professional advice.



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