- Robust user activity of more than 76,000 orders noted using pre-purchase app available on newly acquired subsidiary, Where’s Weed
- Monetary value of orders placed via app online with Where’s Weed and its mobile cannabis service hub surges past $12.6 million
- Consumer demand for cannabidiol (CBD) products could generate market worth $22 billion by 2022
- Wholly owned subsidiary Pura Vida Vitamins offers hemp and CBD-related products in addition to other health and wellness products
Golden Developing Solutions, Inc. (OTC: DVLP), an emerging leader in the rapidly expanding cannabis and cannabidiol (CBD) marketplace, offers consumers an important, intuitive option when it comes to purchasing a favored brand or product line from a licensed retailer or medical dispensary. The company’s “Pre-Purchase App,” available through newly acquired subsidiary Where’s Weed (WheresWeed.com), focuses on providing customers with a secure, efficient way to locate and purchase cannabis in both the recreational and medical cannabis markets of the United States and Canada.
Data culled from user activity since the app’s launch in January 2018 shows an overwhelmingly positive response from cannabis consumers, as noted by DVLP CEO Stavros Triant. As of early October, more than 76,000 separate orders were placed with dispensaries by customers using the app, which translates to a monetary value of $12.6 million.
“We aren’t surprised in the least to see booming activity on this App so far this year,” Triant said in a news release (http://cnw.fm/C4IiF). “The technology is seamless and offers a highly intuitive path connecting customers with vendors through a complete order-entry interface.”
Overall user activity and new user adoption of the app is expected to accelerate exponentially over the next year as both organic network effect dynamics and overall growth in the cannabis market continue to blossom.
“This has become a win-win for both consumer and vendor. It’s a hit. And we fully expect it will continue to be an unequivocal success because it simplifies life for cannabis consumers through a highly effective and intuitive One-Stop-Shop shopping experience,” Triant added. “We have big plans for monetizing this traffic, which is really just one minor component of the diverse and thriving Where’s Weed website, community, and network. The results thus far powerfully underscore our convictions in approaching this asset as a strategic target.”
Multiple reports describing the cannabis industry and its projected growth pattern include revenues in the billions of dollars. A report issued by Statista estimates U.S. consumer sales of CBD products alone will total around $1.15 billion by 2020 and reach $1.8 billion by 2022 (http://cnw.fm/H6xZe). An even more optimistic opinion is reached by cannabis industry analysts at the Brightfield Group, which estimates that the hemp-CBD market could skyrocket to $22 billion by 2022 now that the U.S. Food and Drug Administration has approved the sale of a cannabidiol drug for childhood epilepsy, possibly soon giving rise to further changes in CBD’s legal status nationwide, as detailed in an article published by Rolling Stone (http://cnw.fm/6sJVg).
Triant points out that quality and branding continue to be driving factors in DVLP’s strategic decision-making process. The company’s wholly owned Pura Vida Vitamins, LLC subsidiary, which recently launched a direct-to-consumer website (www.PuraVidaVitamins.com), is a perfect example of this philosophy. Pura Vida branded merchandise is geared toward the fitness and sports industry. Pura Vida products include hemp- and CBD-related products and other products focusing on health and lifestyle, which are available through established wholesale and distribution channels. In addition, a line of CBD pet supplements and other products are in development.
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