It has not been easy for retail businesses that continue to struggle amid Covid-19 effects that have led to economy closures. However, Cannabox has been thriving against all odds thanks to their online business model that has worked magic in these unprecedented times. Cannabox’s model of operation will be key for them in realizing these targets and in keeping track of their progress into the future. First, the business established a crowdfunding platform to counter financing challenges that have plagued their operations for some time now.
Many businesses haven’t had the best of times in the past year due to the cessation of movement prompted by the coronavirus pandemic. However, this turned out to be a blessing in disguise for e-commerce platforms that became the most preferred shopping places by consumers. The online shopping trend has been accelerated by these events and startups like Cannabox got the better part of it. Operating solely online, Cannabox made impressive progress with increased revenue over the months. The company has integrated its online retail shop, “The Stash” over and above their subscription box business.
Through Cannabox’s retail store, customers can buy various accessories from the comfort of their homes 24/7. The company’s management alludes their success to their online presence. This business model has been vital for their success. This strategy was unconventional considering their competitors’ usual retail stores. Surprisingly, it was a game-changer for them. The move paid off greatly while the other brands in the market struggled to make sales and sail through the rough times.
Cannabox’s booming business is a great sign of a bright future. The customer retention policy has largely been boosted by the convenience brought about by their online shopping store. Customers will most likely continue shopping from them post Covid-19. This has become the new normal and is unlikely going to change in the future.
Michael Berk, CEO & Founder of Cannabox, as an industry leader in cannabis accessories and being at the forefront of cannabis legalization in the US, we are seeing an unprecedented amount of customers being added to our base. At the same time, we are raising funds to further ourselves in the cannabis space via regulation crowdfunding in order to go public via SPAC or to be acquired. As active investors in the cannabis space, some notable names like: TLRY, CGC, SNDL, APHA are having a small moment in price movement due to not only an increase in retail investors but a possibility of legalization. Once legalization hits, the current restrictions in cannabis like marketing, banking, public events, and more, will cease to exist and will seriously allow the US cannabis space to grow. At a current market growth rate of 18.1%, we are expected to reach a total global market size of $146.4 billion by 2025.
With so much opportunity in the marijuana industry, it’s no surprise that eager business owners are excited to get in on the action. With such a huge movement towards decriminalization, you would think obtaining conventional funding would be easy as long as cannabis is legal in your state, right? Wrong. Would-be entrepreneurs are finding it difficult to obtain conventional funding due to the legal regulations surrounding cannabis. With heavy banking restrictions, limited loan options, and countless new cannabis businesses emerging every day, cannabis entrepreneurs have to go through non-traditional routes to get financing. Cannabox, a marijuana monthly subscription box service, recently launched on republic.co, a Regulation Crowdfunding platform.