Biomedical company Cannbotech has set sights on the UK CBD market, launching its new store that features cutting-edge technology and combinations of CBD and functional mushrooms.
After establishing in 2019 by a team of pharmaceutical experts, Cannabotech launched its first UK store this year. The store offers a one-of-a-kind shopping experience with cutting-edge technology and its unique CBD formula product – M²CBD. Based in Westfield London, it is the first of multiple Cannabotech stores that are set to open across Europe.
Focusing on preventative care, Cannabotech has developed products that utilise the untapped benefits of cannabinoids and medicinal mushrooms. Its cutting-edge digital healthcare technology – My Being – enables health scanning in-store, and data from the scans can be analysed by staff to suggest the best products to meet customers’ health and lifestyle needs.
Speaking to Cannabis Wealth, CEO and chairman, Elchanan Shaked, discussed Cannabotech’s plans to impact the UK’s CBD market and its ambitions to reach £100m in sales growth over the next five years.
Read more: CBD market to reach $2.8bn by 2028
“The main idea is to create new concepts for the changes that are happening in the healthcare industry,” says Shaked. “All of this was taking place during the COVID-19 pandemic. In the last 30 to 35 years, most of the innovation in the pharmaceutical industry was based on one small molecule targeting one mechanism.
“We understand that after all of the investment in pharma and dramatically proven technologies, we are still suffering from a lot of problems that we don’t have a specific answer for. We need to come up with solutions that will be much more holistic. So, the main idea here was to create holistic concepts that will be based on two main mechanisms that are responsible for our ills.
“One is the immune system and the second one is the endocannabinoid system.”
Cannabotech’s CBD product targets the endocannabinoid system, and its functional mushroom formulas target the immune system. The idea is that creating a synergy between the immune system and the endocannabinoid system will improve the prevention of illness. This is where Cannabotech will be utilising its unique AI technology to add the element of personalisation to its combination of formulas.
“The vision is to target these two main areas which we believe have major business potential – the preventative market and the integrative market. We have now started the beginning of sales in the UK through the opening of our concept store and an online store, and we are planning to expand to all over Europe in the coming months. Later on in the middle of 2022, we are also planning also to penetrate the US.
“We analysed the potential of the CBD market. The UK is the biggest CBD market – there are not as many medical patients in the UK, it is a much bigger CBD market here and we are absolutely sure that it will continue to grow. There are going to be a few market leaders, like in any industry, and we want to be one of the 20 per cent that will take the big market share.
“We have developed 37 products and we have further concepts such as a DNA kit. So, we have a lot of unique elements based on technology and data – we want to give the best personalised solution to customers in the UK. The UK is also one of the top countries for early adoption of CBD, including online sales that are much bigger than in the US. So, according to all of these parameters, we have made the decision to penetrate the UK market first of all and from this to start to extend to other countries.
“We know that, with our store’s location in Westfield, this is the most sophisticated shopping mall in the UK and one of the best in Europe. This is only the beginning. We are also opening five clinics that will be supported by professional nutritionists that will assist and support our patients.
“It is a combination of the technology and, of course, the product. So, the strategy of go-to-market is three pillars. The physical store, technology and science with the combination of the functional mushrooms and isolated CBD.”
As part of this plan, Cannabotech is leveraging scientific expertise, utilising its expert team of Ph.D. research scientists, medical doctors and pharmacists.
“In the next five years, we are targeting to achieve a revenue of £100m. Of course, we will need to raise a lot of money. We raised £1m in Israel and we are listed now on the Tel Aviv Stock Exchange, but we will continue to check possibilities to continue to raise money and, by the middle of 2023, we will be cash-flow positive.
“We want to, in the next six, seven months, be successful in the UK to achieve our goals – to build the trust in the UK, because it’s one of the biggest problems of this industry. So, we will do this according to our strong scientific themes with our five Ph.D. professors. This is a very important element that we want to show to our customers in the UK.
“What we are bringing is based on science and data. After we ensure that the concept is working, we will start to expand.”
[activecampaign form=31]
