Wall Street analysts are sitting up and taking notice of CannaOne Technologies Inc. (CSE:CNNA) (OTCPK:CNONF), a leading software development company in the cannabis space that supplies e-commerce solutions to cannabis markets around the world.
Over at Investing.com, CannaOne Technologies Inc. (CSE:CNNA) (OTCPK:CNONF) has received a “STRONG BUY” recommendation. Five-hour moving averages indicate seven “buy” recommendations, while the site’s technical indicators also found seven “buy” recommendations, with just two “sell” indications.
Elsewhere, TradingView has offered a “BUY” rating for CannaOne. Hourly moving averages have found 10 “buy” ratings, while oscillators for the same period show three “buy” ratings and zero “sell”.
MarketBeat is just as optimistic for CannaOne, consistently offering a “BUY” rating over the last 90 days, while also suggesting a consensus price target of $1.00, which would be an upside of 387% from its current price of $0.205.
CannaOne Poised to Capitalize on Booming CBD Market
In June of last year, CannaOne Technologies (CSE:CNNA) (OTCPK:CNONF) helped to launch the BWell Market in the US, which has allowed for the large scale sale of a huge selection of CBD products from a wide array of suppliers, including some of the most prominent brand names in the industry, such as Select CBD and CBD-FX. The company is also looking beyond the US market and has secured contracts with the expectation to launch similar e-commerce platforms in the UK and Mexico in the coming months.
The US CBD market is expected to generate a massive US$5 billion in sales this year alone, with the potential to grow to US$23.7 billion in just three years. That’s just the US market; globally, the CBD market could be worth a massive $2.2 trillion by 2026, with CannaOne set up to supply global e-commerce solutions to match this huge uptick in demand.
CannaOne Technologies (CSE:CNNA) (OTCPK:CNONF) most recently signed a letter of intent with SpeakEasy Cannabis Club Ltd., (CSE:EASY) to launch the first CBD e-commerce marketplace in Canada. This deal will allow the company to fulfill its mission of delivering cannabis products to consumers in as “fast and fresh a manner as possible” in what is one of the biggest cannabis markets in the world.
Given the current valuation of CannaOne Technologies Inc. (CSE:CNNA) (OTCPK:CNONF) stock, there is undoubtedly serious potential for growth as reflected by Wall Street’s bullishness and maybe now could be a good time for investors to consider adding this stock to their portfolios.
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