Thoughtful Brands Inc (CSE:TBI) (FWB:1WZ1:GR) (OTCQB:PEMTF), previously called Mota Ventures, has said its strategy is paying off as it revealed US-based CBD brand Nature's Exclusive has gained 134,861 new customers so far this year.
The e-commerce firm put the strong performance of the Nature's Exclusive brand to the fact it has added innovative products and made "significant" investment in customer acquisition.
READ: Thoughtful Brands says its subsidiary Ecommerce Tech has acquired a key e-Commerce software platform
"By investing in our established brands and forging agreements to sell new brands through our recently acquired eCommerce sales platform, we are charging ahead with our goal to be the global leader in the natural health products industry. With our drive and experience, we are excited to make quality CBD products more accessible than ever before to both experienced and new consumers. We look forward to an even stronger fourth quarter across our brands" said Thoughtful Brands chief executive Ryan Dean Hoggan in a statement.
Building on the success of Nature's Exclusive, Thoughtful Brands said it would continue to expand its portfolio in the nutraceutical and hemp-based CBD product space via this month’s acquisitions of Golden Path and Wild Mariposa - two direct-to-consumer eCommerce brands offering natural health products throughout the USA.
The company expects to leverage its recently acquired eCommerce platform to ramp up customer acquisition and sales of its newly acquired brands, it added.
On Monday this week, the group revealed its wholly-owned subsidiary, Ecommerce Tech LLC, had acquired the rights to an e-Commerce software platform from Unified Funding LLC's wholly-owned subsidiary, Offer Space LLC.
The acquisition will give the company the opportunity to channel unrealized value from the products it launches in the online natural health market. Thoughtful Brands said the software has “facilitated over C$350 million in consumer transactions, including C$93.8 million in 2019.” The software asset will help the company to launch new products and enter into emerging natural health markets worldwide, "more efficiently," it said.
In addition to providing immediate value to the group’s existing brands, the newly acquired e-Commerce platform is expected to lower operating costs.
Contact the author at giles@proactiveinvestors.com