The eCommerce marketplace will leverage Media Central's 6.5 million readers and offer manufacturers and retailers a platform to sell their legal hemp-based CBD products. They will also be able to advertise on Canncentral.com, which covers cannabis and psychedelic news and is a respected voice in the wellness market.
The media group said the eCommerce marketplace will give retailers and manufacturers “a built-in niche audience,” competitive advertising rates, and the ability to leverage Canncentral.com’s traffic to develop their “own segmented mailing lists.”
Additionally, retailers will have the power to customize their stores on the site, offering “a unique branded experience” for the shopper.
“There's no question that CBD has been growing in popularity for years,” Media Central CEO Brian Kalish said in a statement.
“Research shows us that the market is still trending upwards and consumers will continue to seek and use CBD for many years to come. It is a natural progression and tactical decision for us to leverage our wellness site and elevate Canncentral's platform into a shoppable experience for our readers,” he added.
According to a Markets and Markets research study, the CBD hemp market is tipped to grow to US$26.6 billion by 2025 from $4.6 billion in 2019. The study shows a 34% compound annual growth rate during the forecast period for the CBD hemp market.
The introduction of shoppable media sites has proliferated with publications like Highsnobiety, Popsugar, and Miss Grass bringing eCommerce to their popular sites.
“By introducing shoppable content we can directly connect our readers to a product they are interested in. This turns intent into action and creates a seamless and integrated experience for our readers,” said Kalish. “We are a modern media publisher and are exploring different streams of revenue. We look forward to continuing to innovate and monetize our publications.”
The company expects to launch its CBD marketplace later this year.
Media Central is the largest publisher of alternative titles in Canada, with nearly 6.5 million readers each month across NOW Magazine, the Straight and CannCentral.com. In May, the firm entered the esports arena with the launch of ECentralSports, a new digital platform focused on gaming.
Contact the author Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive