NxGen Brands Inc. ( OTCMKTS: NXGB ) announced on January 12th, 2021, that it has partnered with a digital supply chain and blockchain developer. This allows NxGen Brands Inc. ( OTCMKTS: NXGB ) to enter the fast-growing cannabis dispensary delivery services market. Bengala Technologies LLC, a well-known creator in this field located in West Palm Beach, Florida, is the named partner.
The partnership with Bengala Technologies LLC allows the company to deliver its own brand of products across the country. The sale and delivery of legal and medical cannabis has been projected to grow to seventy-four billion by 2027. This deal enables NxGen Brands Inc. ( OTCMKTS: NXGB ) to be at the forefront of the growth.
NxGen Brands Inc. ( OTCMKTS: NXGB ) CEO Angel Burgos, talked about cannabis companies who provide delivery services are seeing a surge of orders because of the pandemic and they see this as an opportunity for growth. Mr. Burgos’s hope is that they will do the same in Florida. Research has backed that faster delivery can increase sales and revenue.
NxGen Brands Inc. ( OTCMKTS: NXGB ) Bengala Technologies LLC Partnership
Managing Director of Bengala Technologies LLC, Mr. Arnaldo Detres, stated there are many rules in the cannabis delivery services and blockchain can meet these. Blockchain can make clear and accurate tracking in the supply chain organizations making it possible to track assets from production to delivery to user.
ArcView Market Research and BDS Analytics estimate the global licensed dispensary sales of cannabis will reach forty-one billion by 2024. They project by 2024, the retail dispensing sales of legal cannabis can reach twenty-six billion, and revenue produced from the sales of medical cannabis will hit fourteen billion. Retail sales of products containing THC can see growth of nearly 300%, from eight billion to twenty-five billion by 2024.
NxGen Brands Inc. ( OTCMKTS: NXGB ) has gained the ability to market and sell throughout the states where their products are permitted with this partnership. A goal of the deal is to interact with other companies and to expand the licensing deal. Possibly focusing on joining brands with medical licensed producers, to outline how upcoming cannabis brands function in the United States.
NxGen Brands Inc. ( OTCMKTS: NXGB ) Recent Video
NXGB announced it has partnered with a digital supply chain & blockchain developer, Bengala Technologies LLC, to allow the Company to enter into the rapidly growing U.S. cannabis dispensary delivery services market. Bengala Technologies LLC, is a nationally recognized developer in this field located in West Palm Beach, Florida.
The partnership will allow the NXGB to deliver its own proprietary brands of flower and Leafywell™ products and will allow it to create a national network to provide delivery services for dispensaries across the country. The sale and delivery for recreational and medicinal cannabis is projected to see explosive growth through 2027 reaching $73.6B. This transaction allows the Company to be at the forefront of the projected wave. A cannabis dispensary delivery provider must adhere to multiple local, state and national regulations, including licensees, transportation and delivery requirements.
The blockchain digital supply chain technology apps to be developed for the Company will address these issues and allow the Company to be compliant and adhere to the regulations across all national markets. Angel Burgos, the Company CEO said: “Cannabis companies that provide delivery services – including delivery operators and retailers – are seeing a deluge of orders as customers stock up on marijuana products in the wake of current pandemic concerns..Internal research has demonstrated that faster delivery can spur increased sales and help to increase revenues.”