Thoughtful Brands Inc (CSE:TBI) (OTCQB:PEMTF) (FWB:1WZ1), the renamed Mota Ventures, said it has launched Ecommerce Tech LLC, a subsidiary that will serve as a comprehensive operational engine for all of its e-Commerce ventures.
The firm, which researches, develops, markets, and distributes natural health products through various brands in North America and Europe, said on August 21, Ecommerce Tech acquired the rights to a bespoke software platform which in turn has facilitated more than C$350 million in consumer transactions and paved the way for Thoughtful Brands to “capture previously unrealized value from the products it launches in the online natural health market”.
READ: Thoughtful Brands hails strong sales performance of its Nature's Exclusive brand in year to date
The acquisition by its new subsidiary is also expected to allow the group to launch new products in emerging natural health markets worldwide more efficiently, as well as providing immediate value to its existing brands such as its cannabidiol (CBD) products Nature’s Exclusive and Sativida.
Thoughtful added that the software platform has the potential to lower operating costs and increase profitability across its natural health products, while customer acquisition and customer service are predicted to receive “major boosts”.
"The formation of Ecommerce Tech LLC along with its ownership and implementation of the software platform is a significant milestone in executing our long-term strategy to expand the Thoughtful Brands footprint in the global natural health products market," Thoughtful Brands CEO Ryan Hoggan said in a statement.
"Now that the digital platform, integral technology and our top brands are all under our umbrella, Ecommerce Tech LLC is poised to be a powerful supporter of our existing brands, set the stage for new strategic acquisitions and spur future ventures with third party clients," he added.
The company also said the new technology will be applied to its recently acquired natural health companies Golden path and Wild Mariposa, as well as to future clients.
Thoughtful Brands is a vertically integrated CBD and psychedelic medicine company with operations in North America and South America as well as Europe. Thoughtful runs the popular Nature’s Exclusive brand that includes CBD oil drops, CBD gummies, CBD pain relief cream, CDB skin serum and CBD coffee. It also owns the popular Sativida brand.
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