Cannara Biotech (OTCMKTS:CNBTF) subsidiary Global shopCBD.com has raised around $8.87 million in several rounds of private financing.

The money will be used to expand the U.S. based online e-commerce platform, in which Cannara owns a majority stake, having a 61% ownership.

Online Hemp-CBD Store for U.S. Customers

Global shopCBD.com has entered the U.S. CBD-hemp market with an online e-commerce platform called ShopCBD.com, which sell CBD-hemp products in the U.S.

ShopCBD.com’s strategy is to sell products from CBD brands, with competitive pricing and delivery times across the U.S.

There is no information available on when the store will start selling products.

CBD Becoming Developing Sector

“As the hemp CBD consumer markets continue to evolve, what is increasingly clear is the health and wellness segment is becoming more prominent,” Zohar Krivorot, the CEO of Global shopCBD.com, said in a statement.

With the passing of the 2018 Farm Bill in the U.S., CBD represents a developing sector with many vendors seeking national reach to U.S. customers. The rise in popularity for CBD products is driven by consumers seeking natural-based health and wellness solutions to treat various ailments from inflammation, anxiety to insomnia amongst many others.

The hemp-derived CBD market has been estimated to reach $22 billion by 2022.