Snipp Closes Tranche Three With $250,000 Strategic Investment From WeedMD Inc.
March 21 2018 - 10:30AM
TORONTO, March 21, 2018 (GLOBE NEWSWIRE) --
Snipp Interactive Inc. ("Snipp" or the “Company”) (OTCQB:SNIPF)
(TSX-V:SPN), a global provider of digital marketing promotions,
rebates and loyalty solutions, today announced that it has received
a strategic investment from WeedMD Inc. (“WeedMD”), a
publicly-traded parent company of WeedMD Rx Inc., a
federally-licensed producer and distributor of medical cannabis and
oils under the Access to Cannabis for Medical Purposes Regulations
(“ACMPR”). The Company operates a 26,000 sq. ft. indoor facility in
Aylmer, Ontario and is awaiting its second-site cultivation license
for its 610,000 sq. ft. state-of-the-art greenhouse in Strathroy,
Ontario. WeedMD is focused on providing medical cannabis to the
seniors’ market in Canada through its proprietary program.
WeedMD and Snipp are entering into an agreement
where WeedMD will use Snipp as its technology vendor of record to
design and deploy custom marketing solutions for direct sales,
retail sales, referral/sourcing programs, distributor programs and
other initiatives. WeedMD has also signed up for the Company’s
recently launched Cannabis Resource Marketing Centre (“CMRC”),
which leverages Snipp’s experience in similar regulated industries
like Alcohol, Pharmaceuticals and Tobacco. For interested
companies, a free and simple application process can be
accessed at www.snipp.com/CMRC.
“Snipp provides companies with a complete
technology suite to manage their promotions and implement cross
channel loyalty programs. When we were looking for technology
vendors to enhance our marketing and sales programs, no one
understood our goals and objectives more than the team at Snipp,”
said Bruce Dawson-Sully, CEO of WeedMD. “Given their deep
experience in regulated industries, we’re looking forward to
working with them to help launch sophisticated, compliant and
responsible campaigns to increase market awareness along with
acquisition and retention of medical patients, and eventually for
both retailers and consumers as the adult use market emerges.”
“We are extremely excited to announce our first
client in the cannabis space. Companies like WeedMD that make the
initial investments today in the infrastructure and programs
required to succeed in an increasingly competitive market are
better positioned to gain and retain market share,” said Atul
Sabharwal, CEO of Snipp. “The cannabis market was valued at $14.3
billion in 2016 and is estimated to grow at a CAGR of 21.1% between
2017 to 2024, while reaching a value of $63.5 billion by 2024. As
we did in the alcohol and pharma space, we are positioning
ourselves to be the leading technology solutions provider for this
emerging market. We believe our solutions are industry-leading
given their proven security, scalability and flexibility to adapt
not only to the myriad regulatory frameworks in place, but for
future regulations that will affect the industry as it matures.
Given our rich history and experience with multiple clients in the
alcohol and pharma industries, we have no doubt that we are best
positioned to help advance and accelerate the unique marketing
objectives for any company in the cannabis space from seed to sale
and beyond.”
“We also welcome WeedMD to our CMRC. Since the
launch of the CMRC we have been receiving interest from leading
Cannabis companies and we look forward to sharing more about our
solutions and services.”
Visit the Snipp website at http://www.snipp.com/
for Snipp’s full suite of solutions and examples of Snipp
programs.
About Snipp:
Snipp is a global loyalty and promotions company
with a singular focus: to develop disruptive engagement platforms
that generate insights and drive sales. Our solutions include
shopper marketing promotions, loyalty, rewards, rebates and data
analytics, all of which are seamlessly integrated to provide a
one-stop marketing technology platform. We also provide the
services and expertise to design, execute and promote client
programs. SnippCheck, our receipt processing engine, is the market
leader for receipt-based purchase validation; SnippLoyalty is the
only unified loyalty solution in the market for CPG brands. Snipp
has powered hundreds of programs for Fortune 1000 brands and
world-class agencies and partners.
Snipp is headquartered in Toronto, Canada with
offices across the United States, Canada, Ireland, Europe, and
India. The company is publicly listed on the OTCQB, of the OTC
market in the United States of America, and on the Toronto Stock
Venture Exchange (TSX) in Canada. Snipp was selected to the TSX
Venture 50®, an annual ranking of the strongest performing
companies on the TSX Venture Exchange, in 2015 and 2016. SNIPP IS
RANKED AMONGST THE TOP 500 FASTEST GROWING COMPANIES IN NORTH
AMERICA On Deloitte’s 2017 Technology Fast 500™ List, for the
second year in a row.
FOR FURTHER INFORMATION PLEASE CONTACT:
MKR Group, Inc.
Todd Kehrli / Mark Forney
snipp@mkr-group.com
Snipp Interactive Inc.
Jaisun Garcha
Chief Financial Officer
investors@snipp.com
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking
statements that involve risks and uncertainties, which may cause
actual results to differ materially from the statements made. When
used in this document, the words "may", "would", "could", "will",
"intend", "plan", "anticipate", "believe", "estimate", "expect" and
similar expressions are intended to identify forward-looking
statements. Such statements reflect our current views with respect
to future events and are subject to such risks and uncertainties.
Many factors could cause our actual results to differ materially
from the statements made, including those factors discussed in
filings made by us with the Canadian securities regulatory
authorities. Should one or more of these risks and uncertainties,
such as changes in demand for and prices for the products of the
company or the materials required to produce those products, labour
relations problems, currency and interest rate fluctuations,
increased competition and general economic and market factors,
occur or should assumptions underlying the forward looking
statements prove incorrect, actual results may vary materially from
those described herein as intended, planned, anticipated, or
expected. We do not intend and do not assume any obligation to
update these forward-looking statements, except as required by law.
The reader is cautioned not to put undue reliance on such
forward-looking statements.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Copyright Snipp Interactive Inc. All rights
reserved. All other trademarks and trade names are the property of
their respective owners.
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