Canadian cannabis company WeedMD announced last week a strategic investment in digital marketing firm Snipp Interactive Inc.
“As we move into new markets, it’s important to provide informed and engaging online experiences to consumers. By utilizing Snipp’s proprietary solutions to develop and implement new marketing and sales programs, we plan to deepen our relationship with current and future customers,” WeedMD Chief Executive Officer Bruce Dawson-Scully said in a press release. “We are excited to roll out these campaigns to expand market awareness, enhance communication touch points, and further engage our consumers.”
Snipp, which has developed digital campaigns in other highly regulated industries, including alcohol, pharmaceuticals, and tobacco, has also partnered with WeedMD to launch the Cannabis Resource Marketing Centre (CMRC). The platform is a resource for cannabis marketers that can utilize Snipp’s “accumulated knowledge” to help develop their own digital marketing strategies.
Visitors to the CMRC, which is tagged as the industry’s first digital marketing resource, will find information on Snipp’s suite of proprietary marketing tools, which include SnipLoyalty, SnipRebates, SnipRewards, as well as other online contests and promotions.
Snipp CEO Atul Sabharwal said that his company looks forward to working with WeedMD to find technology-based solutions for cannabis marketing and to increase sales overall.
“Snipp is committed to positioning WeedMD as not only a market leader, but as a pioneer in leveraging emerging technologies as they build their business to drive engagement and loyalty,” he added. “Our focus will initially be to help raise market awareness along with acquisition and retention of medical patients, and eventually for retailers as the adult use market emerges.”
Restrictions on advertising for the emerging cannabis industry create a global patchwork of regulations that prohibit many traditional advertising options for cannabis companies.
This places greater importance on digital campaigning to raise consumer awareness and retention. Optimization for search engines and mobile platforms are also all-important for capturing under-45 aged demographics.
WeedMD (TSXV: WMD) has said it will invest $250,000 in Snipp on the same terms and condition as their recently announced financing at $0.10 per share. WeedMD will also be allowed to nominate one member to the Snipp advisory board. On the Toronto Stock Exchange, Snipp stock (TSXV: SPN) was at $.014 per share yesterday, from an all-time high of $.015 last week, when the announcement was made.