Cannvas MedTech Inc. (CSE:MTEC) (Frankfurt:3CM) (OTC:CANVF) (“Cannvas” or the “Company”), a leading digital cannabis education and analytics company, is pleased to announce Cannvas has entered into a definitive partnership with California-based real estate brokerage Good Karma, an innovative two-year-old agency specializing in the California commercial market, to provide detailed analysis and insights into the California market through its Cannvas Data platform while also undertaking a contemporary rebrand of the company.
“Through the analysis of high-level cannabis consumer data, Cannvas is well-positioned to support hopeful cannabis retailers with key demographic information on their target audiences, ensuring optimal location selection to drive awareness and profit,” said Steve Loutskou, Chief Operating Officer, Cannvas Medtech Inc. “With this partnership between Good Karma and Cannvas, we are poised to help cannabis retailers target ideal locations for their business using the million-plus data points we have collected on potential and active cannabis consumers across North America.”
According to a recent Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey, overall retail sales in the U.S. have increased at a 5.3 percent annual rate while retail markets struggle in California due to the onset of e-commerce that has grown at a 10.7 percent rate. However, industrial real estate is trending upward in the golden state, dominated by warehousing and distribution centres. Among its plans, Cannvas hopes to work with Good Karma to identify key industrial sites to act as strategically-placed distribution hubs for cannabis retailers across the state.
Cannvas expects this partnership to facilitate conversations with California cannabis producers and retailers looking to leverage a growing and diversifying customer base increasingly turning to cannabis to curb unhealthy habits or replace/complement traditional pain medication. Through the use of demographic and firmographic data, Cannvas can identify desirable consumer behaviour traits in specific regions across the state, helping to drive decisions on where to open up shop and reach new and potential customers.
With a population of nearly 40 million, California is considered to be among the largest recreational and medical cannabis markets in the world, alongside Canada. In the late 1990s, it was the first U.S. state to legalize medical cannabis and recreational cannabis sales became legal in January 2018. That year, the New York Times reports California retail stores sold US $2.5 billion of cannabis, compared to $1.5 billion or lower in Colorado, Washington and Oregon. According to BDS Analytics, the golden state is projected to account for nearly $25 billion of cannabis sales by 2026.
Good Karma was founded in Silicon Valley in 2016 by Len Sterling. A native of California and certified medical professional, Mr. Sterling has a reputation for prudent management from decades of experience in recruitment, sales and management.
About Cannvas MedTech Inc.
Cannvas MedTech is a leading digital cannabis education and analytics company delivering accessible and evidence-based education while harnessing the power of data to paint a clearer picture of cannabis consumption across Canada.
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer’s future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.