Glance Technologies (CSE:GET) has announced further to its news release from January 4, it has received an equity stake in Loop Cannabis Insights of 4 million common shares with a value of $1 million.
As quoted in the press release:
Loop Cannabis Insights Inc. (“Loop Cannabis”) is a new company that intends to offer licensed cannabis producers, retailers and manufacturers insights into customer behaviour and intends to use cutting-edge artificial intelligence and machine learning algorithms to process transactional purchase data. With the sublicence from Glance, Loop Cannabis has the potential to receive revenue streams from mobile payment services and rewards and targeted mobile advertisements and offers.
Loop Cannabis plans to use several key data points to enable real-time actionable strategies for merchants, making it well poised to take advantage of the substantial opportunities in both the cannabis and big data spaces.
Worldwide revenues for big data and business analytics were projected to surpass $150 billion in 2017 on year-over-year growth of more than 12 per cent, according to IDC.1 The Canadian cannabis industry, meanwhile, saw an estimated CAD$5.7 billion in spending in 2017. Nearly 5 million Canadians took part, spending an average of CAD$1,200 per consumer, according to Statistics Canada, the vast majority of which being for recreational purposes.2 Globally, the legal cannabis market is forecasted to surpass $31 billion by 2021, with Canadian companies representing about 40 per cent of that market.3
“Loop Cannabis Insights intends to be a global leader in providing consumer insights to the cannabis Industry,” says Glance Technologies president and COO Penny Green. “Through Glance we have assembled a leading technology and marketing team that will make Loop best-in-class for its product offering, with an eye toward being first to market.”