Cannabis industry loyalty and marketing company springbig is set to go public on the Nasdaq through a merger with Tuatara Capital Acquisition Corp. The transaction is expected to close in the first quarter of fiscal year 2022 and will see the company listed under the “SBIG” symbol.
Jeffrey Harris, founder and CEO of springbig, said going public would allow the company to “broaden [their] offerings to take advantage of the significant growth potential at home and in the international cannabis markets.”
“We pride ourselves on providing marketing-leading technology solutions and an exceptional level of service to springbig clients. This leads to excellent client retention, providing a robust base for strong future growth. As the cannabis industry continues to grow, this strong foundation will enable us to leverage our data and technology to consolidate across multiple market verticals including data analytics, increased marketing automations, and advertising solutions.” — Harris in a press release
Al Foreman, Tuatara CEO, described springbig as “a market leader in direct-to-consumer marketing and engagement.”
“springbig’s technology platform drives loyalty and customer engagement,” he said in a statement, “and in this regulated environment, a high level of engagement is crucial for cannabis retailers and brands to reach their customers in an increasingly competitive market.”
According to springbig, the company has more than 1,000 clients across the U.S. and Canada, including more than 2,300 retail locations. The company boasts more than 41 million consumers have enrolled in its B2B2C platform, and that more than 90 million transactions have been processed in the past twelve months with an attributable gross merchandise value of over $7 billion.
The firms estimate the post-transaction equity value of the combined company at about $500 million.
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