Leveling the playing field between online retail giants and brick & mortar businesses
Entered into agreement with TELUS to conduct a 90-day proof of concept pilot
Message: Loop Insights Signs Pilot Agreement For 20 Locations Of Largest American CBD Retailer, With Over 550 Stores Across 41 States
VANCOUVER, BC, Aug. 20, 2020 /CNW/ - Loop Insights Inc. (TSXV: MTRX) (the "Company" or "Loop"), a provider of contactless solutions and artificial intelligence ("AI") to drive real-time insights, automated marketing, and contact tracing to the brick and mortar space, is pleased to announced the signing of a Pilot Agreement with Sunflora Inc., to implement Loop's analytics platform into 20 of its Your CBD Store retail locations.
OPPORTUNITY FOR FULL IMPLEMENTATION ACROSS 550+ LOCATIONS
Your CBD Store is the largest CBD brick and mortar retailer in the United States, selling award-winning SunMed products. Upon successful completion of the Pilot, it is the intention of both parties to implement Loop's artificial intelligence driven analytics platform across all 550+ Your CBD Store locations in 41 States across America.
Sunflora President of Franchise Systems, Jay Benge stated "There's no greater time to utilize top-tier artificial intelligence technology to gain an edge in this industry. Our customer base is huge, and it's important to understand their needs and preferences to maximize basket size, loyalty and wallet share. We look forward to working with Loop and building unparalleled experiences for our customers."
PILOT AGREEMENT STEMS FROM VEND RESELLER PARTNERSHIP
On August 10th, Loop announced a "Reseller Partnership And First Sale With Vend, A Global POS Company Used In 25,000 Stores Across 140 Countries". In that announcement Loop and Vend announced the first sale to a Vend client with 30 stores across North America.
Today's announcement represents the second deal through Vend in just 10 days, which bodes well for the future of the partnership and further demonstrates the efficacy of the Company's artificial intelligence driven marketing solution to the brick and mortar space.
Loop Insights CEO, Rob Anson stated "Our Vend partnership has already demonstrated great value for Loop by rapidly accelerating our entry into large verticals such as CBD retail. CBD sales are seeing massive growth rates since the start of the pandemic, so this Pilot with Sunflora Inc. puts Loop in a very strong position to become a partner to the massive CBD retail market."
US CBD SALES PROJECTED TO REACH $24 BILLION BY 2023, WITH ANNUAL GROWTH RATE OF 107%.
CBD product sales growth in the US is growing at a remarkable pace, growing 706% percent from 2018 to 2019 ($620M to $5B) and a projected compound annual growth rate (CAGR) from 2018 and 2023 of 107%. In comparison, cannabis sales are expected to see a CAGR of around 25%. Experts believe CBD's growth is due to its entrance into major pharmacy and retail chains. Loop's ability to provide real-time insights to Sunflora Inc., across its storefronts will help manage their inventory and supply chain, while building robust customer data and engagement.
This Press Release Is Available On The Loop Insights Verified Forum On AGORACOM For Shareholder Discussion and Q&A https://agoracom.com/ir/LoopInsights/forums/discussion
About Your CBD Store: Your CBD Store is the largest CBD retailer in the United States and the exclusive home of award-winning, hemp-derived SunMed products. With more than 550+ stores in 41 states, we are bringing the highest quality CBD experience to customers nationwide. Its parent company, Sunflora Inc., produces quality products for health and wellness, skincare, and pet products.
About Loop Insights: Loop Insights Inc. is a Vancouver-based Internet of Things ("IoT") technology company that delivers transformative artificial intelligence ("AI") automated marketing, contact tracing, and contactless solutions to the brick and mortar space. Its unique IoT device, Fobi, enables data connectivity across online and on-premise platforms to provide real-time, detailed insights and automated, personalized engagement. Its ability to integrate seamlessly into existing infrastructure, and customize campaigns according to each vertical, creates a highly scalable solution for its prospective global clients that span industries. Loop Insights operates in the telecom, casino gaming, sports and entertainment, hospitality, and retail industries, in Canada, the US, the UK, Latin America, Australia, Japan, and Indonesia.
This news release contains certain statements which constitute forward-looking statements or information. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Loop's control, including the impact of general economic conditions, industry conditions, and competition from other industry participants, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Loop believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Loop does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of Loop should be considered highly speculative. There can be no assurance that Loop will be able to achieve all or any of its proposed objectives.
SOURCE LOOP Insights Inc.
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