Leafbuyer Technologies, the cannabis technology company, announced Thursday (November 8) it has acquired Greenlight Technologies, a California-based application development company.
In a press release, Leafbuyer said the deal follows on a letter of intent the company released on September 24 of this year. Leafbuyer said in the press release that Greenlight's mobile application provides cannabis consumers with the ability to place real-time orders and get access to loyalty rewards through a native progressive web application that integrates with the local dispensary's point of sale system. Leafbuyer noted in the press release that the acquisition more than doubles Leafbuyer's client base in California.
“We look forward to expanding Greenlight’s platform in California and bringing the technology to other legal cannabis markets, including Colorado,” Leafbuyer Chairman and CEO Kurt Rossner said in the press release. “Both the consumer and client experience will improve with the addition of this user-friendly technology. With this integration, dispensaries may see higher customer retention rates since they can easily reward their consumers with convenient ordering options and loyalty benefits.”
Terms of the deal were not disclosed, but Leafbuyer said the deal adds additional revenue streams to the company's market penetration. The company expects the deal to be accretive to earnings within six months. “With Leafbuyer, we have a great opportunity to realize our vision of our Loyalty and Mobile Order Ahead products and scale them quickly,” Greenlight Co-Founder Marc Lopez said in the same press release. “Together, Greenlight and Leafbuyer will accelerate our customers’ digital solutions, enabling them to have a more rewarding, efficient, and simplified cannabis experience.”
Leafbuyer.com is an online source for cannabis deals and information. The company works alongside businesses to showcase their products and build a network of loyal patrons for them. Leafbuyer said its national network of cannabis deals and information reaches millions of consumers every month.