Snipp Interactive Inc. (OTCQB: SNIPF) (TSX-V: SPN), a global provider of digital marketing promotions, rebates and loyalty solutions, today announced that it has incorporated a 100% owned subsidiary in the United States to facilitate it to do business with Cannabis companies based in the United States. The reason the Company chose to incorporate this subsidiary is twofold. The first is to enable the Company to be able to leverage its software platforms to service Cannabis businesses with creative business models that could include equity based and performance compensation partnerships and secondly to isolate its core business given that at the U.S. Federal Level Cannabis is still a Schedule 1 controlled substance.
“Since the launch of the Snipp Cannabis Marketing Resource Center we have received a lot of interest and had many discussions with multiple players in the U.S. and Canadian markets. Some of these discussions have led to recommendations that have included working in a more partnership type structure that could involve an equity component as part of the payment mix for the use of our platform and services by these potential clients. As a Company we are open to working with companies in the Cannabis space to design programs that enable our shareholders to enjoy the upside of this nascent but fast growing industry and creating a separate legal entity to enable that therefore makes a lot of sense,” said Atul Sabharwal, Founder & CEO of Snipp.” The Cannabis space is rapidly evolving and we have seen a few U.S. based companies dual listing on the Canadian exchanges. A great example is a company like iAnthus, A CMRC member, who pioneered listing in both markets. They have set the stage for a whole new crop of companies based in the U.S. to list in Canada many of whom have joined our Cannabis Marketing Resource Center and are in deep discussions with us on signing a Managed Service Agreement which allows Snipp to become an approved vendor, locking in these clients for the future as their marketing needs evolve. We look forward to sharing some of progress we are making in converting our CMRC members to paying clients over the next few quarters.”
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