Fyllo to acquire cannabis regulatory data platform CannaRegs
Fyllo acquisition of CannaRegs : Cannabis industry focused MarTech platform Fyllo has agreed to acquire CannaRegs, a Denver-based cannabis regulatory data platform, for an undisclosed price.
CannaRegs is a web-based subscription service and technology platform that offers users improved access to all state and municipal cannabis rules and regulations.
Fyllo said that it will enhance CannaRegs’ user interface and integrate the latter’s data into its platform to boost its compliance solutions for brands and publishers.
Acquisition of the cannabis regulatory data platform follows the $18 million funding raised by the marketing technology platform to speed up its growth, while expanding access to advertising-compliant solutions for the cannabis industry.
Fyllo is said to have developed a full suite of cannabis advertising solutions for brands and online publishers powered by CannaBrain.
According to the MarTech platform, CannaBrain is an AI engine that takes in and analyzes billions of data points to enable brands to build safely and undertake advertising campaigns while also helping publishers to create and monetize compliant ad inventory.
Fyllo acquisition of CannaRegs. Image by Free-Photos from Pixabay.
Commenting on Fyllo acquisition of CannaRegs, Chad Bronstein – founder and CEO of Fyllo, said: “CannaRegs has become the go-to market leader for supplying the cannabis industry with reliable compliance data. Combined with our technology, we are able to provide actionable information at scale.
“This acquisition helps us gain a significant competitive advantage to grow Fyllo, and by joining forces with the most seasoned and knowledgeable cannabis compliance experts, it will help generate more revenue opportunities for our clients.”
CannaRegs is said to be used by law firms, cannabis operators, and real estate professionals to gather regulatory data pertaining to cannabis, CBD, and hemp at the state, county, and municipal levels to conform with compliance.
The cannabis regulatory data platform deploys machine learning algorithms to aggregate trusted, fact-based data regarding cannabis guidelines to keep its subscribers up-to-date on any change.
As part of the Fyllo MarTech platform, the CannaRegs database will inform multiple brand use cases that will enable marketers make larger campaigns with trust and confidence in compliance.
Fyllo will onboard more than 150 customers of CannaRegs, who are expected to get the same benefits of state and local legal understanding in near real time, apart from an improved CannaRegs user interface.
Amanda Ostrowitz – founder and CEO of CannaRegs, commenting on Fyllo acquisition of CannaRegs, said: “The complex nature of cannabis regulations can be challenging for brands looking to confidently enter the fast-moving space. To stay ahead of the curve, companies need to have the wherewithal to know how to operate within state and local regulatory structures.
“In a short period of time, Fyllo has emerged as an essential platform for publishers and cannabis companies to build creative campaigns in a safe and compliant way. By teaming up with Fyllo, we have the chance to build a truly remarkable brand that can disrupt the entire industry.”
The completion of Fyllo acquisition of CannaRegs will be subject to fulfillment of closing conditions.