This Software Company Is Going Public To Help Cannabis Consumers Stay Loyal – New Cannabis Ventures

Exclusive interview with springbig co-founder and CEO, Jeffrey Harris

In November 2021, cannabis marketing and loyalty software company springbig announced plans to go public through a SPAC transaction. The company’s co-founder and CEO, Jeffrey Harris, last spoke at New Cannabis Ventures in 2020, and he checked in to talk about the IPO process and the company’s ambitions to become a cannabis technology industry consolidator. Audio of the entire conversation is available at the end of this written summary.

Go public

The springbig team began the IPO process in early 2021. They considered a number of avenues, ultimately deciding that the merger with Tuatara Capital Acquisition Corp. was the right way to go. The company is currently working through the shareholder voting process, and it will likely list on NASDAQ as springbig soon after, according to Harris.

Today, springbig is a key player in cannabis loyalty and digital communication software. As a public company, it will seek to expand its set of services and the ability for its customers to engage with springbig. It will continue to grow through organic and inorganic means.

Running the public company

Harris’ role within the company will remain the same, although some of his responsibilities will change. But, he will remain responsible for ensuring that the company maximizes shareholder value.

springbig has added a few new team members since Harris last spoke with New Cannabis Ventures. Paul Sykes joined the company as Chief Financial Officer and Navin Anand took on the role of Chief Technology Officer. As the company goes public, a number of team members who have worked with Springbig for some time will continue to be integral to its growth. Harris highlighted VP of Product Development Sam Harris, VP of Marketing Nat Shaul, VP of Business Development Mikaela McLaughlin, VP of Customer Success Levi Colinas, and VP and General Manager Brett Pogany brands.

Harris expects springbig to add new people to the team to help the company move forward over the next six months.

M&A and Organic Growth

The springbig platform has continuously evolved over the past two years. The company is focused on helping its customers create smarter ways to communicate with cannabis consumers. For example, springbig introduced a “create your own segment” feature that allows users to create a unique group of customers and create targeted marketing for that group. springbig has also launched a brand platform, allowing brands to speak directly to consumers. The company is also adding the ability for users to leverage data to optimize promotions without over-promoting and giving away too much slack.

The opportunity to become an industry consolidator was one of the main motivations behind springbig’s decision to go public. Having public currency will help the company acquire other players and increase its capabilities. It is already focusing on potential merger opportunities, exploring opportunities in areas such as data, advertising, e-commerce and marketing automation.

springbig has over 1,000 customers with over 2,300 locations on the retail side of its business. On the brand side, the company has about 100 customers, a number that continues to grow. The company will have many opportunities for organic growth as more states open up and more licenses are awarded.

Access to capital

SPAC has $200 million in cash. Harris expects some shareholders to withdraw their money, but he expects springbig to have enough cash to fund its organic and non-organic growth plans. Listing on NASDAQ will open the door to greater access to capital. The company will likely offer secondary offerings in the future, according to Harris.

Until now, springbig was private. During the transition to a public company, the team will have to get used to a different approach to investor relations. springbig will provide updates on a quarterly basis and let investors know what to expect in the coming quarters.

Outlook 2022

While springbig is expected to make its public debut this year, organic growth in its retail and brand businesses as well as mergers and acquisitions will be important growth drivers. Year-over-year growth will be a crucial metric for the business. Harris wants to ensure that springbig will meet or exceed the projections given to the public. Although the IPO is uncharted territory for springbig, Harris is confident in the company’s team, strategy and cash position.

To learn more, visit the springbig website. Listen to the full interview:

Carrie Pallardy, a Chicago-based writer and editor, began her career covering the healthcare industry and now writes, edits and interviews subject matter experts across multiple industries. As a published writer, Carrie continues to tell compelling and untold stories to her network of readers. For more information, contact us.