MVC Technologies Acquires Consumer Engagement and Loyalty Platform Developed for Global Cannabis Retailers
TORONTO, Sept. 26, 2018 (GLOBE NEWSWIRE) -- MVC Technologies Inc. (“MVC”), a leading cannabis-focused technology and services company, today announced that it has acquired customer loyalty, retention and engagement platform, TokeIn. TokeIn enables dispensaries and other cannabis retailers to engage with their customers with the industry’s only mobile app-based platform. The acquisition was completed earlier this month.
Currently available on iOS and Android, dispensaries are able to target customers through building their own branded rewards program, opt-in customized deals and other engagement tools pushed through a variety of communication channels. The platform moves MVC further upstream in the cannabis value chain, adding to the company’s cannabis EMR platform (Sail) and multi-state cannabis evaluation and education centers (Canna Care Docs).
“TokeIn entered the market less than a year ago and has already proven that it is the exact consumer engagement tool that the industry requires with retailers in multiple states choosing the platform,” said Prad Sekar, Chief Executive Officer, MVC Technologies. “As various retail models begin to evolve within Canada, the US and abroad, dispensaries, licensed producers and other cannabis retail channels are seeking ways to acquire and retain customers in ways that traditional retailers currently find enormous success with. We are thrilled to add TokeIn to our portfolio of data-centric products and services to meet this immediate industry need.”
TokeIn was designed, developed and deployed by a team led by cannabis entrepreneur Peter Barbosa. Barbosa had previously built a full-scale cannabis seed-to-sale software platform, Grow One, that was subsequently acquired by cannabis technology firm in 2017. Throughout the due diligence process, it became evident to MVC that the ability to acquire the talent associated with TokeIn was as significant as the platform itself. As such, Peter Barbosa will join MVC as its Chief Technology Officer, overseeing the development of TokeIn and all other software products the company offers.
“We built TokeIn with a very defined goal, to give cannabis retailers the tools they needed to interact with their customers in a more meaningful and lucrative way,” said Barbosa, Chief Technology Officer, MVC Technologies. “Now being apart of the mission of MVC only solidifies that calling to advance the way that cannabis industry stakeholders use data that can not only meet their immediate needs but propel them to higher levels as the market grows.”
MVC Technologies is the parent company of a series of brands which serve each vertical within the cannabis value chain. It’s data-driven software and services help licenced producers, clinicians, patients, consumers and now retailers better manage their business or simplify their needs in the market. The company and its brands have supported more than 280,000 patient encounters across 18 jurisdictions including in Canada, the US and international markets.
About MVC Technologies
MVC Technologies has a mission to simplify the medical cannabis journey across the value chain through a suite of technology products and services delivered through three distinct brands – each serving a unique vertical. Sail offers a comprehensive cannabis EMR platform and patient engagement tools to support clinics and clinicians across multiple countries. Canna Care Docs is a leading cannabis group of evaluation and education centres operating in 12 jurisdictions. Canna Care Docs serves more than 65,000 patients annually looking to integrate cannabis into their treatment regimen. TokeIn is the industry’s only mobile app-based customer loyalty and engagement platform used by cannabis retailers. The parent brand, MVC, works to build predictive analytics tools based on the controlled data input ingested from each of its sub-brands which are used to deliver actionable insights both to its customer base and the industry at-large. For more information please visit www.sailcannabis.co, www.cannacaredocs.com and www.tokein.com.
Forward Looking Statement
This news release may contain forward-looking statements that are based on the Company’s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
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