Cannabis marketing platform SpringBig will go public next week – South Florida Business Journal – The Business Journals



SpringBig could be a publicly traded company as soon as next week.
Shareholders of blank-check firm Tuatara Acquisition Corporation (Nasdaq: TCAC) voted in favor of the firm’s proposed merger with SpringBig, a cannabis marketing platform headquartered in Boca Raton. Ninety-four percent of shareholders voted in favor of the deal, according to a filing with the Securities and Exchange Commission.
The merger, expected to close June 14, values SpringBig at $500 million. After the closing, Tuatara will change its name to SpringBig Holdings and trade on the Nasdaq under the symbol “SBIG.”
SpringBig reports it reaches an estimated 38 million legal marijuana users through its software-as-a-service platform, which enables cannabis businesses to market their goods and loyalty programs directly to customers via text message. The firm’s targeted messages, intended to help retailers engage and retain customers, have a 99% open rate.
CEO Jeffrey Harris previously said going public will make it possible for SpringBig to meet demand in the fast-growing cannabis sector. Recreational use of the substance is already legal in 19 states and medical use is legal in 39, including Florida.
“This strong foundation will enable us to leverage our data and technology to consolidate across multiple market verticals including data analytics, increased marketing automations, and advertising solutions,” he added.
SpringBig has more than 1,000 clients – including cannabis dispensary chains and brands such as Keef, an infused beverage company – across 2,300 locations in North America. It’s raised nearly $20 million in venture capital since 2017, when it began to exclusively serve cannabis businesses.
There were $4 billion in SPAC deals in the tri-county area last year, with SpringBig among the largest transactions.
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