CHICAGO, Jan. 17, 2020 /PRNewswire/ -- Fyllo, the world's first MarTech platform for the cannabis industry, today announced it has acquired CannaRegs, a comprehensive web-based subscription service and technology platform that provides users enhanced access to all state and municipal cannabis rules and regulations. As part of the acquisition, which is subject to closing conditions, Fyllo will augment CannaRegs' user interface and integrate CannaRegs data into its platform to enhance its compliance solutions for brands and publishers. Amanda Ostrowitz, CannaRegs' founder and CEO, will join Fyllo as its Chief Strategy Officer to develop a global strategy focused on supporting existing and new customer relationships, reporting to CEO Chad Bronstein.
The CannaRegs acquisition follows Fyllo's recent $18 million funding round to accelerate the company's growth and expand access to advertising-compliant solutions for the cannabis industry. Fyllo has developed a full suite of cannabis advertising solutions for brands and online publishers powered by CannaBrain, an AI engine that ingests and interrogates billions of data points, allowing brands to safely build and execute advertising campaigns while also enabling publishers to create and monetize compliant ad inventory.
"The cannabis space is exploding and expected to grow to more than $50 billion annually over the next five years. Digital advertising is the industry's clear pathway to growth, and brands need to have confidence that their ad creatives are not only reaching the right audiences, but also meeting state-by-state and market-by-market compliance requirements," said Chad Bronstein, founder and CEO of Fyllo. "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."
For nearly five years, CannaRegs has been trusted by hundreds of law firms, real estate professionals and cannabis operators to collect regulatory data around cannabis, CBD and hemp at the state, county and municipal levels to maintain compliance. The company uses machine learning algorithms to aggregate trusted, fact-based data about cannabis guidelines and ensures subscribers are always up-to-date on any change. Now, as part of the Fyllo platform the CannaRegs database will inform multiple brand use cases that help marketers create larger campaigns with trust and confidence in compliance.
Fyllo will onboard over 150 CannaRegs customers, which will get the same benefits of state and local legal understanding in near real time, along with an enhanced CannaRegs user interface. CannaRegs' 30 employees will continue to operate out of its Denver offices.
"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," said Amanda Ostrowitz, founder and CEO of CannaRegs. "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. We look forward to delivering our same quality of data to existing customers and incorporating that data into Fyllo's platform to become a one-stop-shop for cannabis brands looking to grow their businesses."
For more information about Fyllo, visit: www.hellofyllo.com.
Fyllo is the world's first MarTech platform for the cannabis industry. Fyllo's CannaBrain™ marketing technology ingests and interrogates billions of data points, allowing brands to safely build and execute advertising campaigns while also enabling publishers to create and monetize compliant ad inventory. As a first mover in the industry, Fyllo's pioneering technology makes compliance at scale possible, helping the world realize the full potential of cannabis. Visit www.hellofyllo.com.
CannaRegs is the leading regulatory data platform for the cannabis industry. The service is available through a web-based subscription and provides up-to-date information on cannabis-related rules and regulations from over 4,000 municipal, county, state and federal sources. CannaRegs is part of the parent company RegsTechnology, founded in 2014 and headquartered in Denver, Colorado. CannaRegs, Inc. currently provides comprehensive cannabis and CBD laws in all 50 states.For more information visit www.cannaregs.com.