Company Will Gain Recurring Revenue from Dispensaries in New Jersey, Arizona, and Other Legalized States
DENVER, CO / ACCESSWIRE / November 23, 2020 / Leafbuyer Technologies, Inc. ("Leafbuyer" or "the Company") (OTCQB:LBUY), a leading cannabis technology company, announced today its plan to target the states that legalized recreational or medical cannabis in the 2020 election, specifically Arizona, New Jersey, Mississippi, Montana, and South Dakota.
"We are experiencing success with our new Smart Technology products, and we are excited to expand our reach into these five newly legal cannabis markets," said Kurt Rossner, CEO of Leafbuyer. "After launching Leafbuyer in Colorado when the state first legalized recreational cannabis, we have become cannabis technology experts. I feel confident we will be able to convert many of the emerging dispensaries into lifelong Leafbuyer customers."
In the recent election, five states legalized medical or recreational cannabis which altogether could generate over $2.5 billion in annual sales by 2024. Arizona and New Jersey legalized recreational cannabis sales, Mississippi legalized medical sales, and South Dakota legalized both. While Leafbuyer plans to target each of these markets, the Company will initially target New Jersey and Arizona.
In New Jersey, voters passed Public Question Number 1, and lawmakers are likely to pass legislation shaping the legal cannabis system in the next few days. The resulting recreational market will be massive due to the density of the state's population, its proximity to metropolitan areas, and a high level of disposable income. New Jersey may also serve as a catalyst in the region for recreational cannabis. Experts say the recent legalization is "expected to spur neighboring states in the Northeast and Mid-Atlantic regions to follow suit."
Arizona already has a robust medical marijuana program established in 2010, and many of the existing dispensaries will soon apply for recreational licenses. Leafbuyer will immediately increase efforts to secure medical dispensary clients in Arizona to increase brand awareness. As the Arizona Department of Health Services (ADHS) receives applications from Jan 19 - Mar 9, 2021, Leafbuyer will then pursue the recreational license winners.
"We are excited to expand the Leafbuyer footprint into these new markets," continued Rossner. "Dispensaries in New Jersey, Arizona, and beyond will soon discover how the Leafbuyer platform can help attract and retain cannabis customers. We are also looking ahead to the states that may legalize marijuana in 2021."
As the aforementioned states establish their markets throughout 2021, several other states may legalize cannabis through their legislatures. New York, Connecticut, Maryland, New Mexico, and potentially Pennsylvania are all viewed as likely candidates for recreational legalization in 2021. Legalization in these markets could lead to another $6 billion in business opportunities. Leafbuyer will monitor each state closely to look for opportunities to establish an early lead in each market.
About Leafbuyer Technologies, Inc.
Leafbuyer Technologies is one of the most comprehensive marketing technology providers in the cannabis industry. Hundreds of cannabis businesses use the Leafbuyer texting and loyalty platform and the Custom App solution to engage with current and potential customers. Leafbuyer.com is a robust online resource for cannabis consumers, and the company's partnerships with other websites have created a national network of cannabis deals and information that reaches millions of consumers every month. Leafbuyer is the official cannabis deals platform of Dope Media, Sensi Magazine, and Voice Media Group.
Learn more at https://www.Tech.Leafbuyer.com
Contacts
Leafbuyer Technologies, Inc.
Andre Leonard, +720-432-5593
[email protected]
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This press release may contain forward-looking statements which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues and any payment of dividends on our common and preferred stock, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in the forward-looking statements due to several factors detailed from time to time in our filings with the Securities and Exchange Commission. Reference is hereby made to cautionary statements set forth in the Company's most recent SEC filings.
SOURCE: Leafbuyer Technologies, Inc.