SBIG Holdings, Inc.

About SBIG Holdings, Inc.

Springbig operates as a software-as-a-service (SaaS) provider, offering a marketing and customer relationship management (CRM) platform specifically designed for the regulated cannabis industry in North America. The company was established in 2017 by Jeffrey Harris, who leveraged two decades of experience from his first loyalty marketing company, Inte Q, which served major retailers. Harris identified the unique marketing challenges within the highly regulated cannabis sector, where traditional advertising is often restricted, and aimed to provide compliant solutions.

The company's primary revenue source is a subscription-based model, where cannabis retailers pay for access to its suite of tools, ensuring a stream of recurring revenue. This model is scalable to accommodate cannabis businesses of various sizes. In June 2022, Springbig became a publicly traded company on the Nasdaq after completing a business combination with Tuatara Capital Acquisition Corporation, a special purpose acquisition corporation (SPAC). The transaction initially valued the combined company at approximately $500 million, though this was later amended to $275 million due to changing market conditions.

Springbig's platform is engineered to help cannabis retailers and brands increase customer retention and build loyalty. It provides a comprehensive dashboard that integrates directly with a dispensary's point-of-sale (POS) systems, allowing for the seamless collection of customer and transaction data without needing separate hardware. Key features include highly customizable loyalty and rewards programs where customers earn points for money spent rather than just for visits, incentivizing larger purchases. Retailers can create tiered loyalty programs based on customer spending habits and other KPIs.

The platform's core functionalities also include robust SMS and email marketing tools that enable dispensaries to send targeted, personalized, and compliant promotional messages to segmented customer lists. This direct communication channel is crucial in an industry with limited advertising avenues. Additional features include a customer feedback system, referral programs, automations for intelligent messaging, and detailed analytics that offer insights into customer behavior and campaign performance to optimize ROI. The company has also developed a brand advertising platform allowing cannabis brands to connect directly with consumers through the network of retail partners, and a mobile app for consumers to manage rewards and place orders.