NexTech AR Brings Augmented Reality to Cannabis
November 13th, 2018
Exclusive, News, Top Story
The cannabis industry is projected to surpass $75 billion by 2030, according to Cowen & Co., driven by the legalization of both medical and adult-use marijuana. While just over half of Americans have used cannabis at some point in their life, cannabis companies face an uphill battle educating those that haven’t recently tried cannabis about how to choose the right strain and right consumption device to suit their needs.
NexTech AR Solutions Inc. (CSE: NTAR) is taking a unique approach to the problem by harnessing the power of augmented reality. According to Statistica, the virtual and augmented reality market is projected to reach $209 billion by 2022, as customers embrace these new technologies as a way to better connect with content and brands.
NexTech AR’s ARitize™ app was launched in August 2018 to provide an advertising and education platform to cannabis brands and retailers, making it one of the only companies to combine the multi-billion dollar cannabis and augmented reality industries.
The cannabis industry can be a confusing place for experts—much less consumers without any experience. During prohibition, cannabis consumers rarely knew the type of cannabis that they were consuming apart from catchy nicknames, like Sour Diesel or Blue Dream. There were lab tests to differentiate between indica and sativa or supply chain to ensure that you were receiving the advertised ratio of tetrahydrocannabinol (THC) to cannabidiol (CBD).
Legalization eliminated some of this uncertainty by establishing laboratory testing and labeling standards, but opened the door to thousands of new strains—each touting different effects and wellness benefits. There are so many choices at most dispensaries that it can be challenging for new consumers to know where to start or who to trust. Some dispensaries are even moving away from strain names to eliminate some of this confusion.
Augmented reality promises to help educate consumers through self-serve explanations and demonstrates. For example, a consumer might scan a certain brand with their smartphone and in 3D see a brand ambassador as a hologram explain the benefits in front of them with visual aids. Consumers could even see how consumption devices work, such as a 3D volumetric in-front-of-them demonstration on how to load a cartridge into a vaporizer.
For example, meet Buddy the Holographic Budtender:
Dispensaries can offer a fully-interactive shopping experience without having to rely on a large number of well-versed staff members. This can dramatically improve short-term sales through greater engagement with the customer, as well as long-term relationships by helping customers find products that accurately satisfy their medical or recreational needs. In the future, transactions could even occur directly through the smartphone.
Brands can leverage augmented reality to set themselves apart from the competition. Rather than relying on labeling to explain benefits, brands can produce compelling 3D AR content that captivates consumers and helps them select the best products for their needs. Cannabis companies that provide consumption device and ancillary products can similarly use augmented reality to explain how their products work.
Media companies can use augmented reality to reach more consumers, businesses, and industry participants as well. For instance, NexTech AR recently partnered with CFN Media to provide live augmented reality streaming of the New West Summit in Oakland, California on October 11-13, 2018. The company’s ARitize™ app enabled anyone around the world to see live streaming holograms from the event.
NexTech AR Solutions is a pioneer in bringing augmented reality and holographic teleportation to the cannabis market with a seasoned team.
CEO Evan Gappelberg is a seasoned entrepreneur, hedge fund manager, and early cannabis industry participant that helped Future Farm Technologies expand its market cap over 20X before leaving to form NexTech AR Solutions and bringing it public October 31st, ,2108.
President Paul Duffy invented Holographic Telepresence technology and has spent the past 25 years successfully starting, expanding, diversifying, and selling global technology companies, including one of the largest online learning and communication companies in North America.
COO Reuben Tozman has over 15 years operating product and engineering teams at an executive level. He has led large and geographically dispersed teams of people working alongside other executives to help drive results.Most recently Reuben was the VP of Product for Shutterstock Custom (previously Flashstock).
CTO Scott Jenkins, whom has 25 years of experience in the software industry, having been involved in both the product development and marketing of over 200 software properties internationally for a variety of companies, resulting in over $5B in combined sales. While serving as Creative Director at Acclaim Entertainment, Scott contributed to iconic industry franchises including Mortal Kombat, Marvel, The Simpsons, WWE/WWF, Turok, etc.
NexTech AR Solutions Inc. (CSE: NTAR) is well-positioned to capitalize on the burgeoning cannabis industry by providing next-generation augmented reality technology. With a veteran management team at the helm, the company has already made significant inroads into the industry where its products could help clients improve their sales and customer retention—all in a market that is becoming increasingly competitive.
For more information, visit the company’s website at www.nextechar.com.
The above article is sponsored content. Emerging Growth LLC, which owns CannabisFN.com and CFN Media, has been hired to create awareness. Please follow the link below to view our full disclosure outlining our compensation: https://www.cannabisfn.com/legal-disclaimer/
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
Follow Us on Social Media
About CFN Media Group
CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.
Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.