Social Life Cannabis Networks Top 1.3 Million Registered Users; Will History Repeat for Serial Tech Entrepreneur Ken Tapp?
Ken Tapp was Vice President of Engineering at HomeBuilder.com and Realtor.com from 1996 through their IPO in 1999 as HomeStore.com (MOVE.com). Subsequently, he went on to invest in more than 20 internet startups and advised tech real estate stalwarts like Zillow (NASDAQ: ZG), RE/MAX (NYSE: RMAX) and Houzz to help build their brands. Throughout his career, Tapp has served as CEO, CFO, CTO, COO, Director and Chairman in a wide spectrum of tech startups including incubators and accelerators, small- and mid-cap companies and those traded on the OTC and Nasdaq.
Tapp’s latest endeavor began in 2013 when he founded WeedLife.com as a consumer-to-consumer social network in the U.S. for the cannabis industry. Since, the company has grown worldwide and WeedLife.com has become a division of MjLink.com under the parent company now called Social Life Network (OTCQB: WDLF). Powered by artificial intelligence (AI), blockchain and e-commerce technologies, the social networks cater to different segments of the cannabis industry, including consumer-to-consumer (WeedLife.com) and business-to-consumer and business-to-business (MjLink.com).
According to regulatory filings, Social Life Network is planning an initial public offering for MjLink.com on a Canadian exchange. Management is targeting a raise of at least $5.0 million at a valuation of $35.0 million. With 367,000 members active during October, the valuation is in line with data from Statista.com that values social network active users at $97 each annually for advertising consumption.
In aggregate, the two social networks recently crossed a total of 1.3 million registered users coming from more than 120 countries, making it one of the most active cannabis communities in the world. Visitors tend to stick around, with an average of 20+ page views per session adding up to 52 million monthly page views. Furthermore, MjLink.com has 6,700 businesses registered, creating a leading B2B cannabis hub for companies to network.
Looking to capitalize on the business segment, MjLink.com last month launched a new set of AI-powered lead generating and automated marketing applications. Tapp said in a news release on the unveiling that the “applications are like no other social networking applications found anywhere online, and they will revolutionize the way business professionals use MjLink.com to connect with their customers and other entrepreneurs.” With the new technology, MjLink now offers unique ways to easily capture leads from profile pages and allows business members to connect their MjLink pages to more than 180 CRM and email marketing platforms, including Salesforce, Hubspot, Mailchimp and others.
The new applications arrive in conjunction with Social Life Network expanding its staff to include Mali Sanati as Vice President of Sales and Mark DiSiena as CFO.
The company is steadily positioning itself to capture advertising revenue from its large audience and portfolio of services and tools for advertisers in a global cannabis market that Torsten Kuenzlen, CEO of Sundial Growers – and someone who held executive leadership positions at Coca-Cola and Molson-Coors – suggested could reach $2 trillion by 2050.
Online Media Group, Inc. is not registered with any financial or securities regulatory authority and holds no investment licenses and does not provide, nor claims to provide, investment advice. We are a publisher of original and third party news and information. This article is sponsored content and is neither an offer nor recommendation to buy, sell or hold any security. The views expressed are our own and not intended to be the basis for any investment decision. Investing intrinsically involves substantial risk and readers are reminded to consult an investment professional and complete their own due diligence, including SEC filings, when researching any companies mentioned in this release. This release is based upon publicly available information and, while vetted, is not considered to be all-inclusive or guaranteed to be free from errors. With respect to Section 17(B) of the Securities Act of 1933 and in the interest of full disclosure, we call the reader’s attention to the fact that Online Media Group, Inc. received $1,333 in compensation from IRTH Communications for content creation, advertising and distribution services related to this material.