In an attempt to turbocharge engagement with new and existing customers and investors, while also maximising future sales, cannabis company, Creso Pharma (ASX: CPH) plans to enter the metaverse – the virtual-reality space where all users can interact – by engaging leading community-driven metaverse platform, The Sandbox.
With high-profile landholders such as Atari, Adidas, PWC and Binance, The Sandbox has facilitated Creso Pharma’s development of a digital replica for its 24,000 square foot Mernova cannabis cultivation facility in Nova Scotia.
The Mernova online replica is the company’s first metaverse initiative, brought to market under a digital marketing initiative dubbed CresoVerse.
To help catapult Creso Pharma’s brand and products into the metaverse, the company has partnered with innovative technology consultancy, Collective Campus.
CresoVerse, which more broadly refers to the company’s collaborate strategy with Collective Campus to drive metaverse engagement, exposes Creso Pharma towards a Web 3.0 transition.
Simply put, Web 3.0 is regarded as the third generation of internet services for websites and applications - where creators can monetise digital assets and experiences.
For example, a growing number of brands, including Nike, Gucci, Coca-Cola, and the NBA, are using the metaverse to engage with consumers and drive sales through non fungible tokens (NFTs).
From a cannabis company's perspective, Creso Pharma notes that the ‘plot of land’ the company has secured in The Sandbox – where consumers can find it – is strategically located next to rapper, serial entrepreneur and iconic cannabis influencer, Snoop Dogg.
It is hoped that proximity to Snoop Dogg will help to broaden awareness amongst metaverse participants.
While CresoVerse is estimated to already have over 500,000 users, the official launch in March 2022 – which also coincides with The Sandbox’s public launch - will expose the company to new potential customers and cannabis enthusiasts.
Creso Pharma CEO William Lay also expects the CresoVerse initiative to enable The Sandbox users to engage with the facility, witness Creso Pharma’s cultivation and operations first-hand, while also learning more about the Company’s diverse product suite.
Following in the footsteps of high-profile celebrities such as Justin Bieber and Ariana Grande, Creso Pharma has also built a stage alongside its facility to host concerts, influencer collaborations, product launches and annual meetings.
For example, the Company plans to host numerous events with prominent cannabis influencers, product launches and cannabis-focused competitions. This will allow local and international investors and potential customers to gain a better understand of Mernova’s product range and operations.
Consumers will gain access to exclusive events in the metaverse and in real life, discounts on products, and merchandise, through an NFT range that Creso Pharma also intends to launch in first half 2022.
As well as giving owners early access to future NFT launches, tokens are also expected to drive sales growth for the Company, hence unlocking an additional revenue stream and paving the way for future Web 3.0 and content plays.
Creso Pharma’s William Lay also notes that the Company will carefully consider and adhere to Health Canada and other regulatory and legal guidelines in regard to promotional activities for its NFT range and metaverse events.
Lay expects the CresoVerse launch to introduce of Creso Pharma’s brands and products to a wide range of new consumers and potential investors who utilise the metaverse to seek the latest and most exciting opportunities.
“A growing number of brands, including Nike, Gucci, Coca-Cola and the NBA, are using the metaverse to engage with consumers and drive sales through NFTs,” notes Lay.
“Recent M&A with companies including Microsoft further highlights how the metaverse will become the next growth frontier, and we look forward to replicating this to drive growth and unlock value for our shareholders.”
View an introduction to CresoVerse here.
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