- Events company, Lift & Co (TSXV:LIFT), has signed a partnership agreement with MCI USA, a subsidiary of MCI Group
- Under the agreement, MCI USA will assume operational control of Lift & Co’s event portfolio and will charge a management fee
- Lift & Co will remain the sole owners of the portfolio, and will be responsible for strategic direction, brand support and programming
- The company’s Toronto Expo 2020 has been moved to November 22-25 this year, as a result of COVID-19
- Lift & Co (LIFT) is currently steady at 3.5 cents per share, with a market cap of C$2.46 million
Events company, Lift & Co (TSXV:LIFT), has signed a strategic partnership agreement with Washington-based MCI USA.
The company is a subsidiary of MCI Group, which runs more than 6,800 events and projects in 31 countries each year.
Under the agreement, MCI USA will assume full operational control of Lift & Co’s event portfolio, effective immediately. As compensation, MCI USA will charge a management fee for its services, which Lift & Co believes will be more than offset with reduced overheads, cost savings and revenue growth.
Lift & Co will retain 100 per cent ownership of the portfolio, and will be responsible for administrative activities, such as strategic direction, brand support and event programming.
Matei Olaru, CEO of Lift & Co, said that the company’s events are a pillar of the North American cannabis industry.
“Started in 2016, the Lift & Co events portfolio serves over 40,000 attendees and 500 exhibitors annually.
“Partnering with MCI will unlock further value through economies of scale, new revenue opportunities and increased resourcing, and enables us to more effectively scale Lift & Co’s digital business segments,” he added.
According to today’s announcement, Lift & Co selected MCI USA as a potential partner for their proven record in scaling event portfolios. It’s hoped that the partnership will deliver an internationally “unparalleled” platform to cannabis brands looking to drive both business-to-business and retail consumer engagement.
Shawn Pierce, President of Strategic Events, Meetings and Incentives at MCI USA, also commented on the agreement.
“We look forward to partnering with Lift & Co to strategically grow and scale their events portfolio by leveraging our expertise and relationships in the cannabis marketplace across North America,” he said.
The partnership’s initial course of action is to begin work on Lift & Co’s Toronto Expo 2020, which has been rescheduled to later in the year as a result of COVID-19.
This year’s Toronto Expo was originally scheduled for the end of May, but with sweeping social restrictions in place around the world, the event has been pushed back to November 22-25, 2020.
Lift & Co (LIFT) is currently steady at 3.5 cents per share, as of 9:43am EST.