- Artificial intelligence developer Loop Insights (MTRX) has successfully completed an initial 20-store pilot of its data insights platform
- The company will now begin rolling out its platform across all 550 Your CBD Store retail locations
- Loop Insights has also successfully completed its integration with Shopify’s application programming interface
- This will allow the company to access and potentially provide services for 500,000 merchants currently using Shopify’s platform
- Loop Insights (MTRX) is up 5.19 per cent, and is currently trading for C$0.40 per share
Artificial intelligence developer Loop Insights (MTRX) has successfully completed an initial 20-store pilot of its data insights platform.
With the pilot now complete, the company will begin rolling out its platform across all Your CBD Store retail locations. Your CBD Store is the largest CBD retailer in the United States, with over 550 store locations across 41 states.
Loop Insights plans to implement its platform across 170 new stores by the end of 2020, with another 380 to follow in 2021’s second quarter.
The company’s platform roll-out in Your CBD Store represents the company’s second deal through Vend, as well as its first franchise customer. Loop Insights should expect to generate monthly recurring revenue from the Your CBD Store locations, as well as through promotions by Vend’s global sales team.
Loop Insights’ CEO, Rob Anson, stated that channel reseller agreements like the one with Vend will provide the company with a stable path to revenue.
“If we were to successfully onboard all 25,000 Vend customers, we would be looking at potential monthly recurring revenue of over C$5 million.
“When you layer in our automated marketing ‘Engage’ service and wallet pass loyalty application, these numbers quickly multiply by 5-10x, which provides the company with a very significant revenue stream,” he said.
In other news, Loop Insights has also successfully completed its integration with Shopify’s application programming interface (API). This will allow the company to access and potentially provide services for 500,000 merchants currently using Shopify’s platform.
Loop Insights (MTRX) is up 5.19 per cent and is trading for 40 cents per share, as of 11:27am EST.