It completed the final phase of development and testing ahead of the platform’s deployment at THRIVE Cannabis Marketplace
() (OTCMKTS:AUSAF) said Wednesday that its subsidiary Cocoon Technology LLC is closing in on launching its proprietary kiosks with one of Nevada’s largest cannabis retailers.
The Las Vegas-based company said that Cocoon had completed the final phase of development and testing ahead of the platform’s deployment at THRIVE Cannabis Marketplace, the state’s largest independent retailer.
Cocoon’s pods are expected to be ready in-store by April 2020.
READ: Australis Capital's Cocoon Technology partners with THRIVE Cannabis Marketplace to install kiosks across Nevada
In early December, Cocoon announced it had entered into an agreement with THRIVE Cannabis Marketplace to install its Platform-as-a-Service systems in the dispensary’s eight existing locations, with more to come over the deal’s four-year term.
THRIVE has ordered 32 CocoonPod kiosks for the eight locations, starting with a pilot location in North Las Vegas.
Cocoon said it expects to generate US$1.4 million in annual recurring revenue during the agreement’s first year, with the total revenue expected to surpass US$7.1 million over the deal’s four-year term.
THRIVE’s CEO Mitch Britten said that the brand’s customers expect an “elevated and streamlined” experience when shopping at their stores.
"A self-service option provides customers an opportunity to experience the dispensary in an interactive and innovative way while streamlining operations,” Britten said in a statement. “Customers are offered privacy, product education, recommendations, and loyalty offerings while completing their transaction at their leisure."
Max Aceituno, Australis’s senior vice president, marketing and product development said that the firm was “excited” to launch the platform in Las Vegas.
“As the world's most robust Platform-as-a-Service specifically designed for dispensaries, Cocoon enables customers to research products, place orders, and make payments directly through their desired point-of-interaction,” Aceituno said in a statement.
“THRIVE's high-traffic locations are the perfect environment for the initial launch of this platform and we're happy to collaborate with Mitch and team in crafting this unique feature set."
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