Is This Company Taking a Think Tank Approach to the Hemp and CBD Industry?

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The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Grove Inc. GRVI announced October 20th that it had closed its acquisition of Boca Raton, Florida-based InteractiveOffers LLC. 

The Nevada-based CBD health and wellness brand company was looking to add a key technology division to its businesses with the merger. It announced the close of the deal in October.

Grove Inc. believes this is just one example of its unique and strategic think-tank approach to the hemp and CBD sectors of the cannabis industry. 

Not Just for Not-For-Profits

Think tanks are often associated with institutions and political organizations. But more and more companies and businesses around the globe have assumed think-tank business models by researching a wide range of subjects from social, public and economic policy to political strategy, culture and technology and then applying that knowledge to a specific business deal or venture.

Be it via crowdsourcing, partnering with other corporations or using the expertise of specific industry professionals, a think-tank approach has been defined as a collaborative way to generate ideas and resources.

The 2008 Obama election campaign, which used social media and a broad base of donors to mobilize financial and political support, is perhaps one of the most talked-about examples of a think-tank strategy.

So how does Grove intend to apply a think-tank model to its business? By prioritizing its resources and products just as much as the environment in which the organization operates. 

“Our team believes in a think-tank approach as a vehicle for corporate influence as well as branding campaigns, in turn delivering great value to our stakeholders,” Grove CEO Allan Marshall said.

Grove isn’t the first business to adopt this method. It’s following in the footsteps of such infamous companies as Apple Inc. AAPL, Amazon.com Inc. AMZN and Google LLC GOOGL among others.

Merger Details and the Role of the Think Tank

With its software-as-a-service (SaaS) platform, InteractiveOffers has served the fintech space over the last several years by allowing for automatically scheduled ad placement on any partners’ sites from a simple dashboard.

Grove predicts a significant improvement in its sales and CBD brand business with the addition of InteractiveOffers’ SaaS platform. Here’s why:

• SaaS technology in the adtech vertical may allow Grove to boost the scale and growth of any brand launched or purchased in the future.
• InteractiveOffers’ SaaS platform expansion into the hemp and cannabis space fills the needed advertising void for Grove to grow product sales for in-house brands and partner brands.
• InteractiveOffers business grows through access to Grove’s clients who need advertising partners and a full-service SaaS platform.
• InteractiveOffers technology development team will handle all planned development of the CBD.io platform to become an industry leader of CBD sales for brands.

Grove claims that with InteractiveOffers’ current revenue projection of $10 million to $12 million for 2022, this could give the company access to the programmatic ad space. Additionally, it may provide a unique in-house advertising platform to leverage and scale its current and future brands.

“This acquisition adds a technology segment to our growing business while expanding the current, stand-alone programmatic business,” Marshall said. “Both businesses will grow while adding significant value to our shareholders and more services for our customers. I’m proud of our team’s innovative mentality by utilizing a think-tank approach to make this deal happen.”

More About Grove Inc.

Grove Inc. develops, produces, markets and sells CBD products as well as diversified products in other verticals. The company’s goal is to transform the landscape of how hemp and vitamins are produced, bought and sold, with each of its brands curated for individual consumer needs. Its brands include ZestTM, Qubes, CBD Infusionz and grn. The Grove team consists of organic farmers, Ph.D biochemists, organic chemists, mixologists and food scientists.

Visit https://groveinc.io/ to learn more.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.