Weed Ads On Spotify? This Cannabis Giant Makes It Happen Via New Partnership

Cresco Labs Inc. CL CRLBF is advertising on Spotify Technology SA SPOT, one of the world's most popular audio streaming subscription services, with over 551 million users and 220 million subscribers.

The Chicago-based marijuana giant announced the news on Thursday, noting that it is the first cannabis company on Spotify. Cresco Labs CEO and co-founder Charlie Bachtell is a keynote speaker at the upcoming Benzinga Cannabis Capital Conference in Chicago on September 27 and 28, where he will undoubtedly share more insights regarding the new partnership with Spotify.

Why It Matters

Cory Rothschild, the company's national retail president, explained why audio streaming services such as Spotify are an excellent opportunity for brands to reach large audiences.

"Spotify's platform will enable our marketing team to target our ads compliantly and profitably to our core shoppers in Illinois, where we have a leading share in retail," he said. "Our Sunnyside advertising strategy is built on a data ecosystem enabling best-in-class targeting and measurement."

The ad campaign, which aims to communicate the benefits of shopping at Sunnyside dispensary, includes 30-second audio and in-app digital banners that drive to the retailer's proprietary e-commerce platform.

Advertising is supported by a volume-driving paid media campaign that includes programmatic buying, native ads and connected TV, to name a few.

The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.

CRLBF Price Action

Cresco's shares traded 5.4519% higher at $2.1934 per share after the market close on Wednesday.

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• Cresco Labs And Columbia Care Terminate Merger, Sale Of Assets To Sean 'Diddy' Combs

Photo: Benzinga edit of images by 2H Media and Alexander Shatov on Unsplash.