CannaTrac has become the first ever cannabis company to sponsor a red carpet event after signing a deal that covers the Oscars, Grammys, and the Golden Globes.
The firm provides cashless payment solutions for the marijuana industry, along with loyalty and reward schemes. It has announced a partnership with In-Stand Media to be a sponsor of the series of red carpet events, which also includes Los Angeles Metropolitan Fashion Week.
The branded sponsorship will change depending on the event, but there will be heavy logo placements, signage around venues and swag bags. It is a sign that the marijuana industry is become increasingly mainstream and accepted across the U.S.
“Through these sponsorship opportunities, we intend to raise awareness regarding the challenges facing banking within the cannabis industry,” said Thomas Gavin VI, vice chairman and chief executive at CannaTrac.
In-Stand Media claimed to recognize the need to include a cannabis company in its red carpet planning due to its rise in popularity across the country. The firm holds the rights to some of the most prominent events and awards ceremonies in the U.S. and it offers to provide eye-catching marketing that is seen around the world.
CannaTrac provides proprietary software and technology for the cannabis industry, targeting dispensaries and also the government agencies that tax them.
Earlier this year it secured a contract to place its CannaCard, a mobile point-of-sale platform, into 18,000 retail locations across the U.S. It features a reloadable payment card on an app that is used by many consumers and stores.
Another sign of the cannabis industry permeating the mainstream occurred last month when leading producer Aurora Cannabis signed a multimillion-dollar deal to sponsor UFC. The producer will team up with the MMA provider for clinical studies focusing on pain management, inflammation, injury and exercise recovery, and mental wellbeing at the UFC Performance Institute in Las Vegas.
It will help put Aurora on the map, as UFC boasts more than 300 million fans. It has already generated publicity on leading UFC sites.
Indy 500 race team Carlin was also sponsored by CBD producer Craft 1861 last month and its logo was displayed on the car during the famous race.