Shares of the Denver-based company surged more than 18% to $2 in Friday afternoon trading.
The cannabis tech company operates Leafbuyer, an online source for information and deals on cannabis where businesses can highlight their products.
The company is looking to create a decentralized and secure space for its customers to buy products from dispensaries and other cannabis companies through the site.
“This first-of-its-kind blockchain solution offers complete transparency between cannabis businesses and the end consumer, which, we expect, will add significant value to Leafbuyer’s platform. This, in turn, should open more revenue possibilities as we broaden the platform,” said CEO Kurt Rossner in the company’s press release.
Development is expected to be completed in October with a market launch set for December.
Leafbuyer has been stepping its tech game up, recently announcing a non-binding letter of intent to acquire Greenlight Technologies, a cannabis-focused loyalty rewards and mobile ordering software company.
By integrating with a dispensary’s point-of-sale system, Greenlight allows cannabis buyers to place pre-order via mobile orders and pick up the product in-store, racking up rewards points along the way.
If the acquisition is complete, Leafbuyer expects its customer base in California to double.
Leafbuyer is the official cannabis deals platform of Dope Media, LA Weekly and Voice Media Group.