The Smoke Exchange is a self-serve advertising platform for the marijuana industry. It will connect advertisers and publishers directly and make advertising opportunities readily available and affordable for cannabis businesses.
The legalization of cannabis has opened up a promising new market for many organizations and businesses. Research indicates that the legal use of marijuana is on the rise globally, and statistics show a steady annual growth in the industry. However, the industry is prohibited from using traditional advertising platforms such as Google AdWords, Facebook, Taboola, Outbrain, etc.
Washington, Nevada, Maine, Massachusetts, California, Alaska, Colorado and Oregon already allow the recreational use of marijuana. Also, a total of 28 states have signed up for medical use of marijuana. Canada is scheduled to legalize marijuana in July of 2018 and many other countries around the world are following suit.
Using data provided by BDS Analytics, it is predicted that the legalized marijuana industry will grow from $6 billion in 2016 to over $25 billion in 2020. As a consequence, marijuana marketing will be bigger than ever from this year onward. Recently, Apple allowed marijuana applications into its app store after many petitions from several cannabis companies. This is clear proof that there is already a shift in the needle which will shift even more in the months to come.
The fledgling cannabis advertising industry is growing in leaps and bounds compared to a few years back when there weren't a lot of companies that paid attention to that part of their business. The problem that plagues the industry is the restrictions that traditional media companies place on their ability to advertise. There is a lack of clarity surrounding why traditional media outlets restrict marijuana advertisements on their platforms. In some cases, publishers are banned, whilst others are allowed, even when they all follow the same guidelines. This has created an uneasy relationship between the legal cannabis industry and traditional media.
The steady growth of the cannabis industry means that many marijuana brands are making millions of dollars every year. However, the growth is stunted by the limitations faced in the advertising industry. The only way to avert this is by reaching out to new customers through an efficient and effective advertising model. This is where the Smoke Exchange comes in.
The Smoke Exchange is the first platform to cater solely to the advertising needs of the marijuana industry. It is a self-serve digital marketplace for advertisers and publishers to connect directly and trade. Advertisers and publishers will be able to buy and sell advertising space in an efficient manner with no restrictions using cryptocurrencies.
The Smoke Exchange token-(SMX) will act primarily as the medium of exchange between publishers and advertisers. It will also be a store of value for investors.