Social Life Network creates niche social networks for the cannabis, real estate, hunting and fishing, and other industries
Its platforms have nearly 3 million users in 120 countries
The company estimates the size of the addressable market at more than $300 million
Social Life Network (OTCMKTS:WDLF) targets niche industry audiences overlooked by Facebook Inc (NASDAQ:FB) and LinkedIn. It looks for subcultures with rich followings and creates integrated websites loaded up with digital marketing tools, e-commerce capability, SaaS and data analytics.
The company uses artificial intelligence and blockchain technologies to get clues from online social behavior to better connect businesses and consumers.
The Denver company's first foray into networking came in 2013 with the launch of WeedLife.com, a consumer-to-consumer site serving the burgeoning cannabis industry.
A year later, WeedCircles.com, now MjLink.com, was rebranded with a similar purpose, this time tailored to businesses. The site has more than 20 applications that cannabis industry professionals depend on to operate globally. On September 20, 2018, MjLink.com was spun out as a wholly owned cannabis-focused subsidiary.
Since 2014, Social Life Network has launched four additional niche social networks for communities in residential real estate, hunting and fishing, tennis, and soccer.
The company has intentions of taking MjLink.com public in 2019. The platform has a developed a dedicated following by providing breaking cannabis industry news, information about the latest dispensary products and locations and educational video channels.
“Not only do we expect to exceed 1.5 million registered users on our platform by the end of this quarter, but more importantly we will easily break-through 60 million pageviews per month,” CEO Ken Tapp said in a statement.
In January, Tapp kicked off a pre-IPO roadshow with a presentation at the Noble Capital Conference, a gathering of small-cap companies in Fort Lauderdale, Florida. The company plans to raise $5 million.
Tapp hopes the capital raise will grease the wheels for future revenue growth. At the conference, he projected Mjlink’s quarterly revenue would grow to nearly $12 million over the subsequent two years.
The company disclosed in its investor deck that it has been incubating its real estate social network to be large enough to sell its technology division to a tech player, or an established real estate company, such as Zillow Group Inc (NASDAQ:Z), Redfin Corp (NASDAQ:RDFN) or the like by 2020.
Social Life’s networks have nearly 3 million unique users in 120 countries that generate more than 40 million page views per month.
In its fiscal first quarter, the company brought in $27,500 in revenue and narrowed its losses nearly 13% to $1.5 million.
There’s plenty of room for growth. The industries Social Life Network targets have a combined 120 million possible users in the US. It currently has partnerships in place that provide access to 66 million business professionals.
CEO Ken Tapp and his team estimate its potential annual revenue at more than $300 million.
Without its cannabis and real estate divisions in tow, Social Life Network plans to specialize as a niche sports social network and e-commerce platform. It already has its sights aimed at the Nasdaq, with plans to uplist in 2020.
Contact Andrew Kessel at [email protected]
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