Jefferies analyst Owen Bennett on Friday launched research coverage of cannabis marketing technology company SpringBig Holdings Inc. with a buy rating and a price target of $4.50 a share. Bennett said the Boca Raton, Fla.-based company offers “compelling” growth with fiscal 2022-25 sales expected to increase at an annual rate of about 55%, with a rise in gross margins to 76.8% in 2025 from 71.1% in 2021. “SpringBig provides a sophisticated, subscription-based, integrated marketing/ad tech solution to cannabis retailers and brands, allowing them to better connect with consumers and maximize marketing return on investment,” he said. Jefferies acted as advisor to SpringBig on its SPAC merger with Tuatara Capital Acquisition Corp. that was completed on June 15, when the stock started trading on the Nasdaq. SpringBig has disclosed more than 1,300 clients that operate 2,400-plus retail locations.
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