TORONTO — Postmedia Network Inc. invested in a company that runs a lifestyle website for "modern cannabis enthusiasts" in an effort to help the media company be at the forefront of cannabis content and solutions in Canada, the media conglomerate said Tuesday.
The company, which owns the National Post among other newspapers and digital publications, says it made a strategic investment in Prohbtd. Financial terms were not disclosed.
"Our goal is to help close the gap for clients making sure that they are not only reaching the right audience but that their content is premium, relevant and dynamic," said Andrew MacLeod, Postmedia's president and chief operating officer, in a statement.
Fresh or dried bud, plants and seeds became legal in Canada for recreational use in mid-October.
In addition to the lifestyle website, Prohbtd offers cannabis companies services including original content, digital storytelling and premium marketing opportunities to help them reach and educate consumers about their products.
Postmedia will exclusively partner with the California-based company to showcase Prohbtd's videos on The GrowthOp, its cannabis editorial brand, as well as other channels. Advertisers can then position their ads around these videos, Postmedia said.
The two companies will work together to help cannabis companies shape their brand messaging through video and marketing initiatives.
Postmedia, like many other traditional print publications, has struggled with declining advertising revenue following the advent of the internet and against behemoths like Google and Facebook.
The company reported a $22.8-million net loss in its most recent quarter.
Postmedia announced multiple rounds of layoffs and cost-reductions in recent memory as it works to build a new digital business.
Companies in this story: (TSX:PNC.A, PNC.B)
The Canadian Press