SoFi Blog

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Virtual Head Shop

As the digital landscape known as the metaverse grows, cannabis companies are exploring different ways they can benefit. Some have established virtual stores to boost brand awareness, while selling merchandise and nonfungible tokens (NFTs).

This past December, Higher Life CBD Dispensary LLC partnered with Saucey Farms & Extracts LLC to take over the second floor of a store in Voxels, which is a metaverse-like platform. Close to a thousand people visit daily. There’s no direct sale capability, but virtual cash registers are located inside the store where people can access links to purchase the two companies’ products.

Regulatory Haze

Given the newness of Web3 and blockchain technology, as well as its decentralized nature, regulatory standards are somewhat unclear. In this sense, cannabis companies may see unique upside in the metaverse. For example, Meta Platform’s (FB) Facebook is somewhat strict about the promotion of marijuana and its derivatives, while the virtual world offers more flexibility at present.

That said, the metaverse is not a completely lawless space when it comes to the sale and marketing of cannabis. Roblox Corp. (RBLX) prohibits users from “discussing, depicting, or promotion” of all activities that are illegal or highly-regulated. Blockchain gaming platform The Sandbox has similar rules, while Meta’s Horizon Worlds platform explicitly forbids any content depicting marijuana. Dencentraland and Voxels note they’re willing to work with cannabis companies.

Future Growth

Saucey Farms says while it hasn’t sold much product through its virtual cash register in Voxels, the expectation is that will change as the metaverse itself grows in popularity. Co-founder Alex Todd predicts the company will be able to sell cannabis in the metaverse within five years.

In the meantime, one of Saucey’s main areas of focus is NFTs. The company is excited about the ability to offer branded clothes and accessories for people’s virtual characters, which has the potential to boost brand awareness. Legalization of recreational marijuana is a relatively modern concept in and of itself, and it seems the brand-new metaverse could offer cannabis companies plenty of upside.

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SOSS22060301

SoFi Invest will now add 4 ½ additional trading hours, from 9 AM ET until 8 PM ET, to make trading easier than ever for members across the country

SAN FRANCISCO – June 2, 2022 – SoFi Technologies, Inc. (“SoFi”), the digital personal finance company, today announced SoFi Invest is rolling out extended trading hours over the coming weeks. Members will have the ability to trade from 9 AM ET through 8 PM ET, adding 4.5 hours to the trading day, allowing members to trade whenever it is convenient for them. While the current market hours, 9:30 AM ET through 4 PM ET, can be inconvenient to many as they are during peak working hours or leaving those outside the East Coast behind, the new, extended hours help level the playing field to ensure access to the markets for everyone.

“Our members’ lives don’t operate 9 to 5 – and we’ve certainly learned that over the last two years,” said Anthony Noto, CEO of SoFi. “By extending our trading hours, we’re enabling our members to execute their investing ideas in a larger window and more when it suits their needs, wherever they are. We know that making everything from saving to investing easier is key to helping our members get their money right. For years, the rigid traditions of the finance industry have left many people behind because it didn’t work for them. This is the latest in a series of traditions we’ve sought to break to ensure everyone has access to investing on their terms.”

SoFi members will be able to take advantage of extended trading hours to take immediate action on major news announcements and earnings releases that typically take place after the market closes. Additionally, extended trading hours allows members to react to activity in foreign markets when it happens vs. having to wait until the following day to make trades. The extended hours are available only on the SoFi mobile app, and members will only be able to place limit orders. Extended hours will be available on SoFi’s website in the coming months.

SoFi Invest offers both automated (robo-advising) and active investing (trading) with no fees on stock trading or account minimums. Additionally, SoFi Invest offers crypto trading with 22 coins, SoFi-branded ETFs and fractional stock trading. Recently, SoFi Invest launched no-fee recurring crypto purchases for SoFi Checking & Savings members with direct deposit and a SoFi Invest account who setup automatic crypto purchases, continuing SoFi’s efforts to make it easier and better than ever to spend, save and invest all in one place.

About SoFi

SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our three and a half million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.

Cautionary Statement Forward-Looking Statements

This Press Release contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for our future operations; anticipated trends and prospects in the industries in which our business operates; new products, services and related strategies; our ability to fund Golden Pacific Bank’s strategy; and the impact on our business of the regulatory environment and increased complexities with compliance that accompany regulation as a bank holding company. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Press Release, words such as “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “might”, “opportunity”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strive”, “will”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements represent our current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements, and there can be no assurance that future developments affecting us will be those that we have anticipated. Among those risks and uncertainties are our ability to achieve the value creation contemplated by the Merger, including our ability to enhance our existing financial products and offer more competitive rates for our members, the impact of additional regulation as a result of becoming a bank holding company, our ability to operate SoFi Bank pursuant to its operating agreement with the Office of the Comptroller of the Currency, changes in government regulations, market conditions, including market interest rates, the trading price and volatility of our common stock and risks relating to our business, including those described in periodic reports that we file from time to time with the Securities and Exchange Commission. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements.

Contacts

Media

Melanie Garvey

[email protected]

Investors

Andrea Prochniak

[email protected]

SOFI-F

Disclosures

SoFi Invest refers to the three investment and trading platforms operated by Social Finance, LLC and its affiliates (described below).  Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.

1)  Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-Registered Investment Adviser (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.

2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA(www.finra.org)/SIPC(www.sipc.org), (“Sofi Securities). Clearing and custody of all securities are provided by APEX Clearing Corporation.

3) Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.

For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit www.sofi.com/legal.

Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or pre-qualification for any loan product offered by SoFi Lending Corp and/or its affiliates.

Extended hours are from 9 AM – 9:30 AM and 4 PM – 8 PM ET Monday to Friday. Only limit orders can be placed during extended hours. Orders placed after 4 PM ET that and not filled by 8 PM ET will be canceled. Trading during extended hours involves greater risk including lower liquidity and greater volatility.

SoFi will assess a fee for each crypto transaction outside of direct deposit redemption. For more information, visit SoFi.com/crypto.

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