Waitr not planning to buy cannabis software company, reports loss of $8.1 million in 2021

Waitr is no longer planning to purchase a software company that helps streamline cannabis dispensary sales, the company said Friday, though it does intend to pursue a relationship as Waitr continues to try to expand into cannabis delivery.

In December, the Lafayette-based company announced it had entered into a letter of intent to buy Retail Innovation Labs, or Cova. The two companies scrapped the agreement on March 10, but Waitr said it is still looking at a partnership that would allow Cova customers to arrange payment for delivery services.

"These discussions remain preliminary and there can be no assurance that a definitive agreement with respect to this arrangement will be entered into or consummated in the near term or at all," the company said in a release.

The announcement came as the company reported its fourth quarter and yearend results for 2021, which saw the company lose $8.1 million in the quarter and $5.2 million on the year. In 2020, the company posted a profit of $15.8 million.

The company also said it was moving ahead with plans to rebrand as ASAP, which it said better reflects its mission to "deliver anything."

“Additionally, as previously announced, we have acquired the 'ASAP dot com' domain name in connection with our rebranding strategy," Waitr CEO Carl Grimstad said in a release. 

"We expect that 'ASAP' will serve as the foundation of our brand moving forward, as we believe it better embodies the future direction of our Company in which you can get everything ASAP."

Waitr agreed to rebrand as part of a lawsuit settlement reached in 2021.

In its release, Waitr said its goal is to "deliver any product to a consumer desiring same day delivery." The company said it has several plans in the works expected to be implemented by mid-2022 to deliver products for other companies.

Waitr also said it has had "positive conversations" with stadiums in the U.S. to use its platform to deliver products in venues.