One of the signs that an industry is becoming more legitimate is when its major players start investing in analytics. With a recent boom in the number of data analytics firms entering the cannabis space, it’s time to reevaluate the landscape for recreational marijuana as a business.
The marijuana industry is expanding at a rapid pace. Analysts estimate the industry could reach $75 billion in global sales by 2030. With so much on the line and marijuana companies facing enormous pressure to innovate, investors are pushing for the increased use of data analytics to make more strategic business decisions.
Here are seven cannabis data analytics firms working to change the face of the industry right now.
Headset is working to turn cannabis retail data into real-time insights so operators can make more informed business decisions. The company’s dashboard simplifies complex data so businesses can better understand their own operations, with information from the point of sale, inventory modules, and vendors all funneled in and published on a single screen. Not only can Headset’s platform help cannabis businesses make starter decisions, it can also help prevent out-of-stock events and improve sales staff performance. Businesses can connect with Headset directly for custom pricing details.
2. Cannabis Big Data
Like the name implies, Cannabis Big Data specializes in providing big data to clients in the cannabis industry. More specifically, the company uses connections to its clients’ data sources—public and proprietary—to generate data-driven actionable insights. Cannabis Big Data’s individual modules and analytics are organized into packages based on specific use cases, so businesses can search for the answers to increasing revenue, decreasing costs, improving operations, and expanding locations. Cannabis Big Data’s modules start at $300 plus $30 per month.
One of the more well-known technology firms in the cannabis space, Braingrid connects the systems and processes that marijuana growers use together and then summarizes what’s important for product quality so growers can make smarter business decisions. Using special sensors that can be installed in any cultivation environment, Braingrid wireless transmits data and brings it securely into the cloud. Growers can then view their sensor data through a dashboard, with custom alerts and alarms that can be set up to notify them of potential issues. Businesses can contact Braingrid for custom pricing information.
4. New Frontier Data
New Frontier Data says its mission is to elevate the discussion around the legal cannabis industry. To fulfill that mission, the company launched its own business intelligence platform, called Equio. The Equio platform connects investors, operators, and industry leaders to real-time data about the legal cannabis market. The Equio platform is comprised of anonymized data from New Frontier’s cannabis operator membership and social media networks. Monthly subscriptions start at $99.
Brightfield offers predictive marketing intelligence for the CBD and marijuana industries. The company says it provides clients with comprehensive consumer, brand, and market insights, designed to give businesses a critical edge. Market intelligence portals and AI-driven consumer exploration solutions are also designed to help brands dig into the minds of their own customers. Companies in the cannabis industry can request a demo to find out more about Brightfield’s custom pricing options.
Jade is somewhat different from other vendors on this list, in that its platform gives cannabis companies insights about their own operations. A state-certified business intelligence tool, Jade is available exclusively to licensed cannabis operations. As an approved third-party integrator, Jade connects many different data sources and generates detailed visualizations and web-based dashboards. Cannabis businesses can try Jade for free.
7. Cannabis Reports
Cannabis Reports is working to connect the cannabis industry with the data that matters in making big business decisions. The company provides market analysis of strains and products by measuring pricing and popularity data for targeted regions. It also provides its clients with product details about specific strains that they can pull directly into their own business websites. Cannabis Reports also helps dispensary owners form relationships with verified companies that produce the cannabis strains they’re looking for.