Actionable Data For Cannabis Companies
Cannabis Big Data equips cannabis-related companies with tools to help analyze and grow their business.
Its platform features a series of data modules that track key metrics such as cultivation yields, sales trends, and inventory levels.
With this data, companies including retail cannabis stores, dispensaries, cultivators, manufacturers, and distributors can make informed decisions about their business.
Cannabis Big Data is targeting two fast-growing sectors: legalized cannabis, and “big data” analytics. By 2022, legal cannabis is projected to be a $23 billion market. And big data analytics is projected to be worth $103 billion by 2027.
Cannabis Big Data’s platform is what’s known as a “picks and shovels” opportunity. (This term refers to the economics of the U.S. gold rush during the 1800s. Essentially, some people took a high-risk, high-reward approach by mining for gold... and others aimed to earn a similar reward with less risk by selling picks and shovels to the miners.)
As marijuana legalization spreads throughout North America — in June 2018, Canada legalized marijuana use nationwide, and as of 2019, 33 U.S. states and Washington D.C. have passed laws legalizing the drug in some form — cannabis companies need data to help them operate and grow their business.
Without this data, producers and retailers may be unable to accurately estimate the demand for their product.
In Oregon, for example, overproduction of marijuana has created a six-year excess supply, which has led to falling prices — a situation that hurts farmers.
Cannabis Big Data provides a solution to this problem. Its toolkits are designed to offer actionable insights to cannabis businesses.
The toolkits are built using a series of data modules. These modules serve as intelligent dashboards, and enable users to gain insights into business operations through user-friendly interfaces.
For cannabis businesses, these dashboards offer data relating to sales, marketing, operations, cultivation, and product development.
Each module is integrated into a company’s existing data sources. This means the module can pull data from applications automatically, without requiring the user to manually input information.
Cannabis Big Data has built 30 different modules, including:
• Cultivation Yield: This enables companies to assess the performance of specific plants, strains, and batches of cannabis.
• Individual Customer Insights: Analyzes historical purchase trends for specific customers.
• Inventory Buy Planner: Helps dispensaries and retail stores identify which products need to be restocked.
• Product Margins: Helps companies isolate specific costs by product in order to maximize profits.
• Sale and Demand Forecasting: Projects which products are expected to sell and when, helping businesses better assess supply and demand.
Modules can be purchased a la carte, or bundled in packages of three to seven with discounted pricing. Cannabis Big Data charges a one-time fee for deploying the module, which includes source integration and an hour of training. From there, the company charges businesses a monthly fee per module.
Individual modules start at $400 plus a monthly $30 charge. Some modules are priced as high as $3,500 plus a $95 monthly charge.
In addition to its modules, Cannabis Big Data offers custom services and consulting plans. These include:
• A comprehensive review of a company’s existing financial model.
• An analysis of a retail store compared to its competitors in a 50-mile radius.
• A review of a company’s investor materials.
• A breakdown of each element of a customer’s purchasing experience.
• An analysis of how data flows within an organization.
These custom reports and analytics start at $850. Pricing is determined based on factors including a retail location’s size and the complexity of data being analyzed.
In 2017, Cannabis Big Data completed CanopyBuilder, a seed-stage accelerator for cannabis-related companies. That same year, it raised $250,000 from White Sheep Capital, a venture capital firm investing in seed-stage “picks and shovels” cannabis companies.
Cannabis Big Data has seven paying clients, including six dispensaries in Colorado and an Oregon-based CBD oil extractor. Its 2019 revenue to date has surpassed its entire 2018 figure.
The company has partnerships with the Colorado Department of Health and Environment, Cannabis Conservancy, and Sustainabis. These partnerships help combine cannabis production data insights with data relating to energy, water, and waste to create regional reports for different cultivators.
With funds raised, Cannabis Big Data will focus on product development, marketing, and customer acquisition.
Prior to starting Cannabis Big Data, Henry was Director of Business Intelligence for The Energy Professionals Association. This company provides market knowledge to consumers regarding energy consumption.
He also started a management consulting firm called Green Peak Labs, which focused on data-driven marketing, sales, and operations consulting for small and medium businesses in the consumer goods industry.
He earned a Bachelor’s degree in Economics from Yale University.
Jason has extensive experience leading system architectures in the public and private sector.
He worked with the U.S. Army and government contractors, supporting troops stationed in Afghanistan and other conflict areas.
He previously worked for Insight Global, an IT service management company, and Kaiser Permanente.
Jason earned an Associate’s degree in Applied Science and Programming from Kaplan University.
Before Cannabis Big Data, Levi was Senior Business Intelligence Manager for Colas IS Support, an information technology company focused on the construction industry.
He founded 9Nineteen Solutions, an IT consulting firm. In addition, he has experience in the real estate industry, having worked for Aimco and UDR, a real estate investment trust that invests in apartment buildings.
He earned a Bachelor’s degree in Business Administration from the University of Northern Colorado.
A seed-stage business accelerator and venture fund for the cannabis industry.
A company investing in seed-stage and pre-revenue “picks and shovels” companies in the cannabis industry.