Expanding access to cannabis industry data to improve decision making

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Numerous studies over the last few years have proven that companies that use data to make decisions are more successful. However, consistently accessing reliable data that can be used for decision making can be a challenge, especially in the cannabis industry.

Fortunately, many of these issues were resolved when, in 2021, Cannabiz Media launched Cannabiz Intelligence™ as the single, comprehensive source for verified cannabis and hemp financial analysis, merger and acquisition (M&A) targeting, and valuation data.

Since launch, the Cannabiz Media team has added Cannabiz Intelligence data on patient counts, sales and product data, and wholesale flower price data, as well as robust tools to use this data to model market growth, forecast product sales, assess market dynamics, size of… Markets and improving decision-making.

Let’s take a look at some of the Cannabiz Intelligence data used by various stakeholders working in and with the cannabis industry for real-time benchmarking, trend analysis and improved decision-making.

patient count data

Cannabiz Intelligence includes over 1,100 months of medical marijuana data aggregated from 38 states, representing all states that offer this type of data. Cannabiz Intelligence subscribers can view patient counts by month or year for trend analysis. By combining data from the Cannabiz Media License Database, users can analyze patient counts by state, number of licensed stores in the state, number of patients per available store, and more.

Ed Keating, Cannabiz Media Co-Founder and Chief Data Officer, states, “Patient count data is an important part of any Total Addressable Market (TAM) exercise. It is very useful for assessing the health and growth of a market.

“For example, if a state only has medicinal cannabis, then that number represents the size of the market. Analysts, regulators and business people can track this to see how markets are growing and expanding and can even compare these dynamics across markets. Even if a state adds an adult program, this metric is still useful for tracking the cannibalization of the medical market over time.”

Sales and Product Data

Cannabiz Intelligence has over 800 months of medical and adult sales and production data from 21 states. Subscribers can access sales by state and program, analyze changes and assess trends. You can also access product sales data by category, date, and license owner, and analyze sales in terms of the number of active stores based on data from the Cannabiz Media License Database.

“The Cannabiz Media team has been scouring the country collecting sales and product data from the states that share this information,” says Ed. “Like patient count data, it’s a really useful component of any market type analysis.

“In states like Florida, the data is granular enough that researchers can chart changes in market share across licensees. Because some states have been reporting this data for so long, users can see what a market looks like when it matures. This is very helpful for forecasting market growth or decline.”

Wholesale price of flower dates

Through a partnership with Cannabis Benchmarks (an unbiased, independent commodity price reporting agency), subscribers can log into Cannabiz Intelligence and access up to 24 months of volume-weighted average total wholesale flower data prices – in $/lb and $/gram. Data is available for 18 states and can be viewed by month, quarter or year. By combining data from the Cannabiz Media License Database, subscribers can also analyze the US spot price in relation to the total number of active grower licenses.

“Flower is the main commodity that supports the market,” explains Ed. “Because cannabis cannot be shipped across state lines, it is important to understand the dynamics within each state. The wholesale flower price data in Cannabiz Intelligence provides rolling data for 24 months to show how prices are fluctuating. This is an important data point for many market participants who buy from or sell goods and services to growers.”

Research, analyze, model, track and monitor business operations

In addition to the newer patient count, sales and product, and wholesale flower data dashboards added to Cannabiz Intelligence in recent months, stakeholders in a variety of roles are using the Cannabiz Intelligence data and tools to get their work done, their business goals support and make better decisions.

Key ways Subscribers use data from Cannabiz Intelligence include:

• research: Subscribers access company and license data and create custom watchlist messages and alerts for real-time insights.
• analyze data: Subscribers use the timely and reliable data in Cannabiz Intelligence to prepare board and pitch presentations with company and license data.
• model: Subscribers track financial positions and export specific data to build models and develop reports.
• Track deal flows: Subscribers discover merger and acquisition targets, review transactions and use the built-in automated simulator tool to simulate acquisitions.
• monitor: Subscribers monitor industry-specific leaderboards, ratings, and key dashboards that highlight key dates.

The bottom line is that Cannabiz Intelligence subscribers use the data at their disposal for reporting, forecasting, decision making and more – for themselves and to advise their customers.

Key insights to expand access to cannabis industry data

Data is already transforming the cannabis industry and is expected to have a significant impact on the future of the industry. In fact, access to reliable, timely data can mean the difference between making the best decisions and meeting business goals or falling short of expectations.

Arrange a free demo from Cannabiz Intelligence to see how data can help you make better decisions.