How data is changing the cannabis industry

Did you know that data-driven companies are 58% more likely to exceed their revenue goals than non-data-driven companies? This statistic comes from a study by Forrester Consulting, and numerous research studies over the past few years have found similar results. So it’s not surprising that data has become a critical part of the cannabis industry.

According to McKinsey & Co., “By 2025, intelligent workflows and seamless human-machine interactions will likely be as standard as the company’s balance sheet, and most employees will be using data to optimize almost every aspect of their work.” If this prediction is correct, Organizations only have a few years to become data-driven, or they may be left behind.

Cannabis and cannabis-related companies are already using data to transform the cannabis industry, and the importance of reliable data that can be analyzed and used for decision-making will continue to grow. With that in mind, let’s take a look at how data is already transforming the cannabis industry from seed to sale.

Data and cannabis cultivation

For cannabis growers, data helps with everything from conserving resources to maximizing plant health and crop yields. For example, growers use a variety of tools and software to control their plants, improve growth consistency, maximize cannabinoids and terpenes, and control potency. All of these tools and software products rely on data to help farmers streamline processes, reduce costs, and optimize their facilities and crops.

Tools and software can provide farmers with data on temperature, light levels, water, nutrients and more. All of this data can be used to ensure plants are growing in the optimal environment and getting just the right amount of light, water and nutrients they need to be as healthy as possible and reach their full potential.

For example, Meter Group is a company that has developed tools and software that enable farmers to improve their crop health and yields while increasing productivity and reducing costs. As Scott Campbell, CEO of Meter Group, explained in a recent episode of Cannabiz Media’s Cannacurio podcast, his company’s software helps growers answer the critical question, “How do I consistently, and with the highest quality, increase my grams per square foot per year.” of the product that I make? At Meter Group, we take that data and with our software, customers can increase their productivity and quality throughout their processes, be it on the crop side or the post-harvest processing side.”

CANNACURIO PODCAST EPISODE #38 WITH METER GROUP – CLICK TO LISTEN

Production and distribution of data and cannabis

As manufacturers turn raw cannabis plant material into a variety of products for consumers to purchase, data plays many different roles. For example, data can help manufacturers reduce waste, improve environmental conditions during processing, improve HR processes, reduce costs, and more.

For example, ePac Flexible Packaging is a cannabis packaging company that uses data to help its customers in a variety of ways. Using environmental data, the company is currently working on technology to maintain humidity levels over the life of a cannabis product.

Additionally, Ryan Kiley, Director of Market Development at ePac Flexible Packaging, recently appeared on the Cannacurio podcast and shared information on how his company is working to bring the cannabis industry the next level of connected packaging, powered entirely by data. He said: “QR codes are one thing. There are RFID tags and other technologies to come over time, but the idea of ​​giving a consumer access to more information than just the packaging graphics is critical.

“We start with consumer engagement first. Number two is transparency and track and trace, which means I try to maybe tell customers a story about the origin of what they are going to consume. That surpasses everything. And finally, counterfeiting – that is, protecting a company’s profits. And then the other side protects consumer confidence in your product.”

CANNACURIO PODCAST EPISODE #40 WITH FLEXIBLE EPAC PACKAGING – CLICK TO LISTEN

Data and cannabis retail

At the retail level, data is important for regulatory compliance, consumer safety and ensuring consumers have access to the products they want on store shelves. All data on cannabis plants, products and customer sales can be used to track from seed to sale to meet regulatory and corporate goals.

For example, Metrc Chief Operating Officer Lewis Koski appeared on Cannabiz Media’s Cannacurio podcast and explained how his company uses data to track products from seed to sale, increasing consumer trust and confidence in the regulatory framework creates.

He shared: “The system works like a sophisticated, centralized database where licensees in the regulated community report all their product, not just the product itself, but where it came from, how long it was in a vegetative state, how long it flowered, when it was harvested, when it was tested. All of these things are captured as licensees report that information into the system – until it becomes a product that a consumer can buy.

“With seed-to-sale tracking, we collect more than 370 different unique events in the supply chain. Then the government agency has a clear view of what is happening in the industry so that it can monitor and regulate efficiently. So licensees have efficient ways to report to the state, and the state has efficient ways to extract the data.”

CANNACURIO PODCAST EPISODE #31 WITH METRC – CLICK TO LISTEN

Key insights into how data is transforming the cannabis industry

We are just beginning to see how data can transform the cannabis industry, and there will be many more innovations to come in the years to come. What we do know for sure is that the importance of data, making data-driven decisions, and being a data-driven company will continue to grow. Every organization should develop strategies and repeatable processes to collect, store, make use of, analyze and use data for better decision making. It’s not too late to start.

For more reports on how companies are using data in the cannabis industry, visit Listen to the Cannacurio Podcast episodes archive!

When it comes to data on cannabis and hemp license holders in the US, Canada and international markets, Cannabiz Media has the most comprehensive verified data available to Cannabiz Media License Database subscribers. And for data related to mergers, acquisitions, finance, patient data, wholesale pricing and other business insights, Cannabiz Media makes them accessible through its Cannabiz Intelligence™ product. Schedule a demo and see how you can use the data available in Cannabiz Media’s database tools to grow your business.