Thanks to the industry’s meteoric growth and coronavirus-era essential status in many states, cannabis consumers have emerged as one of the most coveted marketing segments, driving even more engagement in data collection and presentation. A rising tide lifts all boats – and data is a powerful tide that can help raise the industry to mainstream acceptance.
Data may be the ticket to legalization, too, if leveraged in a way that considers how this lucrative information can be used by mainstream companies. As cannabis data begins to resemble data from other industries, it is our responsibility as industry leaders to collectively leverage this data and allow legal cannabis to flourish and emerge as a truly established industry.
Growers, dispensaries, and other businesses that operate in the legal cannabis industry are caught between federal and state regulations, which make banking and payroll a challenge. Despite marijuana being legal in many states, cannabis businesses are still on shaky ground at the federal level, and banks in particular are skittish about partnering with the industry. Without solid banking partners, local cannabis businesses can have trouble keeping up on payroll. So what’s the solution?
Rather than waiting for Congress to make a decision on potential regulations that would shield banks from federal punishment for maintaining accounts for cannabis businesses, more dispensaries and growers are moving toward using web-based cannabis payroll platforms designed specifically for their industry.
Cannabis startups are struggling to recruit job candidates who understand the cannabis market, which is opening the door to an entirely new vertical for technology firms with recruitment platforms. With the market itself still in its infancy, a handful of key players are vying to become the go-to recruiting sources for the cannabis industry as they work to match employers with job seekers who understand the state-by-state rules and regulations that govern the marijuana market.
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.
Growers and dispensaries in certain states are required to submit reports that include information about their customers and sales to governing bodies. How easy, or difficult, these reports are to generate depends on the CRM platform that the business is using, and those platforms designed for marijuana businesses specifically tend to make the process as efficient as possible.
Here are five examples of CRM platforms designed for businesses in the cannabis industry, along with details about what makes each of these platforms unique.
So-called “Uber for pot” startups are in high demand, not just among consumers but investors, as well. Marijuana-focused private equity firms and VC firms are diving in headfirst, paving the way for growth in the industry. Here are seven examples of on-demand cannabis vendors serving the market right now.