In the past decade, the cannabis industry has grown exponentially. Today, cannabis users are not hiding behind closed doors and neither is their data.
Not so long ago, nobody talked about who was using cannabis and why. With a simple medical cannabis card, a person looking to manage their condition can easily access medical cannabis legally in most states in the country.
And as legalization spreads across the states in the country, the industry is rushing towards consumer information.
Data is probably the biggest commodity in the world right now. It drives every industry. If used effectively, data can help reduce costs, utilize resources better and improve the overall functioning of the industry.
In 2018, the market of value of the US cannabis industry was valued at about $11 billion and it is estimated to rise to $66 billion by the end of 2025. Now, with such a steep growth, data collection and analytics could prove to be very useful for the cannabis industry in several ways.
2020 marked the surgence of the same. With all that has happened in 2020, big data is probably the only good thing for the cannabis industry.
Let’s take a look at how big data influences the cannabis industry.
One of the biggest challenges for cannabis has been medical research due to it still being considered a Schedule 1 drug at a federal level. That is the reason why the cannabis industry today lacks the clinical data to assist businesses to produce better and new canna products.
Furthermore, without conclusive medical research on the efficacy of cannabis, there won’t be any scope of growth. Many companies are trying to use big data to find a solution to this. Citizen Green Technology by GCAC collects clinical data using AI and blockchain directly from cannabis users.
This aids to streamline the cannabis regulatory process that prevents the manufacture of innovative cannabis products. The users completing the survey are rewarded with digital tokens that they can use to purchase products available through medical cannabis programs.
The data from the survey is combined with data from actual scientific studies to be reconfigured as a clinical standard. This not only provides better patient outcomes but also helps close the research gap. This also helps the researchers find qualified participants which speeds up the process for new MMJ products.
Essentially, the reality is that the industry desperately needs clinical data to make new products or improve the already existing ones. Big data helps with this and further legitimizes the industry.
For instance, when designing a medical cannabis product for a certain condition, the process is quite tedious. It involves a lot of investment and is time-consuming. To avoid these constraints of the conventional pharmaceutical companies are moving towards data.
The distribution process of the cannabis industry varies from one state to another. Due to regulatory and security concerns, it is quite complicated. Big data comes into the picture when it comes to getting MMJ products to the patient or customer.
There are several applications online today that allow you to choose your favorite cannabis products and have those products delivered directly to them. Most of us believe that cannabis distribution and big data don’t go together, but they are wrong. Let me help you understand how data helps influence distribution.
The applications selling products collect customer’s locations, time spent on each product, products purchased, amount of times a product was put in the cart or removed, and much more. Now, all this information is gold for businesses.
Using tools like AI, machine learning, and predictive analytics, the company analyzes the data and is used to improve the distribution. It is also used for several other purposes like marketing. When the company knows about the customer, they will be able to sell their product better. The same is the case here for the cannabis industry.
You know your target consumers and can use this data to create special offers and develop new products according to their needs and usage. This helps businesses understand their users and how their product is used which is essential for any business to grow. Now, you realize its importance?
Big data is a big influencer when it comes to decision making. Having real-time intelligence is not a mere piece of worthful information as it can be the difference between success and failure in this quick-witted workplace.
Technology today is much more useful especially in the cannabis industry than we are making use of it. Although in 2020, several businesses have realized the importance of big data, and rightly so!
For instance, Headset, a technology platform, tracks inventories, market trends, and consumer data from millions of data points. Using tools like predictive analysis and AI, all the data is changed into meaningful information that the clients access to grow their business.
Not only that, this data is also used to analyze competitors as well. Having access to such a large pool of information helps cannabis business spending, communications, and decision making.
The market advantage a cannabis business with big data has over the one that doesn’t use the technology is quite significant. There are measurable marketing advantages which fortunately the cannabis has started to realize in 2020.
Now, let’s take a look from a different perspective. Big data also proves to be quite useful for investors who can use this information and predict the cannabis stock market and identify its patterns. Investment decisions have considerably less risk when big data is involved.
In any industry, customer experience is of the utmost importance. Today, big data is used to improve the customer experience in the cannabis industry. Like in 2019 GCAC announced that they would launch an AI chatbot that patients can use to obtain information about medical cannabis and recommendations.
Natural language processing, machine learning, and artificial intelligence built into the chatbot enable it to accurately analyze symptoms and treatment plans. This considerably improves the experience.
There are several other chatbots like Cannbot that connect patients and cannabis users with dispensaries. The chatbot helps answer users’ questions and actually allow cannabis dispensaries to collect valuable information to boost up sales.
2020 has been a terrible year for almost all the industries, but one thing people definitely realized is the importance of big data. Technology and data is the soothsayer of today. It can predict the direction the industry is going in and what the users are looking for. Cannabis is definitely here to stay.
After years of struggle, it has been able to find a foothold where people have actually started to prefer it over other conventional medications. The best part is all you require is a medical cannabis card to access quality legal cannabis.
The future surely looks bright. The cannabis industry will see significant growth in the coming years with data and AI being top tools used by companies in the business.
Oliver Stone is a content writer at Bakersfield 420 Evaluations. Besides his love for writing, he loves to paint and travel the world.