Consumer Insights/
How Deep-Level Analytics Can Help Licenced Producers & Cannabis Retailers Identify
Consumer Needs
by Asif Khan, Founder & CEO of GroundLevel Insights Inc.
A
s the cannabis industry in Can- On the research and business side: launched its proprietary AI and business inada continues to grow, stake- »» How do we make demand-side projectelligence engine to enable and empower holders including growers, extions for the future? companies to make more enlightened cantractors and licenced producers »» Which products are working and which nabis decisions, marries its experience and are beginning to realize the aren’t? vision with a commitment to protecting the significance of powerful and accurate data »» Is this the right time to expand and privacy of its clients. Its public beta version analytics and how it can serve as a tool ramp up production? explores how data can be leveraged for canto solve issues such as demand and sup- »» Do we merge with a bigger LP or stay nabis businesses. Most significantly, how LPs: ply, identifying niche markets and staying independent? ahead of the competition. Extractors 1. evaluate the competitive landand producers, big and small, have scape “The cannabis industry has been struggling with bottlenecks like 2. compare their growth against the several data platforms with raising capital, crop failures and balindustry standard ancing demand and supply of their compare insights from the cannaplenty of information that show 3. products. These bumps in the road bis industry and investment overall to are being attributed, among other stakeholders what products they project expected future growth, trends reasons, to the lack of specific data and opportunities - both long term and that truly uncovers exactly who the sell, how much money they make, short term end-customer is. Which brings us to the size of their market share and why, now more than ever, data anaGeared towards both craft cannabis the average transaction size.” lytics has become crucial for licenced startups that need direction with reproducers and extractors in undergards to investment and established standing critical questions such as: Why Consider Data Analytics? companies who want to assess their posiCannabis companies cognizant of the chal- tion in the current Canadian cannabis landOn the behavioural pattern side: lenges to emerge in this second year of le- scape considering expansion, the platform »» What specific products are consumers galization will be looking to collaborate with has helped companies make enlightened looking for? data-mining companies. These companies cannabis decisions to understand cannabis »» Where are consumers buying their are experts at not only collecting and ana- customers, expenditures and the cannabis products from and where do they go lyzing data but can also turn it into tangible, marketplace through movement science. before and after their purchase? actionable decisions to grow the business, Here are its findings: »» How are consumers engaging socially and the industry in general. before and after their purchase? GroundLevel Insights, which recently 20
Cannabis Prospect Magazine | December 2019