Expanding Access to Cannabis Industry Data to Improve Decision-Making

Numerous studies over the past several years have proven companies that use data to make decisions have more success. However, accessing reliable data on a consistent basis, which can be used for decision-making, can be challenging, particularly in the cannabis industry. 

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

Since the launch, the Cannabiz Media team has added patient count data, sales and product data, and wholesale price of flower data to Cannabiz Intelligence as well as robust tools to use that data to model market growth, predict product sales, assess market dynamics, size markets, and improve decision-making. 

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

Patient Count Data

Cannabiz Intelligence includes more than 1,100 months of medical marijuana data aggregated from 38 states, which represents all of the states that offer this type of data. Subscribers to Cannabiz Intelligence can look at 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, explains, “Patient count data is an important component of any total addressable market (TAM) exercise. It’s very useful in assessing the health and growth of a market. 

“For example, if a state has only medical cannabis, then this 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 those dynamics across markets. Even if a state adds an adult-use program, this metric is still useful to track the cannibalization of the medical market over time.”

Sales and Product Data

More than 800 months of medical and adult-use sales and production data sourced from 21 states is available in Cannabiz Intelligence. Subscribers can access sales by state and program, analyze changes, and assess trends. They can also access product sales data by category, date, and license holder, and they can analyze sales in relation to number of active stores based on data from the Cannabiz Media License Database.

“The Cannabiz Media team scoured the country to gather sales and product data from the states that share that information,” says Ed.  “As with 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 market share changes across license holders. Because some states have reported this data for such a long time, users can see what a market looks like when it reaches maturity. This is very helpful for forecasting market growth or decline.”

Wholesale Price of Flower Data

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 aggregate wholesale price of flower data – in $/pound 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 US Spot Price in relation to the total number of active cultivator licenses.

“Flower is the key commodity that underpins the market,” Ed explains. “Since cannabis cannot be shipped across state lines, it’s important to understand the dynamics in each state. The wholesale price of flower data in Cannabiz Intelligence provides a rolling 24 months of data to help show how prices fluctuate. This is an important data point for many market participants who buy from cultivators or sell them goods and services.”

Research, Analyze, Model, Track Deal Flows and Monitor

In addition to the newer patient count, sales and product, and wholesale price of flower data dashboards added to Cannabiz Intelligence in recent months, stakeholders in a variety of roles use the Cannabiz Intelligence data and tools to do their jobs, support their business goals, and make better decisions. 

Some of the key ways subscribers use data from Cannabiz Intelligence include:

• Research: Subscribers access data about companies and licenses and create custom watch list news 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, valuations, and key dashboards that highlight critical data.

Bottom-line, Cannabiz Intelligence subscribers use the data available to them for reporting, forecasting, decision-making, and more – for themselves and to advise their clients.

Key Takeaways About Expanding Access to Cannabis Industry Data

Data is already transforming the cannabis industry, and it’s expected to have a significant impact on the future of the industry. In fact, having access to reliable, timely data could be the difference between making the best decisions and reaching business goals or falling short of expectations. 

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