Top 3 Drivers Of North American Cannabis Packaging Market

UNITED KINGDOM: Technavio market research analysts forecast the cannabis packaging market in North America to grow at a CAGR of more than 10% during the forecast period, according to their latest report.

The market study covers the present scenario and growth prospects of the cannabis packaging market in North America for 2017-2021. The report also lists rigid packaging and flexible packaging as the two major segments based on packaging type. The rigid packaging segment dominated the market with close to 62% of the market share in 2016.

 

Headset Announces $2.5 Million In Financing; Ramps Up Services To Cannabis Clients

WASHINGTON: Headset, a leading retail analytics firm for cannabis-related businesses closed $2.5 million in financing as part of its efforts to ramp up its suite of data products in the ever-competitive cannabis technology space.

Hypur Ventures, a leading-edge venture capital fund headquartered in Arizona, and Salveo Capital, a Chicago-based private-equity fund specializing in cannabis sector investments, have partnered with Headset to provide a deeper, richer set of tools for the emerging market.

“With this most recent fundraising, we are excited to be able to accelerate development and  adoption of Headset products across all legal cannabis markets,” said Cy Scott, co-founder and CEO. “Headset is well positioned to help the cannabis industry make more informed business decisions supported by retail transaction data.”

As the cannabis industry matures — eight states now have legalized recreational use and another 29 have medical marijuana programs — business intelligence is the key differentiator among successful and failing enterprises. Legal U.S. cannabis sales skyrocketed 17 percent to $5.4 billion in 2015. Most analysts forecast 25 percent compound annual growth in the next five years, expanding to market to 21.8 billion by 2020. As a comparison, this explosive industry growth curve mimics that of the cable TV business in the 1990s, which enjoyed a 19 percent annual growth and the broadband internet industry of the 2000s (29 percent).

For years, cannabis company’s struggled to tap into this revenue stream, suffering from a lack of actionable data insights that would inform business decisions. Headset, with its proprietary analytics, gives clients the information and tools to grow their business.

“Headset specializes in seeing ahead of the curve in terms of trends and innovation in the hyper-competitive cannabis market,” said Hypur Managing Director Christopher Male. “There’s a lot of synergy with the ecosystem of the Hypur Ventures portfolio.”

“Salveo Capital is excited to be partnered with Headset and its team,” said Managing Partner Michael Gruber. “Actionable data is critical to running a successful business, and Headset is empowering brands, product manufacturers, and retailers with insights not available previously.  Headset’s products will be a critical tool to a cannabis company’s success.”

With the $2.5 million infusion, Headset moves into 2017 in a strong position to help businesses as the new legal landscape expands. It will help close the information gap that has hampered companies in this emerging industry.

For more information or to request a free demo of the Headset platform please visit www.headset.io

MJ Research Report: Washington Surpasses $40M In Recreational Marijuana Transactions

By Joe Armes

WASHINGTON: The Marijuana Business Association (MJBA) and Analytically Correct are pleased to announce the release of the first MJ Research Report and business intelligence dashboard on the eve of the cannabis industry event: The Dollars and Sense of Risk & Financial Management.

We are providing the MJ Research Report as an industry resource for business intelligence.   The report will cover analysis of key issues, events, trends and will provide critical insights for businesses in this new marketplace. What is business intelligence? Business intelligence is a set of strategic tools and processes used to analyze data and convert it into insights decision makers need to make informed decisions.

The most impactful business intelligence combine a specific business’s data with market data to provide a clear understanding of the business’s relationship to the market.  This is why CIO’s rank business intelligence and analytics as their company’s top technology priority. Once only available in research and science fields that required highly accurate analysis, the rapidly increasing amount of data available for analysis and the increased processing power of personal computers is now making tools for business intelligence accessible to all organizations.

MJ Research Report Dashboard

MJ Research Report Dashboard

In support of Washington’s recreational cannabis industry we are providing the business intelligence dashboard with key market information. Here are a few highlights from the business intelligence dashboard of the industry’s performance this year:

  • Washington State has now surpassed $40M in recreational cannabis business transactions. That will bring in the state over $10M in tax revenues.
  • 64 retail stores have recorded sales and 80 retail stores have approved licenses
  • Chelan County leads the state in producer sales with over $231K in sales thus far and Clark County has the most retail sales with over $3.3M in sales.
  • 10%, 11% and 4% of the producer, processor, and retailer license applications have been approved.
We are providing the MJ Research Report as an industry resource for business intelligence.   The report will cover analysis of key issues, events, trends and will provide critical insights for businesses in this new marketplace.

We are providing the MJ Research Report as an industry resource for business intelligence. The report will cover analysis of key issues, events, trends and will provide critical insights for businesses in this new marketplace.

If you are interested in learning more about business intelligence and its use in the industry please attend the Business Intelligence panel at The Dollars and Sense of Risk & Financial Management event on November 22nd from 3:45 pm to 4:20 pm.  If you are a producer, processor or retailer who would like to be a confidential data provider for the dashboard and receive custom business insights or would like more information about business intelligence and analytics feel free to contact Joe at joe@analyticallycorrect.com.

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Joe Armes is the founder of Analytically Correct, a data analytics services company that provides custom analytics solutions that transform data into insights to allow decision makers to focus on what adds most value. His passion is to work with organizations with deeply rooted causes to help them gain access to the knowledge needed to make timely and informed decisions.

Cannabis Industry Demands Reliable MJ Metrics and Business Intelligence


Ben Livingston

Successful businesses need market data and research to maximize their profits. This is certainly true in the nascent legal cannabis industry, where entrepreneurs often work with minimal information about their customers, their competitors, or overall market capacity and trends. With retail cannabis prices creeping over $30 per gram in some Washington pot shops, imagine if a competitor opened nearby charging 25% less. Especially when there is such volatility in the legal cannabis markets, these are metrics that industry professionals need to know, and know quickly.

 

MJ Research helps the cannabis industry understand what is happening on ground in legal cannabis states with aggregated market data, professional research panels, customer needs analyses, and other market research tools. The company is an outgrowth of the Marijuana Business Association, the largest cannabis entrepreneurs’ organization in Washington State. One of the top complaints expressed by MJBA members is lack of information about market forces, regulatory interpretations, and their competition in the cannabis world. MJ Research is our response to that feedback.

 

Our flagship research product is the MJ Research Industry Panels. Participating on these panels are legal cannabis businesses who have agreed to regularly provide data and survey responses to MJ Research. Through these panels we gain valuable insight into legal cannabis businesses and today’s marijuana marketplace.

 

MJBA started the project by conducting a survey of I-502 licensees and applicants, and by holding a “voice of the customer” workshop where business people came together to discuss their needs and concerns. This workshop was held in August at the MJBA headquarters with participation from over 50 cannabis businesses. Listening sessions were facilitated by Ben Livingston (Center for Legal Cannabis), Greta Carter (Cannabis Training Institute), Jon Hofer (RMMC Consulting), Jim MacRae (MJ Research), and David Rheins (MJBA).

 

At this workshop, MJ Research launched three different research panels specific to cannabis producers, processors, and retailers. Participants, which include many of the state’s first licensed pot shops and cannabis growers, will regularly provide sales numbers and other anonymized data to MJ Research. This feedback will be published in the MJ Research Report to help inform the emerging cannabis market, from entrepreneurs to customers to regulators and more.

 

Our first workshop and survey were designed to help steer our future research, and we received a great deal of feedback on the primary challenges faced by cannabis businesses in Washington State. It is interesting and informative, and we have summarized some of that feedback in the sidebar data.

 

MJ Research is actively inviting cannabis businesses to join the MJ Research Industry Panels. We are also pursuing strategic partnerships with payment processors, staffing companies, and others to obtain industry-related data to further fuel our cannabis business analytics. If your company is interested in these opportunities, please contact us: info@mjba.net, subject line: MJ Research.