Washington State Legal Cannabis By The Numbers: February 1, 2018 – May 17, 2018

WASHINGTON: The below statistics cover activity in Leaf Data Systems for the time period between February 1, 2018 and May 17, 2018.

Leaf Data Systems 5/17/18

Leaf Data Systems 5/17/18

 

 

Washington Licensees Target Of Phishing Scam: WSLCB

WASHINGTON: The Washington State Liquor and Cannabis Board (WSLCB), the regulatory agency overseeing the state’s licensed cannabis program, issued a warning to this morning that it’s seed-to-sale tracking system had been hacked.

In an email entitled, “Potential Phishing Email Directed at Licensees” the WSLCB alerts licensees about a phony email containing malware:

“The fake email appears to be from MJ Freeway with the subject listed as ‘MJ Freeway Data Request.’  The message is not from a domain owned by MJ Freeway nor connected with MJ Freeway in any way.  It could be a phishing scheme (meant to grab data from you or download a virus into your computer).  Please delete the email without clicking any of the links.”

Potential Phishing Email Directed at Licensees

Potential Phishing Email Directed at Licensees

WSLCB Update: Current Information On The Traceability Transition Important Message to Marijuana Licensees

WASHINGTON: The Washington State Liquor and Cannabis Board (LCB) has reached a critical juncture in our transition from the current traceability system to the new traceability system. Despite diligent efforts by LCB staff and the new vendor, all critical tasks will not be complete by the end of our contract with the current vendor on Oct. 31, 2017.

Contingency Plan in Effect Nov. 1
To ensure you are prepared, we have made the critical decision to prepare to implement our contingency plan.
Ensuring that we roll-out a quality, market-ready product is our priority. We are working closely and efficiently with our new vendor, MJ Freeway. Based on feedback from the training sessions and demonstrations with our Traceability Advisory Committee, the new product, Leaf Data Systems, the new non-commercial, free system will work well for the roughly 25 percent of licensees who use it. We will provide a timeline for implementation this week.
 Four Key Things to Know Regarding Contingency
  1. The information that we are requesting via the contingency plan is information that you are currently required to collect and retain;
  2. There is no halt to business during the contingency period. You may conduct business as usual. That includes transfers, sales, harvest, etc.;
  3. As you do today, you must keep a record of all required activity associated with your business. If you have a third-party, commercial software provider consider contacting them to review your coverage. Some software systems may capture traceability transactions for later reporting which may minimize your manual reporting requirements.; and
  4. The LCB will continue to enforce rules and regulations during this period.
Licensees will be able to conduct business as normal during this time frame. You must keep records of all traceability activities that occur during contingency operations and must update the new Leaf Data System with those activities when it goes live. On the left side of this webpage are links to FAQs, reporting documents, and specific information that licensees will need during this interim period.

Franwell and METRC Withdrawal Proposal; MJ Freeway Is Washington’s New Marijuana Traceability Software

Attention Licensees: The below message was sent yesterday by Deputy Director Peter Antolin to licensees who had written to the Board and staff regarding the marijuana traceability Apparent Successful Vendor and RFID tags.

WASHINGTON: The WSLCB will not require RFID as part of the marijuana traceability project. It’s Request for Proposal (RFP) was clear that the marijuana seed-to-sale traceability system must support a variety of tagging methodologies such as bar codes, RFID, etc. The RFP requirements did not allow a vendor to make any assumptions regarding use of a single tagging methodology or allow vendors to include any such costs affecting the state or our licensees in their proposal. In addition, unique plant and inventory identification numbers will be centrally created, maintained, and made available to third-party software systems via the API. Licensees will also be able to print their own labels, according to an WSLCB press release.

Traceability Advisory Group

As the WSLCB prepared the RFP, it engaged representatives of the major industry trade organizations., and held several meetings together to gather input and clearly communicate its intentions. At the most recent meeting held June 6, the LCB again asked that the representatives of the Traceability Advisory Group communicate with their members about this important point.

Change in Apparent Successful Vendor

The Apparent Successful Vendor (ASV) was not final until contract negotiations were complete and a contract was signed. Earlier today, the initial ASV, Franwell, withdrew its proposal for Washington State.  An ASV is the procurement term used for the highest scoring, responsive vendor.  The WSLCB today announced that second place bidder MJ Freeway is the new ASV.  WSLCB will soon schedule a product demonstration with our Traceability Advisory Group and begin contract negotiations quickly to get this project implemented.

Timeline

This project is on a tight timeline. The new traceability system must be in place Oct. 31, 2017.

MJ Freeway Reports Cannabis Retail Sales For April 20 “4/20” Holiday Exceeded $45M

COLORADO: MJ Freeway, a leading provider of seed-to-sale traceability solutions for the cannabis industry, reports that retail sales for the largest marijuana holiday exceeded $45 million, a 20% increase compared to the 2016 holiday.

Prior to the holiday, MJ Freeway predicted a 20% increase in retail cannabis sales and a 10% increase in customer traffic. MJ Freeway’s predictions and reports are based on sales data figures compiled through analysis of their majority cannabis retail market share.

April 20th is widely recognized as a holiday by cannabis enthusiasts, increasing cannabis tourism and events. “With the increase in widespread acceptance of cannabis, we anticipated a large jump in US sales for the holiday. 4/20 is an excellent opportunity for adults to purchase and consume products in a responsible, regulated market, while learning about the culture and history of the industry,” said Jessica Billingsley, COO and Co-founder of MJ Freeway.

4/20 by the Numbers

  • MJ Freeway predicted a 10% increase in order count (number of transactions) for the week of 4/20 (4/14 – 4/20). This year’s 4/20 week saw a 13% increase in order count compared to the weekly average.
  • On the day of 4/20, MJ Freeway predicted a $6 per transaction average increase from an average order sale compared to the rest of the year. This year, the actual results were much higher at $77.21 for 4/20 – a $10 increase per transaction compared to the 2017 average.
  • On average, 13% discounts have been applied to all sales for the year. On 4/20, MJ Freeway saw an average discount of 24.11% applied to all sales.

*Note: One physical location may operate with two individual licenses – medical and recreational

The next largest holiday for cannabis sales is July 4th, which ranks as the third highest holiday in total cannabis retail dollar sales following 4/20 and New Year’s Eve.

 

Cannabis Software And Consulting Leader MJ Freeway Closes $3 Million In Series B Extension Investment

COLORADO: MJ Freeway, a leading provider of business management solutions and consulting services for the cannabis industry, has announced $3 million in Series B extension financing raised from existing investors. MJ Freeway received new investments from existing investors Roger McNamee and Tao Capital Partners. With the unprecedented growth of the cannabis market, the company will use this funding to invest in continued market expansion.

In 2016, the medical and recreational marijuana industry saw tremendous growth with sweeping votes for cannabis across the US and the world. According to a recent report from Arcview Market Research, America’s marijuana industry is expected to reach $22.5 billion by 2021. As the inventors of patented seed-to-sale tracking software, the company sees the investment as an opportunity to continue to effectively support this growing industry.

“MJ Freeway has been the leader in business management solutions catering to the needs of this unique market for seven years,” said Roger McNamee. “The new Platform product is a game changer that will enable the industry and regulators to succeed as the industry grows and becomes mainstream.”

“Even industry insiders could not predict the success cannabis saw during the 2016 ballot as nine states weighed in on marijuana reform. With the expectation that the cannabis market is set to more than double by 2018, we chose to invest additional capital with MJ Freeway,” said Joby Pritzker, Managing Director of Tao Capital Partners and Chairman of the Marijuana Policy Project, the largest organization in the United States focused on marijuana policy reform.

“We are grateful for the partnership we’ve developed with Roger McNamee and Tao Capital Partners. It’s thrilling to have received this funding from such experienced, forward-thinking investors who continue to help strategically advise our position in the market,” said Jessica Billingsley, COO and Co-Founder of MJ Freeway.

With the recent launch of MJ Freeway’s new enterprise level traceability and business management software, the company has seen a tremendous surge in sales. Adds Amy Poinsett, CEO and Co-Founder, “The response to MJ Platform, our enterprise resource management software, has been very positive. This solution, specifically designed to ease the compliance and business management aspects for cannabis operators, is revolutionizing the space and this funding will enable us to meet the demand.”

The extension financing marks a total of $11 million raised in MJ Freeway’s Series B investment round.

Weedmaps Partners With MJ Freeway to Provide Real-Time, Online Cannabis Inventory Menus

COLORADO: Weedmaps, the oldest and largest technology company in the cannabis space which operates the dispensary, delivery, doctor and deal finder site Weedmaps.com and the media site Marijuana.com, has partnered with industry-leading compliance and seed-to-sale tracking software solution, MJ Freeway, to provide a valuable menu integration for operators to easily display their products to consumers and patients.

Operators that manage their day-to-day inventory through MJ Freeway’s seed-to-sale tracking platform can benefit from a direct integration to Weedmaps, eliminating the need for manual, double-entry of data. When a product’s price changes, or inventory is low or out-of-stock in the point-of-sale system, MJ Freeway seamlessly updates the data on the corresponding Weedmaps dispensary profile in real-time.

“Dispensary staff should be focused on serving patients and customers, not distracted by the constant need to manually update an online menu. Our partnership with Weedmaps, one of the most trusted online resource for dispensary and product reviews, is a testament to our commitment to improving efficiency for our clients by providing relevant technology solutions,” said Ike Hull, Director of Technical Operations for MJ Freeway.

Cannabis operators can choose to display some or all of their live inventory on their Weedmaps profile page, ranging from marijuana flower to edibles, topicals, concentrates, and more.

“Members of Weedmaps that take advantage of this integration will be able to gain an advantage by displaying the most accurate menus that show the breadth and variety of products and pricing. We’re excited to offer this functionality in partnership with MJ Freeway to help save our clients’ time and ensure accuracy of information for consumers,” said Chris Beals, President & General Counsel from Weedmaps.

Labor Day Sales For Marijuana To Trend High As Summer Comes To A Close

COLORADO: Like the cannabis holiday on April 20th (4-20) and the Fourth of July,Labor Day marks one of the highest grossing sales days in the cannabis industry. Once again, MJ Freeway takes a look at holiday trends in the cannabis market and gives some advice for what retailers can do to prepare for higher foot traffic in the coming weekend.

MJ Freeway’s retail data set, which accounts for 40% of the legal cannabis market and includes nearly $5 billion in retail sales transactions, helps businesses across the industry understand everything from sales cycles to inventory management and more.

“Cannabis is a young industry and it’s important to track trends early and often, which is why we’ve made it a priority to provide businesses with a full picture of high-volume sales days,” said Amy Poinsett, CEO of MJ Freeway. “The more we understand about the industry as a whole, the better we are able to provide our clients with solutions that they need for smooth and efficient business practices.”

Labor Day by the Numbers

  • In 2015, total cannabis retail sales exceeded $32M on Labor Day weekend (Sept 3-6, 2015), which represents a 43% daily increase from an average sales day.
  • In 2016, we expect Labor Day weekend retail sales (Sept 1-4) to reach $41M
  • Sales spikes begin the Thursday before Labor Day with Friday being the highest grossing sales day.
  • In 2015, individual cannabis licensed retail locations* – dispensaries and delivery services – sold on average $5,694 in retail sales on September 3$7,266 on September 4$5,985 on September 5, and$5,100 on September 6 in 2015, the four days of Labor Day weekend.
    *Note: One physical cannabis retail location may operate with two individual licenses – medical and recreational.
  • Customer traffic increased on average by 20% during Sept 3-6, 2015 as compared to a non-holiday sales day.
  • Individual customers spent on average $69.14 per trip Labor Day weekend 2015, a rise of 3% compared to customers visiting retail locations on an average day.

MJ Freeway And Cannabase Announce Exclusive Integration Partnership

COLORADO: Online wholesale cannabis exchange Cannabase has formed a strategic integration partnership with seed-to-sale software giant MJ Freeway.  The partnership paves the way for a live cannabis exchange marketplace powered by MJ Freeway’s seed-to-sale – specifically price and inventory – data. Cannabis retailers and cultivators will find key challenges solved in the integration of MJ Freeway’s live data, including:

  • Streamlined buying and selling transactions to deliver real-time instantaneous execution and real settlement
  • Improved product and price transparency
  • Increased opportunities and prospects for sourcing and selling

Today, user-generated listings limit the thoroughness, accuracy, and traceability of listings in wholesale cannabis markets. However, with this partnership, MJ Freeway will exclusively provide Cannabase real-time confirmation of live inventory data to support the execution of exchange transactions for their joint customers. Cannabase’s feature-rich, proprietary platform will utilize this data in a live exchange format that will continue leading the evolution of the cannabis wholesale market.

“This partnership will greatly enhance the capabilities of MJ Freeway and Cannabase users nationwide,” explains Jennifer Beck, Cannabase’s co-founder and Managing Director. “Our mission is to provide the most cutting edge, compliant technology solutions in the market, and look forward to partnering with MJ Freeway in this next iteration of the wholesale marketplace.”

With MJ Freeway’s market representation over 40% in 23 states nationwide, this partnership is poised to vastly accelerate the flow of wholesale product for cultivators, infused product manufacturers, and retailers nationwide.

Amy Poinsett, the Co-founder and CEO of MJ Freeway stated, “Our goal is to improve the performance and profitability of cannabis businesses. MJ Freeway’s integration with Cannabase will bring solutions that automate the cannabis wholesale exchange improving the speed and transparency of transactions today and creating a national network of buyers and sellers that can be quickly and compliantly united when the federal landscape changes.”

Zachary L. Venegas, CEO of Helix TCS, the parent company of Cannabase, echoed Poinsett’s comments, stating that “As we further unveil the technologies, partnerships, and business lines that we have built, we will continue to provide our clients, partners, and investors with the real benefits that accrue from our focus on strategic innovation realized by rapid, disciplined execution.”

Pro Athletes to Discuss CTE and Cannabis At New York Trade Show & Conference

NEW YORK: A number of high profile professional athletes will discuss sports and cannabis on a panel at the upcoming Cannabis World Congress & Business Exposition (CWCBExpo) on June 16, 2016 at the Jacob K  Javits Convention Center.

According to event promoters, pro athletes from the NFL and NHL will provide frank insight on how legally using cannabis has helped them manage pain, become less reliant on prescription painkillers, and not affect their playing performance.  This thought-leadership panel “CTE, Concussions and CBD;” will feature: Charlie Adams, formerly Denver Broncos and Houston Texans; Eben Britton, NFL guard and tackle for Jacksonville Jaguars and Chicago Bears and current free agent; Riley D. Cote, former professional ice hockey player with the Philadelphia Flyers; and former Denver Broncos wide receiver Nathan Ross “Nate” Jackson.

Joining the cannabis sports discussion will be Heather Jackson, CEO of Realm of Caring, a non-profit and advocacy group that provide support services and resources to those using cannabinoid products.

“In talking to many NFL players, I have heard a reoccurring theme, and that is ‘protect the shield.’   The NFL will now have an opportunity to protect their players, and I consider that a much more valiant effort.  Research into CTE will help all neurodegenerative disorders, so a project like this is exciting to me personally and professionally,” added Ms. Jackson, of Realm of Caring.

“CTE, Concussions and CBD,” thought-leadership panel is part of the comprehensive educational agenda that is presented at CWCBExpo NY.   Conference delegates can participate in Add-On Workshops, June 15, that provide all-day education on business, career and investment fundamentals.  There will also be over 70 sessions with vetted industry experts and pioneers in the 2-day conference (June 16-17) that includes a headlining keynote speaker, the thought-leadership panels, regulatory updates, NY dispensary and includes session tracks focused on Creating Your Business, Running Your Business, High Finance, Opportunities, and Trends in High Growth Areas.  On Friday, June 17, the thought-leadership panel at CWCBExpo NY will be “Industrial Hemp: Made in America,” spotlighting this plant that can transform the agricultural and manufacturing landscape.

Featured exhibitors participating in CWCBExpo NY include Amercanex, Apeks, Cannabis Career Institute, Carp Law, Clover Leaf University, Conviron, Forever Flowering Greenhouses, Gradujuana, Helderpad, HighNY, Hiller, PC, Incredibles, International Cannabis Association, Labscape, Jane, Medicine Man, MJ Freeway, MJIC, Nexus Corporation, Potbotics, The Cannabis Co Operative, Transcend Lighting, True Leaf, and many others.  CWCBExpo NY is also partnering with leading advocacy groups, associations, and media partners including the Marijuana Business Association and MJNewsNetwork.com.

Discounted conference rates are now being offered for advance registration.  For more information on the Cannabis World Congress & Business Expo in New York, June 15-17, (CWCBExpo in NY) visit: http://www.cwcbexpo.com/new-york-expo.    For sponsoring or exhibiting information contact the CWCBExpo sales teams at sreuter@leexpos.comor click here: