Every major industry in America leverages data as a predictive tool for cost-effective decisions. In 2017, several cannabis tech companies have created impressive offerings that harness the power of big data and apply it to the cannabis industry by capturing user/patient demographics and analyzing market trends to create sophisticated predictive models. Leading data platforms include the likes of Headset Cannabis Intelligence and 502 Data, which record marijuana taxes and sales for recreational stores in Washington State.
With a recent study suggesting that the U.S legal cannabis market will approach a $25B market cap within the next 7 years, industry experts are exploring even more use cases for these technologies while investors are more aggressively targeting them than ever before. For instance, tools like BDS Analytics, which just raised $3.5M, provide even more granular insights in the spending habits and psychology of customers using previously classified dispensary sales data. Strainprint Technologies, which also just raised $3M, uses a ‘mobile patient journal’ to empower medical cannabis users to better understand efficacy and proper use of new strain types used in experimental studies. Other solutions like Braingrid allow strain cultivators to use meteorological data to better manage their harvest and identify the optimal growing conditions necessary in order to yield maximum output.
Image Source: digipathlabs