Cannabis and Technology
Cannabis Industry Demands Reliable MJ Metrics and Business Intelligence
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: [email protected], subject line: MJ Research.