The year 2018 saw several US states legalising medical or recreational marijuana. It was also a path-breaking decision when the US FDA approved the first cannabis-based drug treatment. Not just that, Canada too, legalised marijuana last year. The cannabis industry is an ever-changing industry — the rules of the market keep changing and as a result, regulators keep throwing fresh new approaches which creates new data. With the help of top-tier algorithms and advances in data collection technology, companies in the cannabis industry are now able to comply with regulations, meet demands, predict trends, maximise sales, and improve the use of weed in medical space.
Eliminating The Data Gap
Over the years, the prohibition of cannabis in many nations has created a gap between the plant, the researchers and the consumers. Meaning, the fast-paced cannabis industry is running short of the clinical data requires to better understand the plant, and develop better products. However, things are changing now driven by a recognised need by cannabis businesses to better understand their customer bases. And Global Cannabis Applications Corp (GCAC) is playing a major role.
Using the superpowers of AI and blockchain, GCAC’s Citizen Green is able to assemble clinical information straight from customers. Citizen Green basically ask people to take surveys, and upon completion, they reward them with a cryptocurrency which can be spent on products from worldwide medical marijuana/weed programs.
By reconfiguring the data gathered using surveys, GCAC provides improved patient outcomes and enables researchers to distinguish qualified members for clinical investigations. And ultimately, it boosts up the approval process for new cannabis products for medical use.
The distribution procedure for cannabis products is different in different states. However, utilizing data/ information, the industry is getting access to new insights and opening doors of opportunities.
Talking about the distribution of products to customers or patients, web and mobile-based applications are playing a major role and one of the well-known platforms is Eaze that enable buyers to pick cannabis products and have them delivered right to their doors. According to sources, this on-demand cannabis delivery platform gathers customer data such as location, purchases, breaks down this information and couples it with machine learning, predictive analytics, and artificial intelligence to put the data into a usable format. The usable data is later used by businesses, which not only help businesses earn a better return on their marketing investments but also enables them to target consumers specific product messages, develop new products, create special offers, etc.
There is no denying that year-by-year the cannabis industry is expanding beyond the borders of the United States and Canada. Also, as big data and the players in the cannabis market have already joined hands and doing wonders, it is the correct time for cannabis entrepreneurs to invest in big data. Even though analytics is not a layman’s task, it opens up new vistas of opportunity in terms of operating, marketing and regulating key aspects of the cannabis industry.
Big data has always been crucial for businesses to scale and in an industry like cannabis, having access to real-time information means a lot — not only in terms of what customers want next but also which way the industry is heading.
With reliable predictive insights and real-time business intelligence, companies today are in a better position when it comes to eliminating risks and increase revenue and profits. And Big Data is definitely helping advance the marijuana business. Now, as the industry is already leveraging the superpowers of big data powered by machine learning and artificial intelligence, it is only going to get better and bigger.