The availability of this data is common in other industries, but until recently there were no firms providing such information for the cannabis sector, says Taylor West, deputy director of the National Cannabis Industry Association. This data can be crucial for pricing products, assessing demand and determining what to offer in stores.

At the same time, it’s important
to ensure that the data collected and processed by these companies is secure, West adds, both to protect consumers and to avoid sharing proprietary information with competitors. But building the necessary relationships with business owners to collect such data is “not an overnight process.”

“The more established dispensaries have been using their own data for
a long time to make decisions,” West points out. “But it’s definitely an area that you’re seeing more businesses getting into, recognizing that a tremendous amount of information can be gleaned from this data.”

Read more: http://hightimes.com/business/cannabusiness-analytics-how-data-startups-are-improving-marijuana-sales/