As the cannabis industry grows, new regulations are calling for a licensed, regulated and transparent cannabis marketplace both in retail and medical. If these regulations are implemented responsibly, cannabis will be safer and more accessible to consumers.
One of the key tools that every cannabis business should be aware of is market data. Until now, regional pricing and popularity information was not really backed by any solid numbers. Smoke Reports offers market data for both dispensaries and producers to have an acute awareness of the markets that they serve.
What is Market Data and How Does It Help Businesses?
Live market data is incredibly important for businesses to have at their fingertips. There are many paths to improving sales and growing a brand, and successful manufacturers are very concerned with how their brand is valued and represented at each location.
Pinpointing the value of a product helps with increasing margins and gives an idea of how that product should be priced in new areas.
Comparing price and potency of cannabis allows producers to create products that fill market gaps. Retailers are then able to carry the most exclusive products with the potency/price ratios that attract more patients.
What Types of Data Does Smoke Reports Offer?
Smoke Reports offers consumers and businesses a price map for every individual product and strain. This allows everyone to easily compare prices and make informed purchasing and retailing decisions.
Each strain and product listing also carries price frequency information that can really illuminate how each product is being distributed. If your product is sold at irregular pricing, it confuses your consumer and hurts your brand. Understanding the landscape of the marketplace allows you to make better pricing decisions.
Both retailers and manufactures can put this information to use to establish market pricing for retail products. When retail locations sell an item below that market value, consumers make value judgments – your product is seen as being either overpriced or of sub-standard quality.
Our price deviation chart allow businesses to grade products and strains “on a curve.” Producers and distributors can use this information to measure the value of their products in a certain region. Consumers will be drawn to the perceived value of consistent sales pricing for individual products.
A more condensed or “tighter” bell curve indicates that the production company has successfully communicated the value that product gives to the marketplace. If the range of deviation is particularly large, it is useful to dive deeper into the Smoke Reports data to see exactly how regional markets perceive the value of different product types.
Our scatter plot allows producers to compare their existing products with similar product-types in the market. In this graph, price point is charted against potency of similar chocolate products in the San Francisco Bay Area. Within the chart, each product is zoomable, allowing producers to assess gaps in the market within which their products fit best.
Market Data is Important for the Future of the Cannabis Industry
Running a cannabis business is incredibly complicated, and even more complicated without insight into the broad retail market. Despite the friction, many companies are pursuing entrepreneurship and advancing the cannabis industry into a more legitimate light.
Producers, dispensaries, cultivators, and everyone in between is now trying to figure out the perfect formula for industry success by applying long-standing business concepts for analysis.
There are a lot of obstacles to navigate as well, including local business ordinances, shifting state laws, varying testing requirements, and a general discrimination from advertisers and promoters (like Facebook).
But wait, there’s more! Cannabis businesses aren’t approved for bank accounts, and the federal government may seize everything they own. Still, these companies keep fighting to provide the community with medicine.
Smoke Reports wants to see a legitimate and regulated cannabis industry that is capable of safely and responsibly serving cannabis to patients and recreational markets. But to truly be a legitimate industry, there are a few technological and regulatory milestones that we need to reach in order to compare ourselves to the industries of other consumables.
Cannabis is projected to be very profitable and is assuming a more public face. Our role is to provide accurate and consistent market information to foster the development of an orderly and legitimate cannabis industry.
For the most up to date info on Smoke Reports, follow us on Twitter @smokereports or like us on our Facebook page. If you would like to talk to our team about the market data and admin tools available through our platform, give us a call at (844) 984-2223 or visit our contact page.