DATA MONETIZATION

Background

Based in Toronto, Canada, this startup emerged as a pioneering force in cannabis data analytics, establishing itself as an early adopter of user intelligence solutions in the burgeoning cannabis industry.

The company had a early-to-market advantage, having embarked on its journey in the medical cannabis sector prior to the legalization of recreational cannabis, strategically amassing substantial volumes of high-quality primary user data..    

Challenge

The company had amassed vast amounts of primary user and buyer data over four years, spanning from medical cannabis data through the early phases of cannabis legalization and retail operations. 

This repository contained unstructured data covering the entire cannabis consumer journey, from sentiment and consideration to consumption and aftermath, including detailed product and brand information for medical and recreational cannabis. Despite recognizing the value of this data, the company lacked a clear strategy for structuring, commercializing, and monetizing this significant asset.

Strategy

Collaborating with the data science team, product engineering, sales and marketing, we led the design, commercialization, and launch of a robust data analytics platform. This initiative involved analyzing and visualizing over a million data points on a self-serve, SaaS platform, ensuring rigorous research parameters were met.

Outcome

Our objective was to maximize profit for retailers, manufacturers, producers, CPGs, the public sector, and global advisory firms operating in the high-growth and volatile cannabis industry.

We developed and launched a first-to-market, user-friendly data-powered user intelligence product on a SaaS platform. Through strategic productization, marketing, and PR efforts, the startup's specialized data quickly garnered investor attention, establishing the firm as a leading insight and thought leader in the industry.

We also created additional standalone products targeting specific verticals and roles, such as financial forecasting, which met the demand of investors. These initiatives reinforced the firm's position as a trusted data insight provider in a nascent market. Moreover, the firm expanded its client base across the cannabis ecosystem, forging high-profile partnerships with Fortune 500 consulting firms seeking to monetize their data in the cannabis sector.