The Fast-Growing Marijuana Industry Needs Objective Data, New Frontier CEO Says

The cannabis industry has a data problem.

Because cannabis has so many uses — medical, recreational, industrial — there are a lot of channels to keep track of. But every industry has their own way of doing things, and none of the data was uniform.

New Frontier Data sought to change that. The four-year-old company has tried to make itself the global leader in cannabis market data.

Meeting A Data Need

"This is one of the fastest emerging markets in the world. Our mission is to provide objective information to those looking to take a stake in the cannabis industry," Giadha Aguirre de Carcer, CEO of New Frontier Data, said Friday at the Benzinga Cannabis Capital Conference in Toronto.

"We'd like to see an elevation of the discussion of the cannabis industry so there's less opinion and a more factual mature discussion around the industry."

The conference brings together investors, companies and other leaders in the global cannabis industry.

In 2015, Aguirre de Carcer said she realized the cannabis industry had a data drought. The CEO said her company uses big data methods to make information as digestible as possible. With marijuana legalized or decriminalized in 25 countries around the world and more than 3 billion potential consumers, there's a large opportunity at hand.

"That data is complex, and the nuance is complicated," she said. "We find it best to keep it simple, stupid."

Disclosure: New Frontier Data is a Benzinga data partner.

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Photo: New Frontier Data CEO Giadha Aguirre de Carcer speaks at the Benzinga Fintech Awards in May.