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Flowhub, a provider of cannabis point-of-sale solutions in the U.S., and cannabis data provider BDS Analytics announced a partnership Tuesday in which both companies will integrate their API to provide dispensaries with accurate market insights.
What Happened
Through the integration, which is live as of Tuesday, dispensaries will be able to obtain competitive market data to help them make tactical and strategic decisions, the companies said in a press release. Dispensaries can use the data to better understand their performance and benchmark themselves against the total marketplace.
Some benefits for dispensaries include the possibility of analyzing market prices; ensuring that products are priced correctly; and making decisions regarding their shelf real estate. The integration could also help dispensaries measure marketing efficacy by tracking ROI on promotional activities and making smart inventory purchasing decisions.
Why It's Important
As the U.S. cannabis market becomes more competitive, a lot of the success of dispensaries relies on their ability to accurately analyze data use it to make decisions.
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