'The Jewel In The Crown': How Data Is Shaping Cannabis Retail, 'Customers Are Key', Says Item 9 Labs CEO

"Data point is definitely the jewel in your crown to be able to understand the consumer," said Sarah Kabakoff, VP of business development at Dutchie, at the recent Benzinga Cannabis Capital Conference in Miami.

The cannabis industry has witnessed seismic shifts over the years, but one constant remains: the power of data. In a panel discussion at the conference, industry leaders weighed in on the value of data and customer understanding.

Kabakoff stressed its importance for business growth. "Some of them use data really well and some of them have absolutely no idea how to even access anything but a basic sales report. So I think it varies depending on the sophistication but the data point is definitely the jewel in your crown to be able to understand the consumer," she explained.

Moreover, Kabakoff highlighted the need for businesses to learn how to utilize their data efficiently, "The quicker you can learn to action that data and learn to segment your customers and then appropriately market to them, the faster you’re going to be able to grow whatever channel you’re trying to grow."

Echoing Kabakoff's words, Mike Weinberger, CEO of Item 9 Labs Corp. INLB, said: “I think the data is key; the customers are key. And if we don’t know that as an industry, we don’t really know anything about them. So there’s this evolution that’s happened over the last decade but even then, we still don’t use our data correctly. We don’t look at it.”

The journey of data utilization in the cannabis sector was not always so sophisticated.

Raj Grover, founder, president & CEO of High Tide Inc HITI. He recalled the industry's early days. “But the early onset when we got into cannabis retail, to Mike’s point, there was very little data to begin with.”

The panel, moderated by the executive editor of Green Market Report's Debra Borchardt, and included Wendy Berger, board member of Green Thumb Industries Inc GTBIF shed light on the industry’s evolution and the role of data in shaping the cannabis market.

Those interested in further insights like these, consider joining us at the 17th edition of the Benzinga Cannabis Capital Conference in Chicago on September 27 and 28. All information is available on bzcannabis.com

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— Javier Hasse (@JavierHasse) August 11, 2023

Image by Markus Spiske On Unsplash