Members of the National Cannabis Industry Association will be getting a valuable new benefit, thanks to a ground-breaking partnership with leading cannabis market intelligence firm BDS Analytics. Beginning in June 2016, NCIA member-businesses will receive free interactive access to crucial market and category-level sales data compiled and contextualized by BDS, the industry's leading source of market data and business insight.
All NCIA members will have access to data and market intelligence reports through an interactive set of dashboards, spreadsheets, and detailed reporting powered by the GreenEdge™ sales tracking software developed by BDS. Reports will cover crucial insights such as market size and growth, dollar and unit volume, retail price trends, and shifts in category mix. Sponsoring and Sustaining NCIA members will gain access to even deeper levels of insight and reporting, including monthly executive reports, additional dashboards and reports, and personalized access to BDS Analysts.
With these reports, NCIA members will be able to make informed strategic decisions and answer critical business questions like:
- What proportion of industry sales come from flower vs. extractions vs. infused products?
- How big is the infused product market, and how fast is it growing?
- How do infused product sales break down between infused foods, beverages, chocolates, topicals, and other categories?
- What is the average retail selling price for an infused chocolate bar or a vaporizer oil cartridge?
BDS GreenEdge™ reports will drill down from high-level market reporting to more than 80 categories and sub-categories, spanning inhalable and infused products, topicals, devices, and other product categories. BDS currently collects data in Colorado, Washington, and Oregon, and will be extending its reach to all other states with legal cannabis markets in the future.
"The first check BDS Analytics wrote was to become a member of NCIA," said BDS Analytics CEO and co-founder Roy Bingham. "It is the leading voice for businesses in the cannabis industry, and we encourage everyone to join to ensure that the industry's voice is loud, clear, and united. We are delighted that NCIA is making our GreenEdge service available to their nearly 1,000 member-businesses. I am sure that it will add great value to existing and new members and be yet another reason to join our trade association."
"We hear from our members all the time that one of their biggest challenges is the scarcity of reliable market intelligence and data in the industry," said Aaron Smith, executive director of NCIA. "Being able to offer this kind of data as an included benefit of NCIA membership is incredibly valuable. We're proud to partner with BDS and grateful for their support of NCIA's mission."
"Having access to consistent, reliable, and credible market data helps NCIA's members better run their businesses," said Liz Stahura, BDS Analytics Vice President. "Every member company of NCIA will be able to log in to GreenEdge and access vital business intelligence about the industry 24/7. Through our experience serving industry association members in other industries, we've seen firsthand the positive impact of widespread access to market data. For us this is a great way to introduce the utility and business value of point-of-sale data analytics. NCIA members will also be invited to webinars and interactive sessions to enable them to make the most of the service."
Source: The National Cannabis Industry Association (NCIA) is the largest cannabis trade association in the U.S. and the only organization representing cannabis-related businesses at the national level. NCIA promotes the growth of a responsible and legitimate cannabis industry and works toward a favorable social, economic, and legal environment for that industry in the United States.
BDS Analytics is the indispensable source for cannabis industry market data and insights. Through its GreenEdge™ database and software service, BDS collects, processes and presents point-of-sale market share data for the cannabis industry. BDS provides actionable insights based on accurate information derived from millions of transactions that enables clients (dispensaries, brands and growers) to make smart decisions that sustain their success. BDS comprises analytics-for-market research experts with more than fifty years' experience in capturing and standardizing point-of-sale data, building and running extensive databases and providing reports and presenting data to clients and industry with prior experience in the natural products, outdoor, biking and skiing industries.