May 15, 2015
Sometimes even I think I sound like a broken record player, but I also don’t think I can say it enough: the future of cannabis is in data. However it raises a good question: what are you supposed to do with the data?
Boris Tsibelman, CTO of InvestInCannabis, and the rest of his team are firm believers that at the current moment there aren’t enough people utilizing the data in the industry. To do what, exactly? To support burgeoning businesses.
“All these dispensaries have their files and data inside a huge, actual, physical closet which does nothing but collect dust,” says Tsibelman. “They’re not doing anything with it, and that’s what we’re trying to solve in the cannabis space. We know it’s not just about selling bongs or delivering weed, we want to hit every angle of the cannabis space with quantified data.”
A lot of the smaller companies looking to get involved in the industry, whether they’re led by a crew of investors or entrepreneurs, at one point or another need to search for relevant industry information. Unfortunately, the processes for this search take a long time to set up.
InvestInCannabis though already has an entire process locked down in the form of a cloud platform. They aggregate data and statistics that are specifically relevant to people interested in entering the cannabis industry, or those who might already be embedded in it.
It showcases the rules and regulations about starting up a business in certain states, and also features a list of companies that already make up the current legal cannabis market.
If you had to put a label on it, InvestInCannabis is effectively an accelerator or incubator, but they don’t only provide opportunities to invest. They provide the infrastructure and data that new companies need so badly.
“The idea came from our original business, WeSell.com, that started 15 years ago,” says Tsibelman. “We owned over 17,000 domains spread across several industries. It would have been impossible for us to build them up and manage them ourselves so we hired local operators.”
If it sounds oddly familiar that’s because it is. This is the exact business model they’ve applied to the legal cannabis market. By providing the infrastructure for the business they can monetize the brand creation process with each one of their websites.
The best part is that it’s already been proven successful to the team. And in turn all of the companies can share the vast amount of data between their businesses while also supplying relevant market data.
Which is precisely what the InvestInCannabis team is chasing right now: they’re trying to gather as much data about the cannabis consumer as possible. Once that piece of the puzzle falls into place they can run the data through an algorithm to predict future consumer behavior based on past patterns and trends.
I’ll say it again: the future of the legal cannabis industry is in data. The only real question after that is what to do with it, and InvestInCannabis has provided a succinct and steadfast solution.
Image Credit: InvestInCannabis home page video
Did you like this article?
Get more delivered to your inbox just like it!