How important is data in the rapidly evolving cannabis industry?
We’re delighted to be joined for our 40th episode by Giadha Aguirre de Carcer, Founder and CEO of New Frontier Data – an independent technology driven analytics company who provide transparency into the cannabis industry via unbiased vetted data & analytics reporting.
Giadha shares her insights and perspectives as we explore the importance of data within the cannabis industry, global cannabis trends, the archetypal cannabis consumer, and Giadha’s journey as a female founder and business leader.
• Giadha started the company in 2014 in Washington DC in the USA after working in financial analytics, intelligence collection and emerging markets.
• She noticed a gap in the market – there was no industry reporting due to no data being collected within the cannabis industry to base research and reporting.
• The infrastructure took three years to build, and now collect data across three continents – being able to report across the market as a whole.
• New Frontier Data also collect patient data from Canada and some states in the USA and have begun reporting on patient behaviour.
• Giadha found the process of starting the business challenging as a Latina women but fortunately ‘didn’t hit any glass ceilings’.
• When the company was founded, there wasn’t a big appetite for big data – investors were not interested. In 2016-2017, the industry started to grow.
• There is a very big difference between big data and data. Big data requires velocity, variety and volume. Big data means that ingesting real time, processing in microseconds millions of data points with enough history and variety to be statistically meaningful.
• New Frontier Data are well known for their educational reports which have been downloaded in over 89 countries.
• They have recently started licensing data streams to larger multinational enterprises beyond the financial sector such as Bloomberg, Proctor and Gamble etc.
• New Frontier are in the process of creating ‘the next frontier’, which is intended to support and serve sophisticated data consumers from large CPG and multinational enterprises and the advertising space who are some of the largest data consumers.
• New Frontier Data estimate that there are 266 million cannabis users across the world.
• China is the largest producer of Hemp in the world – producing over 90% of the hemp used for textiles.
• Latin America is a great place to produce cannabis due to its stable climate and cheap labour, although corruption and unstable regulatory frameworks may pose an issue.
• The ‘cannabis consumer’ was profiled last year by New Frontier Data into 16 archetypes which proved to be incredibly unique.
• The cannabis consumer tends to be affluent, educated and active online. In North America, adult men drive consumption however women are the largest growing consumer group. Traditionally, women are seen as caregivers and are more likely to buy on behalf of ageing parents and families.
• The world as a whole saw the cannabis industry as either a drugs business, or they saw it as a green rush opportunity where anything touching the plant was of interest to investors. 08:30
• If you look at any emerging market (or any market) without data, you’re unable to provide transparency, and you’re unable to predict accurately project and predict risks and opportunity so are therefore you are more likely to not be successful in navigating the industry. 09:20
• The cannabis industry will look quite different in the next 5-10 years if research and development continues within industrial applications of hemp 11:09
Join Giadha on LinkedIn: https://www.linkedin.com/in