Headset, a provider of data and analytics to the cannabis industry, announced it is launching its competitive intelligence tool, Headset Insights, in British Columbia. With their launch in Alberta last year, this will be Headset’s second Canadian retail-derived cannabis market read based on aggregated Point of Sale data at the receipt level.
Headset Insights will bring even more coverage to the ever-growing Canadian market. It will provide cannabis businesses with a robust set of data from the B.C. market that will help them understand how legal cannabis is shaping up, potential opportunities and best strategies to enter the market. This influx of data helps build more accurate projections for overall market insights.
“We’re excited to see what the incoming data has to show us. With the new B.C. data alongside Alberta data, there is a wealth of information just waiting to be uncovered and analyzed for the Canadian cannabis market,” said Cy Scott, Founder and CEO of Headset. “This is a phenomenal opportunity for companies to better grasp how to move forward with their businesses in Canada for optimal growth. For example, we can already see which product category each province has an affinity towards. This type of information is crucial to building out business strategy – and that’s just surface-level data.”
Headset takes data directly from the point of sale in retail stores and makes a statistical model to project the data to the entire marketplace. The more data Headset acquires through the new B.C. territory in addition to Alberta, the more accurate the Canadian projections will be. As more B.C. retailers and dispensaries come online, the model will start updating in real-time. For example, companies can see the proportion of province population to cannabis sales by province or which product category, whether it be flower, pre-roll, oil or capsules, is dominating the market in each individual province.
“Our strategic alliance with Headset continues to bring strong insights to the Canadian cannabis and FMCG markets,” said Richard Lee, VP Business Development, Nielsen Canada. “With the launch of cannabis 2.0, and access to more markets, our clients will have a broader understanding of FMCG categories such as confectionery, beverages and topicals which now includes cannabis infused products.”
“This expansion of data within the Canadian market will be extremely beneficial for our clients,” said Rishi Malkani, Deloitte Canada’s Cannabis practice leader. “We are pleased our strategic alliance will bring everyone in the industry one step closer to making more informed business decisions to propel the success of cannabis forward.”
Cannabis regulations vary by each province, so discrepancies in purchasing trends across Canada are to be expected as each province develops their own unique cannabis market.
To learn more about Headset Insights, please click here.