In the Weeds: Why Data Is Your Best Friend in the Cannabis Industry

Let’s get one thing straight: data isn’t just a bunch of numbers. It’s the backbone of every decision that keeps the lights on and the doors open. Especially in the wild world of small businesses, and even more so in the cannabis industry, where the rules of the game change faster than you can roll a joint. If you’re running a small shop or trying to break into the green rush, you better be ready to embrace data like it’s your favorite late-night snack.

Collect What Matters

First, let’s talk about what you should be collecting. Customer data is the bread and butter. You need to know who’s buying, what they’re buying, and why. This isn’t just so you can pat yourself on the back; it’s about staying ahead of the curve. Sales data? Absolutely. Track it like your business depends on it—because it does. Understand your costs, keep an eye on what’s flying off the shelves, and adjust your inventory before you’re stuck with a pile of product nobody wants.

Financial data is your lifeline. You can’t keep the doors open if you don’t know what’s coming in and what’s going out. And product data? Think of it as the chef’s secret sauce. You need to know every detail about what you’re selling, from the shelf life to the cost per unit. It’s not glamorous, but it’s essential.

Keep Your Data Tight

Now, once you’ve got the data, don’t just let it sit there. Organize it. Store it. Back it up like it’s the only copy of your grandmother’s lasagna recipe. Centralize everything so it’s all in one place, easy to access when you need it. Categorize it so you’re not digging through a mess when you need a quick answer. Trust me, when you’re in the weeds (literally or figuratively), you’ll thank yourself.

Excel, learn that s**t!

Don’t just collect data—use it. Understand your key metrics. What’s driving your sales? How much does it cost to bring in a new customer? Track trends, because they’re going to tell you where the money’s heading next. And don’t be afraid to use simple tools. Excel, Google Sheets—these aren’t just for accountants. They’re your new best friends. I can’t stress how much I have been able to progress in this industry just cause I know how to use a computer.

Data-Driven Decisions

Let’s be real: gut feelings are great, but they don’t pay the bills. Use data to make your decisions. Test, tweak, and learn. If something’s not working, you’ll know quickly and can adjust. The beauty of data is that it doesn’t lie—if something’s off, it’ll show you.

Stay Safe and Compliant

In the cannabis game, playing by the rules isn’t optional. Your data needs to be secure, and you need to be compliant with laws like GDPR and CCPA. Don’t skimp on security—strong passwords, encryption, the whole nine yards. Trust is hard to earn and easy to lose.

Listen to Your Customers

Your customers have a lot to say. Are you listening? Collect their feedback, analyze it, and act on it. This isn’t just about putting out fires; it’s about creating a better experience, which means better business. Setting up a survey and QR code to collect responses automatically is super easy (How-to available in the training section of our site).

Keep Learning

The data game doesn’t stand still. What worked yesterday might not work tomorrow. Stay on top of trends, new tools, and best practices. And if you ever feel out of your depth, don’t be too proud to ask for help. Sometimes, bringing in a pro is the best move you can make.

Service Providers

Not everyone know how to collect the data, let alone what to do with it. And while there are plenty of data service providers out there, not all are created equal.

Take Pistil, for instance. They’ve got nationwide coverage, but only hit about half the market in New Mexico. Headset offers real-time data, but focuses on bigger markets. Cannaspyglass is great for contact info, but their data isn’t always up to date. Siteseer? Perfect for geospatial data, but maybe not detailed enough for the New Mexico scene. And then there’s us—local expertise, all the data you need for New Mexico, but not much reach beyond that…yet.

The Bottom Line

Data is your lifeline. Whether you’re selling CBD gummies or high-THC flower, knowing the numbers behind your business is non-negotiable. Choose your tools wisely, stay informed, and let data guide your decisions. In this industry, it’s not just about getting high—it’s about staying ahead.