BDS Analytics is based in Boulder and was founded by Roy Bingham. This is a company devoted to “drive the cannabis sector to thrive with well-informed decisions based on factual data. By capturing millions of transactions from dispensary point-of-sale systems we provide actionable insights based on accurate information enabling dispensaries, brands, and growers to sustain their success.” As a new and growing licit market, it is often assumed that, with its high demand, it is easy to get in the business of selling cannabis. However, BDS Analytics believes that as more states legalize the use of cannabis in one way or another, dispensaries will need to be provided with fundamental market research.
Often, people who want to open dispensaries are knowledgeable in the area of cannabis and they understand the products that other dispensaries are selling. Yet, opening a dispensary is a real business and owners must not only be familiar with the product, but also be able to sell what the customer wants. Here is where BDS Analytics comes in. They “collect actual point-of-sale data from dispensaries from around the country and use that data to create insights.” This, they claim, is a completely unique way of analyzing the cannabis market and using their tools they believe that dispensaries will increase their sales, identify where they should improve their performance, as well as identify new sellers and providers.
Bingham points out that although the market is experiencing rapid growth there is a difference in the market based on each state, so Colorado has significant differences from the market in say, Washington. These differences can be attributed to the contrasting state laws. For example, in terms of edibles Colorado’s most popular presentation is in the form of gummies. This changes in Washington, where it is illegal to have gummy candy infused with cannabis for fear of appearing too appealing to children. Because Washington has more medical users their edible market concentrates in chocolate since it can be easily infused with more cannabis without compromising the taste.
With more states changing their laws in regards to the Schedule I drug more people are looking for ways to use cannabis, whether it is recreationally or for medicinal purposes. There is a hope in the industry that cannabis can be comparable to wine, and with an expected growth of 60% a year they may not be so far off. So dispensaries are turning away from tie-dye and simple cellophane bags and going for a more refined high-tech look in their stores, their products, and in their market research. BDS Analytics hopes to breach the gap between dispensary and consumer and provide a “sophisticated, sales-based data that is both commonplace and essential in other, more established industries.”