“We’ll be finding out who really has the market power,” said Ed Keating, Chief Data Officer at Cannabiz Media when CBD Business Monthly caught up with him to talk about the evolution of CBD from the cannabis space, where it was previously held, to mainstream retail.
The passage of the U.S. Farm Bill in 2018 has finally allowed this cannabinoid to be lifted out of the shadows and in front of the eyes of consumers who are so curious about what CBD is, and what it can do.
With this new frontier, CBD has become visible on the shelves of mainstream retailers, who have essentially now become the “new budtenders” of cannabidiol, a role that was previously held to those within the cannabis industry.
Cannabiz Media is a CRM (customer relationship management) database that according to Keating “brings sellers and buyers together”, hosting information on 12,000 licenses nationwide. The platform works by tracking all the licenses held across the 50 states for both cannabis and CBD retail. Now, Cannabiz Media has a large task in front of them as more retailers in CBD are granted licenses, and they can begin tracking the scope of the “new CBD industry” across the nation. However, this task isn’t so straightforward.
“We’re finding new metrics as we uncover more retailers that are not from the cannabis or CBD market,” says Keating, “We’re trying to understand how the market fits together,” he said. “It’s really kinda cool!” He notes that previously, the CRM has been focused on cannabis retailers only, noting that until now, “the cannabis space is mainstream retail ignorant.”
Keating notes that connecting the hemp industry and mainstream retailers is an opportunity never seen before. “In the hemp industry, these people are all farmers,” and Cannabiz Media’s CRM is “the link between farmers and the major brands we all know.”
Cannabiz Media’s work to develop their CRM involves a state-by-state approach to see who is obtaining CBD retail licenses. “Our job is to track licenses and track who owns them. For instance, if we see that Target, for instance, obtains a license to sell CBD, we’ll look to find out how many licenses Target holds,” he explains, “We’ll also look at multi-state retailers to see who’s on the leaderboards”. This will help Cannabiz Media, and the CBD industry as a whole, determine the scope of CBD retail in the United States following the passage of the Farm Bill. “We’ll be finding out who really has the market power,” he adds.
Keating describes this endeavor as finding the “canna-curious to the canna-serious” and he hopes that through developing Cannabiz Media’s CRM, they’ll help to “illuminate CBD” and help the cannabis, hemp, and CBD industries “know what’s going on through analysis. We intend to shine the light on things we think are interesting.”
Read Cannabiz Media’s new blog post, “Tracking the Growth of the Hemp Industry in the United States” to gain more insights on their approach and what they can offer both retailers and hemp and CBD manufacturers.
If you are a CBD retailer or CBD manufacturer or distributor, stay tuned to CBD Business Media as we reveal more insights on the growing CBD industry.