Glance’s Cannapay Financial was featured in Medium:

Last week, Cannapay Financial hosted an event to celebrate the launch of Cannabis Big Data Holdings Inc.

And this Monday, the BC government announced that adults over age 19 will now be able to purchase cannabis for recreational purposes from private retailers in urban centers and in government-run stores across the province.

We figured that it was only a matter of time before we became as modern as our ancestors; according to National Geographic, charred cannabis seeds were found in Siberia inside burial mounds dating back to 3000 B.C. And cannabis was used as a medicine thousands of years ago by the Chinese.

Marijuana already is the fastest-growing industry on the planet, according to Arcview Market Research 2017 report on the marijuana market. Sales hit $6.7 billion in 2016 — a 34% jump from the previous year. Arcview expects the legal marijuana market in North America to be nearly $23 billion by 2021.

As President and CEO of Cannapay Financial Inc., I am excited about the incredible potential of this market. Our team has been building the tech needed to support this industry and we have incorporated not only Glance’s top-notch anti-fraud technology, but our subsidiary. Cannabis Big Data Holdings Inc. will combine technology licensed from Cannapay and big data analytics hardware and software from Fobisuite to provide insights for cannabis retailers and producers.

This is an enormous opportunity, it isn’t every day that an industry is born. And thanks to previous recreational legalization in states such as California, we are already starting to witness big data at work and prove the use case.

According to a recent Forbes, Californians spend most of their cannabis dollars on marijuana buds called “flower” by the industry. This currently accounts for 55% of California cannabis sales ($375 million in Q2 of 2017). Also, Indica strains were more popular in California than Sativa. But while this data it great, it barely scratches the surface.

By integrating our technology with Fobisuite, we plan to offer big data analytics for networks of related businesses, merging purchase baskets with historical data, social media and mobile data to create unique customer journeys. Big data enables mass-customization on the most granular level.

Great customer experiences drive business growth, and personalized experiences take this to an entirely new level. Forbes reported with data from Segment, on four key impacts that result from personalized shopping experiences:

  • Impulse purchases: according to Forbes, 49% of customers bought items that they hadn’t planned on buying, thanks to personalized recommendations.
  • Revenue: 40% of consumers polled in this study in the U.S. admitted to purchasing something that was more expensive than planned thanks to the personalized service that they received.
  • Reduced refund requests: impulse purchases were only refunded 5% of the time, and 85% claim that they were satisfied with their purchases.
  • Customer Loyalty: 44% of those polled reported that they were likely to make a repeat purchase following a personalized experience.

We live in the age of mass-customization. It already exists for a plethora of product categories from suits to shoes. Cannabis should be no different, and great data can get us there.