Canada became the first G7 country to legalise recreational cannabis in 2018.
Jennifer Lee, a partner at Deloitte Canada leading the cannabis sector for the firm, emphasised the importance of data in the new alliance, according to a report from Forbes.
“We are bringing together the top organisations in the consumer and cannabis space, because we know that insight-driven organisations are much more successful”, Lee commented.
Lee pointed out to Forbes that organisations across the board – from government to FMCG producers – will need comprehensive data on the cannabis market. The data from this alliance of analytics companies will offer insight to multiple clients.
Nielsen, the global measurement and data analysis company, will monitor the evolution of cannabis in Canada and produce real-time market intelligence on the sector.
Seattle-based Headset is dedicated solely to data insights for the cannabis market. Cy Scott, the company’s CEO, predicted that the relative novelty of the market will mean a rapid pace of development.
“As the cannabis industry heats up in Canada it is critical that organisations leverage data to drive informed decisions in this fast-moving space,” he said.
Worldwide sales of federally regulated cannabis are expected to reach as much as $17bn (£12.8bn) in 2019, and companies are keen to get to grips with the market, according to a recent report from Arcview Market Research and BDS Analytics.