- The new Headset Insights tool provides helpful information about the habits of consumers in the cannabis industry.
- It will first be launched in Alberta, Canada.
Canopy Rivers is an investment platform that aims to offer more opportunities in the cannabis sector. Now, according to reports from PR Newswire, Canopy is offering congratulations to Headset, its portfolio company, as it launches Headset Insights in Canada. The competitive intelligence tool is already available in several US markets, including California, Colorado, Nevada, and Washington, giving consumers real-time data on the CBD market. This information allows users to create strategies through the examination of consumer trends, while keeping up with the actions of the competing companies.
Alberta, Canada will be the first province that gains access to the new tool. Alberta reported $17.5 million in legal cannabis sales in May this year, and it already has the highest number of licensed retailers and cannabis purchases per capita in the country. YSS Corp., another portfolio company of Canopy Rivers, has already been onboarded with Headset Insights as part of the initial group of operators in Canada. The connection was made as a result of the actions of the Canopy Rivers Impact Team, which consistently works to find opportunities for different companies in the Canopy portfolio to collaborate.
Narbe Alexandrian, the President and CEO of Canopy Rivers, believes that the new opportunity released by Headset “is a testament to the company’s rapid growth” since it joined Canopy Rivers in early 2019. Alexandrian added,
“We believe that Headset Insights is an unmatched resource for retailers, including Canopy Rivers portfolio company YSS, empowering them to make data-driven decisions based on trends unique to the Canadian market.”
The management of this company believes that leveraging data will become more important with the growth and aging of the cannabis industry, specifically as operators in Canada work to increase their market share. This data will also be helpful for companies as they develop a target audience, price products at a competitive level, and work to understand the purchasing habits of the public.
The software from Headset will likely be available to other provinces this year, as the company plans to monitor all of the product categories in the cannabis industry in Canada.