Raising Cannabis Capital 0077: Cannabis Big Data

Cannabis Big Data CEO Henry Finkelstein joins Dan Humiston to talk about how they are consolidating information from many non-compatible sources to help cannabis companies make data-driven decisions.  Smart companies are using functional data to give them a competitive advantage and Cannabis Big Data provides this service for businesses in the cannabis industry.

Produced By MJBulls Media

MJBulls 0077 Cannabis Big Data f.mp3 | Convert audio-to-text with Sonix

Dan Humiston:
Today's show is brought to you by 3c comprehensive cannabis consulting helps clients design build and optimize their cannabis business from initial assessment and planning through operational and ongoing management. To learn more about how their services are tailored to meet the unique goals and objectives of each of their clients. Go to 3C cannabis.com and for a limited time 3C is giving all MJ bulls listeners an additional 10 percent off their fees just for mentioning that you heard it on the show go to 3C cannabis.com.

Henry Finkelstein:
For example one of our modules is the cultivation yield module where we plug into the metric API key. Pull out all of that information around plant batch it harvest and all of that into one location and then present very simple specific clear insights around what strains are growing the most. How long does it take to grow them and ultimately where is your best profit margin.

Dan Humiston:
From Buminit media. It's the MJ bulls podcast a show about Raising Cannabis Capital.

Dan Humiston:
I'm Dan Humiston and on today's show how this company is efficiently consolidating all the data from all the non compatible programs to give cannabis companies the information they need to make data driven decisions.

Dan Humiston:
Today in the Raising Cannabis Capital series we are joined by Henry Finkelstein CEO and founder of cannabis Big Data. Henry welcome to the MJBulls Podcast.

Henry Finkelstein:
Thank you Dan. It's a pleasure to be here.

Dan Humiston:
You know Henry one of the great things about running a business today is that all the information about the business is digitally entered the only information that business owners need is available to them. But unfortunately even though we have all this information stored someplace it's usually resides in a lot of different programs or different locations. So at the end of the day the business owner ends up having to do a lot of manual extraction from different locations and re-entering it an Excel spreadsheet in order to get the answer this they're looking for. And that's where cannabis big data comes in. Tell us how you solve this problem for entrepreneurs.

Henry Finkelstein:
Absolutely. And I think you have a great point Dan there is so much valuable information that's sitting in the seat to say oh the point is Dale the accounting the hardware sensors or even internal spreadsheets there's so much valuable information but it can be hard to connect those data dots. It can be hard to pull all that into a central location and make dollars and sense of it. And that's really what cannabis Big Data does. We plug into any data source truly any data source any software any hardware any internal or external data that we have legal rights to pull into your warehouse. We organize that information and then we present simple intuitive actionable insights out of that information. Look Dan if data isn't actionable it's worse than useless distracting.

Dan Humiston:
Yeah there's a really good point. And the nice thing about what you're doing is that because you're working with a lot of different people within certain sectors you get some information about maybe the way that this company uses data to make decisions. And you can suggest that to other companies say well this is a similar way that a lot of industry people are finding or making decisions using this information. Maybe it's a way that they hadn't thought of before so you're not only finding the data form but you're also showing them a way to manage their business that they may not have already thought of.

Henry Finkelstein:
That's exactly right. And that's the value of having cannabis specific data toolkit at your fingertips. And I'll give you two very perfect examples of exactly what you're talking about. One example is metric. Everyone has to use metric in Colorado and I think eleven other states. Now it might be up to 12 and metric is a big player in the market obviously by law everyone has to use it in the states where it's required and yet metric didn't really build in the best reporting architecture. So one of the challenges that everyone faces in this industry is that they have to put data into metric by law they have to do that but it doesn't do much for them. And so especially as we think about cultivation or manufacturers there is so much insight they can get from their plans their strains their harvests their packages their production batches and so on. But you have to export it to a spreadsheet and then manipulate it and then every time you do that you have to redo it and redo it again. And so that's for example one of our modules is the cultivation yield module where we plug into the metric API key. Pull out all of that information around plants and batches harvest and all of that into one location and then present very simple specific clear insights around what strains are growing the most. How long does it take to grow them and ultimately where is your best profit margin so that as you're planning out your next production cycle you can use our grow profit planner to predictably model what you're going to achieve from a net sales gross profit perspective before you ever put a C or cutting in the ground. And that's just one example of taking the data that you already have because you have to enter it by law. You have to use it. And actually making it valuable and actionable for the team to drive business decision.

Dan Humiston:
Oh sure. So you got that information I plug it into my projections and then they start comparing that to my projections as we're going along seamlessly extracting it's automatically done for me. I can see how we're doing with according to projections maybe we have to make an adjustment.

Dan Humiston:
So then we make that adjustment in a let's tie in payroll. That's exactly right. All these different programs that are necessary for me to run my business are not all talking to each other but the way you consolidate this they do.

Dan Humiston:
I want to take a minute to tell everyone about an exciting free opportunity. One of her former guests good harvest company is offering retail operators in cannabis brand managers in the adult use market. Good Harvest Company is preparing to launch a platform which uses customers buying and shopping behaviors to help brands effectively reach their customers and for a limited time. Good Harvest Company will offer participating companies free access to their data in return for their feedback. To learn more go to good harvest.co.

Dan Humiston:
I'm going to jump ahead here for a second. I know you have a new product in the works. Let's talk about this product.

Henry Finkelstein:
Yeah absolutely. So you know we're in the middle of a fundraising round right now and one of the things that we have observed in being in past fundraising grounds and having so many peers both on the capital side and the entrepreneurs side raising money takes a lot of time and energy and oftentimes a lot of money and that's all time money and energy that is not going towards servicing customers and so on a very basic level. We put together a data driven toolkit for investors and for entrepreneurs to make these markets more efficient and we call it our data driven deal analyze and here's how it works. You can think of it like a Match.com for cannabis investors and cannabis entrepreneurs. On the one hand investors fill out their investor thesis their profile around what types of deals are they looking for. What verticals are they getting into. What their typical deal size. How did they do due diligence and a variety of other questions around their preference for what types of businesses they're interested in looking at. And then on the other side entrepreneurs still out essentially the exact same form but self reporting about themselves. What's their deal size. What is their answer for. How strong are their founders and other things like that. And then we put together a deal analyzer that algorithmically matches investors to entrepreneurs so we can say not just is this deal compatible to your investor thesis but also what is the match score for that potential deal. And of course nothing is going to replace the human interaction. Again I always say that you know we're data folk but but we are humans first and foremost. And so you can't ever replace the human interaction but you can make it much more efficient and save time money and energy by having a data driven methodology to validate the investor thesis and all the deals coming through your deal flow.

Dan Humiston:
We have a cannabis capital directory on our website which just having listing everybody that's raising money and everybody that's investing in that site gets you out a lot. You said you were in the middle of a raise. You won't take a minute to talk about what you're raising.

Henry Finkelstein:
Yeah absolutely. Yes we're raising our Series A Bridge right now just over half a million and it's focused on individuals accredited investors or interested in joining an SPV. We're really using that fund to expand our footprint. You know we spent the last two years validating product market fit and developing a scalable data driven growth engine and we come from the lean methodology from day zero. I got out of the building and I was interviewing prospective customers. I was doing Dan the life interviews before we ever wrote a single line of code. We had two alpha customers signed up paying us real dollars to validate that this is a real problem with real solutions that are going to get real money. And it took us time. It took us time it took us two whole years to validate that we have a product market fit in that we have a way to get that product into the marketplace and in a scalable efficient format. And now we're there and it's so exciting. Dan I can't tell you how excited I am seeing all the changes at the federal level and in other countries because this is only accelerating. And as this industry accelerates and as the operators become more sophisticated both the individuals that grew up in the industry and those that are coming in from other industries data is going to be at the heart of everything truly everything is going to be a data driven decision. We have the toolkit kit we have the software already developed. And so 70 percent of our use of funds is going toward customer acquisition and marketing getting our name out in the marketplace so that people know about this really wonderful data toolkit that we've developed for the cannabis industry.

Dan Humiston:
Well Henry this has been really interesting. And I hope that we have an opportunity to follow up later on as this thing continues to roll down the road.

Dan Humiston:
I just see there's so much opportunity in what you're doing and I can't wait to see how this thing plays out as the industry keeps getting bigger. So thanks for being on the show today.

Henry Finkelstein:
Thank you so much. Dan I really appreciate it. And I really enjoy the MJBulls Podcast so it's truly an honor to be here.

Dan Humiston:
That's nice of you to say thanks again.

Dan Humiston:
Let me take a second to think Trevett Hill for sponsoring today's show. Cannabis investors expect big returns from the companies that they invest in. Unfortunately not all cannabis investments succeed. Trevett Hill management team works with investors to help turnaround or in some cases purchased their underperforming portfolio companies to learn more go to Trevett Hill dot com.

Dan Humiston:
Thanks for listening to the MJBulls Podcast. To learn more about today's guests or to become a guest. Visit our Web site at MJBulls.com. Today's show is produced by Buminit media with original music composed by Jamie Humiston. I'm Dan Humiston and you've been listening to the MJBulls Podcast.

Convert audio to text with Sonix. Sonix is the best online audio transcription software

Sonix accurately transcribed the audio file, “MJBulls 0077 Cannabis Big Data f.mp3” , using cutting-edge AI. Get a near-perfect transcript in minutes, not hours or days when you use Sonix. Sonix is the industry-leading audio-to-text converter. Signing up for a free trial is easy.

Convert mp3 to text with Sonix

For audio files (such as “MJBulls 0077 Cannabis Big Data f.mp3”), thousands of researchers and podcasters use Sonix to automatically transcribe mp3 their audio files. Easily convert your mp3 file to text or docx to make your media content more accessible to listeners.

Best audio transcription software: Sonix

Researching what is “the best audio transcription software” can be a little overwhelming. There are a lot of different solutions. If you are looking for a great way to convert mp3 to text , we think that you should try Sonix. They use the latest AI technology to transcribe your audio and are one my favorite pieces of online software.


Cannabis Podcast Network