Raising Cannabis Capital 0078: Cannabiscope

David Schacter CEO & Co-Founder of Cannabiscope is featured on this episode of the Raising Cannabis Capital podcast. All the different types of cannabis makes selecting the correct product very difficult.  Cannabiscope has made this process simple by organizing all the different strains, their cannabiniod profile and their expected effect into an easy to use wheel.

Produced By MJBulls Media

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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 3Ccannabis.com.

We have bud tenders. Sometimes they walk around with their own iPod that shows what the in-house store is or you could add to the lobby and that kind of noise taken a dead space where people are just sitting there looking at magazines and browser shopping before they even go inside. From Buminit media it's the MJBulls Podcast a show about Raising Cannabis Capital.

David Schacter:
Dan Humiston. And on today's show how this cannabis entrepreneur has organized all the cannabis strains their cannabinoid profiles their terpenes and their effects into one simple to use tool.

Dan Humiston:
We are joined by David Schacter CEO and co-founder of cannabis scope. David welcome to the MJBulls Podcast.

Dan Humiston:
Thanks Dan. How are you doing.

Dan Humiston:
Doing great. Doing great. So the good news about cannabis is it is so complex that there are essentially different strains for almost every intended result. You know most people know about the pain relief and getting high but you know we're really just scratching the surface. There are so many variations. Do you want to relax. Do you want energy do you want to be focused. You want to sleep. And that's not even to mention the different aromas and flavors and you know I will say this to you David. To the average person it's becoming overwhelming. Tell us how cannabis scope simplifies this complex plant.

David Schacter:
Okay so within cannabis there's the testing that's being done is for the cannabinoids THC CBD CBN. These are characteristics within the plant. But there's also terpenes which are the aromas that come from it. There's terpenes in everything in nature. Orange peels and pine. If you walk to the source you get this binding effect. So strains that are bred specifically have very distinct smells that are skunky and Woody and fruity. So it's the smells along with the THC and CBD values that make it difficult. It's not just highest THC really comes down to what do you want as far as smell. And when you can't open the bag because everything's prepackaged for you order online you don't get that ability to smell it because lab testing and what these characteristics cannabis scope uses a really simple interface. You can click through the wheel and find things based on smell preferences aromas or the effects that it can have.

Dan Humiston:
I'm at the website right now if you can visualize this. It's essentially like a big wheel with a lot of different options on the outside of the wheel. So one of my options is is mental or physical. And I say OK I want to click on a mental one and then it gives me all my options within the mental I could select of strain this euphoric or creative or calming. In this case I'm going to select one that says focus so I click on focus and then it brings me up a bunch of options.

Dan Humiston:
I mean it is so simple.

David Schacter:
So that the information these strain profiles there's someone out there it was just a matter of matching what the flavor aspects are and with the health aspect so that so much to side you know as you click into health and mood and behavior and mental or physical has more sleep and digestion.

Dan Humiston:
Yeah so I mean if like if I click on physical and I was like You know what I need some pain relief there's a spot here that says relief. So I click on relief and it gives me half a dozen options that would help with pain. I mean it's just that simple. Now if I went into a dispensary you have partner dispensaries already out there. This wheel is available right in the dispensary. So I can just kind of work my way through it and it's linked to the products that are in that location. Is that how it works.

David Schacter:
Yeah. So every business they can put on their logo and it's their customized wheel. So it shows whatever they have in house. So when patients come in instead of looking at one hundred and one products when you go into pain relief here are the five or six that are known for that. So it really narrows it down for the customer. We have bud tenders. Sometimes they walk around with their own i pad. That shows what the in-house store is where you put ads in the lobby and that kind of you know it's taken a dead space where people are just sitting there looking at magazines and or shopping before they even go inside.

Dan Humiston:
Yeah I was just looking at Planet 13 which is what I understand the largest dispensary in the world it's in Las Vegas. I just popped open their wheel.

David Schacter:
They put a big screen TV. So when people are walking around it's this life sized interactive menu and stays updated with their product pages. Also lab results. Nevada has very strict lab testing that you have to present. So it's what herpes and cannabinoids not just teach you see a fool is looking down the list of all the dispensaries.

Dan Humiston:
I mean I can essentially place my order online almost like Starbucks. Go to the dispensary to pick it up. You just cash out. Everything's already taken care of because you can use each one of these dispensaries personal we'll write online.

Dan Humiston:
It's so simple it's so dispensaries about five to 10 percent is online orders. We want to increase that formed. It speeds up the line especially with returning patients. They know what they want. They're coming back. You're not sure if it's in your wheelhouse to be able to order again and that's what we want to get to.

Dan Humiston:
We're just talking about dispensaries right now. But cultivators they can have all of their products on this wheel which is really cool. What I find interesting here is doctors can use the wheel to help their patients.

Dan Humiston:
I want to take a minute to tell everyone about an exciting free opportunity that one of our former guests good harvest company is offering retail operators in cannabis brand managers and 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 goodharvest.co.

Dan Humiston:
Well the other thing about your business that I think is sort of under the surface right now buddy there's a ton of information that you're collecting right. This is crazy all the information that you have access to not just about the plants but also about consumer behavior. You can kind of tell what people preferences are before the purchase.

David Schacter:
Yeah that new territory we're getting into in the sense that we know what people are looking for the pill systems they know what you buy. They know the customer profile the CRM is just cannabis industry is doing a pretty good job of recording what's happening but it's being able to predict what's going to happen what they're looking for and that's important for brands. Because if you're going to buy clones or buy seeds you should buy these particular one.

Dan Humiston:
This is what's selling that right there I think is a game changer. As you accumulate more and more of this data it's going to be so valuable to brands and advertisers. Well let's talk about where you're going with this product and what's next in the horizon for you.

David Schacter:
So we open up the platform and we allow all businesses to create their own wheel. That's manual input to put in their scores putting their lab results and put in their prices our next stage is connecting to the point of sale systems so that it's automated feed. And that's the next big step because then when you go into a store this is exactly what they have on their shelf. Not how I saw it online but when I got here it wasn't available. It's a big problem in the industry. But as the pure systems are now reporting live data because the wholesale and retail taxation and distribution. It's public record these lab results the pricing it's just not being displayed anywhere and I think we ought adopt a better mousetrap and showing the consumers what's in the products that you're buying especially for adult use.

Dan Humiston:
Up to this point you've just been doing this all sort of bootstrapping your way through this and now you're at that point where you're going to open up a seed round to raise a little bit of cash.

Dan Humiston:
Is that the plan.

David Schacter:
Yes. So we're looking for strategic partners you can take us to scale it up because it can be across the country and internationally as a tech company or SAS motto. So we don't provide any hardware. You have your own tablets. You have your own iPod by your own TV. And then we provide the software part of it. And how much you reason you're looking to raise a million five million evaluation. So you're 20 percent. We have it laid out with our sales plan of how that can be implemented for marketing the classroom still matters service and operations now.

Dan Humiston:
Yeah I mean you did all the hard stuff after another heavy lifting. Now it's getting market share and that's really what you're after right now. You've got to get in this great idea in front of people. That's the key right now. David great job simplifying cannabis and I really appreciate you being on the show with us today and telling us about this way of solving this really really complex problem. I think it's going to be well received.

David Schacter:
Thanks Dan and we're not doing this on our own. You know every time we have a seed company it's a these are your streams How do you want it classified with the brand same way that just penetrate. So it's customized products through each story and it has to work with the Pos what we're looking for those partners and thank you for the podcast is I've reached out to some of your post guests and contacted them and so we appreciate hearing giving an opportunity beyond Mjbulls.

David Schacter:
Thank you Dan.

Dan Humiston:
You're welcome. It's great to have this whole ecosystem of former guests again. David good luck. And let's stay in touch. OK. Well the.

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's management team works with investors to help turnaround or in some cases purchased their underperforming portfolio companies to learn more. Go to Trevett.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.

Dan Humiston:
Today's show is produced by Buminit media with original music composed by Jamie Humiston hemp Dan Humiston and you've been listening to MJ MJBulls Podcast.

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