CHICAGO and BOULDER, Colo. — A leading data source for the convenience-store industry is adding cannabis research to its arsenal. Retail market research firm IRI, Chicago, has partnered with BDS Analytics, a cannabis intelligence provider based in Boulder, Colo.
The partnership aims to provide retailers and consumer packaged goods (CPG) manufacturers with a holistic view of the legal cannabis marketplace and cannabis purchase trends, the companies said. IRI and BDS will offer insights from IRI’s Liquid Data, a planning-to-activation solution, and BDS’s GreedEdge, a cannabis dispensary point-of-sale platform.
“In a challenging CPG and retail environment, the cannabis market—including the exploding CBD category—represents an extraordinary opportunity to deliver growth,” said Robert Tomei, president of market and shopper intelligence for IRI. “A holistic view of the cannabis market, its customers and retail sales is imperative for IRI and BDS Analytics’ clients to capitalize on this unprecedented opportunity. IRI is proud to partner with BDS Analytics, who, in addition to featuring deep cannabis industry market intelligence, distills the most granular retail sales data directly from dispensaries and enables us to continue offering the industry’s most comprehensive view of the modern retail landscape.”
BDS will also integrate its retail sales data into IRI’s Liquid Data, which will be available through IRI’s Unify visualization platform. The companies will also develop retailer technology solutions specifically for cannabis.
“As the cannabis industry has become more mainstream, it is expected to grow to $45 billion by 2024,” said Roy Bingham, CEO and co-founder of BDS Analytics. “Companies need to have a clear understanding of one of the most dynamic growth categories experienced by the CPG industry in decades. We have long admired IRI’s reach, expertise, data and technology, and are excited to partner with them to offer the comprehensive data and insights our clients demand.”
IRI provides “big data,” predictive analytics and insights for CPG companies, over-the-counter healthcare organizations, retailers and media companies.
BDS Analytics provides a holistic understanding of the cannabis market through insights distilled from dispensary point-of-sale systems. The company produces consumer research and cannabis industry financial projections.