NEW YORK — Nielsen has announced an expansion of its suite of cannabis measurements via an “analytic relationship” with Charlotte’s Web Holdings, a Denver-based maker of cannabidiol (CBD).
The goal of the partnership is to “help guide the U.S. retail market for consumer packaged goods companies through the evolution of the CBD space. Mirroring the changing tide happening across the U.S. retail and CPG industry, this new relationship marks an open and symbiotic relationship that is forming between the emerging CBD industry and the U.S. retail and manufacturing community,” according to Nielsen.
Charlotte’s Web has expanded its retail presence this year with major retailers, including Kroger and CVS. The partnership with New York-based Nielsen will allow the research company to use Charlotte’s Web’s product knowledge and provide insights into market trends, consumer attitudes and preferences, and enable manufacturers and retailers to “more easily measure and predict the impact of hemp CBD on the CPG industry and strategize accordingly,” the company said.
“This is a game changer for hemp CBD retail analytics,” said Deanie Elsner, CEO of Charlotte's Web. “As the market leader in CBD, we have an obligation to advance objective data, purchase dynamics and insights that can be leveraged by our retailers.”
Don Burke, senior vice president of Pittsburgh-based research firm Management Science Associates (MSA), agreed that there’s a strong need for accurate data in the CBD category, especially online sales.
“Based on information that MSA is tracking, more consumers are choosing to purchase their CBD items online as compared to purchasing in brick-and-mortar outlets,” Burke told CSP Daily News. “It is difficult for any data provider to get a strong understanding of online purchases as part of the entire CBD industry, which is why MSA uses a combination of distributor shipment, retail scan and consumer survey data.”
“While Nielsen’s partnership with a major CBD manufacturer will likely give it access to online purchases for this manufacturer," Burke said, "this data cannot be projected accurately to the entire online universe due to biases in any one manufacturer’s data.”