Cannabis sales eclipsed $17B in 2020, setting a new record for annual sales and the economic impact of the marijuana industry is expected to surpass $92B in 2021. CAGR for annual sales is estimated to be at least 20%+ by most estimated until 2030 with more and more jurisdictions, including New York, moving towards legalization. Sophisticated specialized services to cater to the needs of cannabis brands and businesses are emerging to address this nascent but ballooning market. Surfside is an end-to-end customer acquisition platform built specifically to address the needs of the cannabis industry. The company prioritizes the collection, use, and synthesis of first-party data to power its customer data platform and layers that data with its demand-side platform to power tailored campaigns across all devices. As a result of regulatory restrictions, cannabis businesses are not able to effectively leverage conventional advertising means and Surfside provides a packaged, unifying, and compliant solution to build and scale demand generation. The company now has over 1,000 dispensaries and over 100 brands using the platform. AlleyWatch caught up with Cofounder Jon Lowen to learn more about the inspiration for the business, the company’s strategic plans, and recent round of funding from Casa Verde Capital.
We probably take for granted the many benefits of the widespread usage of UPCs both for manufacturers and consumers and the impact it has on retail – inventory control, standardization, cost efficiencies, clear and accurate pricing, reduced errors with the elimination of manual entry, improved data and tracking, and improved decision making to name a few. For nascent products, UPCs also adds a degree of credibility and builds trust in the product and manufacturer. Lucid Green is bringing the benefits of UPC to the cannabis industry with its software platform that facilitates fungible product codes, LucidIDs, for the cannabis industry. The platform caters to the entire cannabis supply chain from brands down to the consumer with the codes used on bulk packaging, cases, pallets, and individual items. As the market for cannabis continues to grow, with more and more jurisdictions moving towards legalization, the company’s solution allows the industry to scale efficiently with transparency. AlleyWatch caught up with CEO and Cofounder Larry Levy to learn more about the inspiration for the business, the company’s traction, future plans, latest round of funding from investors that include Bravos Capital, Silverleaf Ventures, FGCP, and HALLEY Venture Partners.
Cannabis investor and expert Jeffrey Finkle shares some insight on how businesses will change as a result of COVID-19 and examines if this will be the seminal moment for the cannabis industry.
It’s become something of a tradition for me to look at the year ahead and predict where the industry is headed. Part of that process involves looking back at the trends that dominated last year and looking to see how much of that momentum will continue into the New Year. And, what a year it […]