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Welcome to the CAMP newsletter where we share the many ways data and analytics are being used today to run more efficient and profitable cannabis businesses. Thank you for being here! If you enjoy our newsletter, please forward it to a lucky friend or colleague. If this email was forwarded to you by someone else, ​subscribe here​ to get your own copy next time.

We were with many of you at MJBIzCon in Vegas last week, reconnecting with clients and friends, taking the pulse of the industry and having a bit of fun. Below are some take-aways from the show.

Hunker Down. Tons of great sessions, content, networking and booths this year. The overall mood was one of acceptance, that in spite of likely re-scheduling in 2024, it will continue to be a tough operating environment. Without Safe Banking and changes to 280E, the industry will continue to be highly constrained financially and challenged from an operational perspective.

Too Much Tech? When the CEO of a major POS vendor uses his airtime to ask if there’s not too much tech for dispensaries, you know things are changing and maybe we’re not in hyper-growth mode anymore. Just by raising the point about technology and ROI, Gary Cohen from COVA is showing us all how the industry is maturing fast.

Psychedelics Go Mainstage. I caught up with Amanda Reiman (Chief Knowledge Officer at New Frontier Data) who moderated 2 panels at the ReMind Psychedelics Business Forum. “Who is the Psychedelic Consumer” revealed that psychedelic consumers are more similar to plant-based wellness consumers than to cannabis or alcohol consumers. They are older, have higher incomes, consume less than cannabis consumers, and when they do, it is with more intention and focus on personal growth.
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At the same time, psychedelics suffer from many of the same challenges we’ve seen in cannabis where gifting and gray-market dominate the early stage of the market. There’s been decriminalization but not yet full legalization. With lots of psychedelic DIY, another key question folks are asking is how to ensure safe and legal access while the de-stigmatization of psychedelics runs ahead of the regulatory framework.

In the Day #2 fireside chat “Meet the Entrepreneur”, the focus was on Satori Farms PDX, the first psilocybin manufacturer licensed in Oregon. A key topic was dosing. So far dosing has been based on weight instead of potency, yet overconsumption of psychedelics can pose a much greater risk to consumers as hallucinogenic mushrooms can remap neural pathways forever. So consistent, standard product testing and dosage information is needed.

AI for Growers : Neatleaf. Sydney at Neatleaf showed me how their they have taught a computer how to remotely detect indicators of plant health and deliver actionable growth metrics. With a combination of a mobile camera suspended over your canopy (think NFL skycam) image AI, and BI software, Neatleaf warns you about discoloration, curling leaves, pests, viruses and other plant health issues before they become major problems. Neatleaf is a great example of how AI, tech and data are being used today to assist cannabis industry experts to be even more productive.

AI for Consumers & Operators : Jointly. Co-founder Erik from Jointly and I connected at the Grasslands party and talked about their AI budtender solution. Jointly is using AI and consumer feedback to help consumers find the cannabis product that will deliver the effect and perfect cannabis experience they are looking for. Solutions like Jointly can help demystify cannabis and bring more new curious consumers into the cannabis category, fueling long-term growth for the industry.

Standard Product Information : Metrc. Metrc’s product catalog initiative is not super sexy but is a potential unlock for the industry to become more efficient and data driven. A catalog of standard product information and content will help consumers get accurate information at the dispo shelf, and will help data geeks like me deliver actionable insights more efficiently. We see this as a potential accelerator and a foundational piece of the cannabis data and tech landscape. Let's see how quickly cannabis brands jump on board with the initiative.

Please feel free to chime in - reply at nick@palomargroup.ai with your thoughts on MJBizCon and what caught your attention at the show.

Until next time, be well and stay in touch

Nick Afonsky

CEO & Founder

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