Canopy Rivers portfolio company Headset has launched the Headset Insights in Canada. Headset's intelligence tool provides real-time market data to help users uncover strategic opportunities, monitor consumer trends and behaviours, and keep tabs on competitors.
Home to the most licensed retailers and highest amount of cannabis purchases per capita in Canada – reporting $17.5 million in legal cannabis sales as of May 2019 – Alberta will be the first province to access Headset Insights. Canopy Rivers' portfolio company YSS is among the initial group of Canadian operators already onboarded. "The adoption of Headset Insights by YSS's fast-growing retail chain is an example of the complementary transactions that occur throughout Canopy Rivers' ecosystem," the team with the company explains. "This connection was facilitated by the Canopy Rivers Impact Team, an in-house group of operations experts that actively identify opportunities for collaboration within the Canopy Rivers portfolio."
"This announcement from Headset is a testament to the company's rapid growth since being backed by RIV and joining our ecosystem in January 2019," said Narbe Alexandrian, President and CEO of Canopy Rivers. "We believe that Headset Insights is an unmatched resource for retailers, including Canopy Rivers portfolio company YSS, empowering them to make data-driven decisions based on trends unique to the Canadian market."
As the cannabis industry matures, management believes that the ability to leverage data will become increasingly important, as Canadian operators attempt to gain market share, target customers, price products competitively, and understand ever-evolving purchasing dynamics.