Cannabis Control Board Announces Tracking Partnership, Public Transparency Project
DENVER — On Friday, Vermont’s Cannabis Control Board announced a partnership with NCS Analytics, a leading high-risk data analytics firm based in Colorado, to build and provide a cannabis analytics platform for tracking the state’s cannabis inventory and sharing interactive data with the public.
The NCS Platform, said Chair James Pepper, will leverage its technology to support the CCB’s mission to provide effective, efficient regulation and enforcement for Vermont’s legal cannabis industry.
“We are excited to work with NCS Analytics and utilize their tools to provide oversight for Vermont’s newly created recreational cannabis market,” said CCB Chair James Pepper.
Allowing CCB staff to identify and investigate potential issues in nearly real time, the platform uses its advanced analytical tool to capture, aggregate, and analyze millions of data points throughout the cannabis production supply chain. Additionally, it will identify suspicious transactions in near-real-time for regulators, allowing them to focus on the most urgent needs.
In addition to its data-driven solutions, NCS will launch Vermont’s first-ever Transparency Project. Public data is shared in an easy-to-understand interactive dashboard that is available to the public 24/7/365.
“[This] platform will save our staff time by allowing us to focus on the highest priorities while providing transparency to Vermonters and building confidence in the regulatory system,” Pepper said.
In addition to its data-driven solutions, NCS will launch Vermont’s first-ever Transparency Project. The NCS Transparency Project is a collaborative effort to increase understanding and awareness of the cannabis industry through public data sharing and online dashboards. This data is shared in an easy-to-understand interactive dashboard that is available to the public 24/7/365.
Increasing transparency in a high-risk industry, said the CEO of NCS Analytics, will help accountability measures to improve compliance and build public confidence in the newly created legal system.
“Regardless of the size or age of your market, data and data-driven decision-making can profoundly impact and improve outcomes for regulators and consumers alike.” — CEO Adam Crabtree, NCS Analytics
“We are very excited about our partnership with CCB and supporting Vermont’s mission to legalize recreational cannabis in a responsible, efficient way,” said Adam Crabtree, CEO of NCS Analytics. “We firmly believe that data is the backbone of any well-regulated market and transparency is the cornerstone of good government. Regardless of the size or age of your market, data and data-driven decision-making can profoundly impact and improve outcomes for regulators and consumers alike.”
While Vermont medicinal cannabis sales have been active for several years, retail cannabis sales began on October 1. NCS Analytics’ partnership with the CCB will increase the accuracy and validity of the data provided by the current data collection and for Vermont’s forthcoming Salesforce-based inventory tracking system.
These inventory tracking systems fulfill Vermont State law, which requires that all cannabis establishments track cannabis and cannabis products from seed to sale, and will give Control Board the in-depth access to industry analytics.