Cannabiz Media Releases The Point-of-Sale Software in the Cannabis Industry 2021 Report
Cannabiz Media has released its fourth annual report providing a comprehensive update on point-of-sale (POS) software market share in the cannabis industry. The Point-of-Sale Software in the Cannabis Industry - 2021 Report provides key findings about POS software vendors serving active cannabis dispensary, retailer, and delivery license holders, including market share, growth trends, switching behaviors, and more.
GUILFORD, Conn., Oct. 21, 2021 /PRNewswire-PRWeb/ -- Cannabiz Media, the company behind the leading License Database of cannabis and hemp license holder data used to enhance sales & marketing strategies and enable financial analysis and reporting, has released its fourth annual report providing a comprehensive update on point-of-sale (POS) software market share in the cannabis industry. The Point-of-Sale Software in the Cannabis Industry – 2021 Report provides key findings about POS software vendors serving active cannabis dispensary, retailer, and delivery license holders, including market share, growth trends, switching behaviors, and more.
The data in Cannabiz Media's Point-of-Sale Software in the Cannabis Industry – 2021 Report was collected from primary sources, including 23,000 outbound survey phone calls conducted during the late spring and summer of 2021. Of the 8,875 active cannabis dispensary, retailer, and delivery license holders, 3,132 participated in the study, representing 35% of the cannabis industry's POS software market.
"The point-of-sale software category in the cannabis industry grew from 68 to 78 vendors in 2021," shares Ed Keating, Co-founder and Chief Data Officer for Cannabiz Media. "In total, 11 new vendors entered the market in the past 12 months. However, the top five vendors account for 61% of the market, and the top 10 vendors account for 79% of the market. That leaves the other 69 vendors to compete for the remaining 21% of the legal cannabis market."
The top five POS software vendors in the cannabis industry in 2021 according to the data in the report are: 1) Green Bits, 2) BioTrack, 3) Flowhub, 4) MJ Freeway, and 5) Leaflogix.
For the second year in a row, Cannabiz Media researched POS software vendor switching behaviors among active cannabis dispensary, retailer, and delivery license holders. In 2021, 298 license holders switched vendors, which is up from 120 switches in the prior year.
Keating explains, "Consolidation is just one reason for vendor switching, but it's becoming more common. In the past year, Dutchie acquired Green Bits and Leaflogix, and Akerna purchased Viridian and 365 Cannabis, which increased both companies' market shares significantly. Given the consolidation trends among POS software vendors in the cannabis industry, switching behavior is likely to continue, and the number of providers is likely to decline in the future."
The Cannabiz Media team also surveyed dispensaries to learn about the customer relationship management (CRM) tools they use and what POS software those CRM tools are paired with. Most respondents (64%) indicated that they do not use a CRM tool. Among the 1,900 respondents who identified the CRM tool they use, Dutchie and SpringBig were mentioned most frequently at 9.7% and 7.9%, respectively.
Looking at which CRM tools paired with specific point-of-sale software, Cannabiz Media's researchers found that 49% of the reported Blackbird CRM installations used Green Bits as their POS software vendor. Dutchie paired with Green Bits in 29% of reported installations and with Leaflogix in 15% of reported installations. SpringBig was paired with many POS software vendors.
The full 2021 POS software report includes comprehensive data and insights about:
- The 78 POS software vendors in use across the United States by active dispensary, retailer, and delivery license holders
- Overall POS software market share details
- Key POS software market data for Oklahoma, California, and Montana
- POS software data for medical states versus states with adult-use programs
- POS software switching behavior data by vendor and state
- CRM brands in use by active cannabis dispensary license holders
- CRM and POS software pairing data
- Inactive license data by state and POS software vendor
- Data charts and tables
For comparisons and trend analyses, the Point-of-Sale Software in the Cannabis Industry – 2021 Report also provides market share and growth data across all prior years since the report was first published in 2018.
Subscribers to the Cannabiz Media License Database can dig deeper into this data by activating premium dashboards on their accounts for further analysis on point of sale vendors' 2021 market share by state, market, METRC, and timeframe.
Download the free report here at https://www.cannabiz.media/2021-pos-report.
About Cannabiz Media
Cannabiz Media manages the leading License Database of cannabis and hemp license holder data containing verified information on over 40,000 licensed cannabis and 30,000 licensed hemp operations across the United States, Canada, and numerous international markets. Subscribers can access this data through an easy-to-use platform in multiple ways. Sales & marketing teams can find contact information for license holders, segment their target audiences, and then tap into a powerful email marketing tool. And financial analysts, investors, and legal advisors can leverage Cannabiz Intelligence to conduct comprehensive financial analysis, target mergers and acquisitions (M&A), and research valuations. Cannabiz Media was established in 2015.
Media Contact
Alyssa Gatto, Cannabiz Media, +1 (718) 971-5609, [email protected]
SOURCE Cannabiz Media
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