The New Tech Running Canada’s Cannabis Industry

21 February 2019

Since cannabis for recreational use was legalized in 2018, many industry watchers have noted that the cannabis industry may well become a major driver of economic growth in the coming years.

With the global cannabis market estimated to be worth $31.4 billion by 2021, investment in all aspects of this industry has soared, with many financiers banking on a significant ROI if Canada becomes an international destination for cannabis tourism.

But not all of this investment is in cannabis production and sales. While the dispensaries popping up in cities across Canada are one of the most visible signs of the cannabis craze, sales are not the only driver of the cannabis economy. In fact, one of the most fruitful areas of investment has proved to be in the tech needed to sustain production in a responsible and streamlined way.

The Cannabis Act stipulates a strict regulatory regime in an effort to end the extensive cannabis black market that exists in Canada.

Central to this regulatory regime is the requirement that every cannabis plant has grown in Canada be tracked from “seed-to-sale” to guarantee that production stays within the mainstream economy.

Because seed-to-sale tracking requires producers to gather and report on vast quantities of information about their stock, many are turning to bespoke tech solutions made for the cannabis industry that help them stay compliant with regulations.

By far the most popular seed-to-sale platform in the country is Ample Organics, which already serves seventy percent of Canada’s licensed producers.

This platform provides the latest seed-to-sale software to help producers track and report the development of every single one of their plants, and because it uses an intuitive system based around barcodes and wireless scanners to provide immediate database updates. It also reduces the risk of human error and makes data gathering completely seamless.

This isn’t just useful when it comes time to provide reports — although Ample Organics software is designed specifically to help licensed producers stay compliant with Canada’s regulatory framework. It also makes quality control, harvesting, packaging, and sales easier as well. With Ample Organics, producers have access to a customized e-commerce site that facilitates inventory control and labeling, so customers always get exactly what they want.

In a brief time, they have been legal for consumption in Canada, recreational cannabis products have already proved to be a hot commodity. And as with all hot commodities, businesses that want to cash in need to be intelligent about how they invest. With such a highly regulated product, it is important for any new producer to make sure no shortcuts are taken, and that their operations are legally compliant at every stage of the production process.

Companies that want to take advantage of the exciting opportunities that exist in the cannabis industry should be sure to invest in the cannabis tech that will set them up for long-term success, and guarantee that their business model takes into account the requirements of Canadian law.

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Ariana Smith

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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Brand Ambassador Application – How to Find a Brand Ambassador

Having a brand ambassador who will represent your brand and company goes a long way in increasing sales and goodwill among the people. They are able to win the hearts of people due to their influence and the trust which has been placed in them.Knowing that you need an ambassador is one thing, finding one is another matter on its own. With the competitive nature of the industry, many companies require these influencers. Hence, you must employ certain methods to find these talented individuals.In this article, we will discuss one of the main ways to find a corporate ambassador. And to ensure that you exhaust every means available, we will also discuss 5 other ways to find these influencers.1. Brand Ambassador Application Form: This is a major method that firms employ when seeking a representative. Your company’s brand ambassador program can be promoted using this method.All you need to do is publish the brand ambassador application and wait for interested ambassadors to contact you. The application form or the form’s link can be sent via targeted emails, pages on your organization’s website, post-sales messaging, etc.The ambassador application form should contain questions that query the potential influencers why they purchased your product or patronized your service and the reasons they adore your products.Furthermore, ask them if they would like to share those products consistently with their network. From the answers you get, you ought to be able to determine if the customer is fit to be your company’s representative.An interesting thing about this method of finding ambassadors is that only truly interested people will fill the form. Include a website application once you are done with your section to further streamline the top candidates.Tip: An NPS survey can be used to ask the kinds of questions contained in your application form. 2. Informal Application: This is informal in the sense that it doesn’t carry an official format. It is more or less like a referral platform that invites almost everyone to be brand representatives.Customers who join do so using a basic form published on the company’s website. After signing up, a link or code is sent to them. This code can then be shared with their network. When anyone employs the link to buy a product, the ambassador will receive an incentive.While this is informal, there is still a need for you to contact your customers personally to inform them of the ambassador program. An informal application can be sent to every customer so that they can join. Then, the top customers or those that do well in the informal program can be invited to join the formal program.The only difference is that the formal ambassadors should receive more incentives than those who belong to the informal program. 3. Search on Social Media:This is the simplest way to find influencers; however, it requires your time investment. Start with individuals that have posted about your company or brand if you know any.If you don’t know anyone like that, then you need to go through the process of searching. Run a search using your brand name or hashtags. But bear in mind that not everyone who makes use of your hashtag is suitable to be your brand influencer. Visit https://blog.hootsuite.com/how-to-use-hashtags/ to learn how to use hashtags. 4. Use Software Programs: There are some software programs you can use to help you get the best brand ambassador. This is advantageous as it saves you precious time and stress from manual searching.These programs reveal individuals that are mentioning your brand and company. They can also filter through these mentions to make the process easier.Once you find a potential ambassador, some software programs can aid you in reaching out to them. 5. Use Customer Data: This is dependent on whether you have collated customer data over time. So, you can sieve through your previous data to find out who has been loyal to your brand. You must select only loyal customers as they would be eager to promote your brand since they’ve used your products. Click here to learn more about customer data. 6. Ambassador Marketing Platforms:Since the number of influencers has been rising, many of these individuals have created platforms where they can interact and also be easily reached by brands.So, you can make use of such platforms and just go through the list of influencers there and make your pick. You can use filters to streamline your choice of what you are looking for. Conclusion: After you get your ambassadors, establish a rapport with them. Then make sure you follow their social media accounts and like and comment on their posts. You can also share their posts that will be impactful to your followers.Which of these methods will you employ? Or have you employed any of them in the past? Feel free to let us know…Read Also:How to Market a Small Business in a Big City Influencer Marketing Tool to Move from Local to Global Market 5 Steps to Building an Influencer Marketing Campaign

Why Correctly Valuing Your Business Is Essential

Knowing your business's accurate value can be helpful if you plan on selling your brand someday. However, the fear sellers have in getting the best possible price is understandable.Selling your business is one of the most significant events in your professional life. While this brings some caution, it should also be exciting as you move on to your next adventure. Before you start the process, it's a good idea to use a valuation calculator to get an idea of how much your business is worth.Gathering as much information as possible about your business is essential. Preparation is key. With that in mind, here are 6 key tips to help you value your business correctly.Tips To Help You Value Your BusinessHere are some ideas that can help you understand the valuation of your company:1. Understand Price-To-Earning Ratio (P/E)It is typical for businesses to use the price-to-earnings ratio to understand their value. This tip works best for companies that have an established profit track. The P/E will be higher if the business has high-profit growth.Let us take an example — if your company makes $500,000 profit after taxes and you utilize the P/E ratio of 4, it means your business will be valued at $2,000,000. The P/E ratio will depend on the growth ratio of your company. For instance, start-ups will have a higher ratio because they are high-growth businesses. On the other hand, high-street companies, like real-estate companies, will have a lower P/E ratio.Since P/E ratios can differ extensively, no standard ratio can be used to value all types of businesses. In most cases, the valuation between 4 and 10 is used as the standard.2. Cost Of EntryThis tip is quite simple — this is the total cost of setting up a business similar to the one being valued. In this case, you will have to consider every factor that helped the business get to where it is today. This involves all the costs, tangible assets, building a customer base, recruitment, etc.Next, you need to think about all the money you can save while setting up the business. For instance, the costs you save by using cheaper material alternatives or setting up the business elsewhere.To get the entry cost, you need to subtract the latter (saved money) from the former (the cost of setting up the business). This is your valuation.3. Valuing The Business AssetsIn the case of established and stable businesses, these companies often have a lot of tangible assets that can be valued. Some great examples, in this case, include those in the manufacturing and property businesses.You will have to start working out the company's NBV (Net Book Value) to start its asset valuation. In most cases, these assets will be recorded in the accounts of the business. Next, you simply need to make a few other adjustments like depreciation, etc., to determine the assets' actual value.4. Discounted Cash FlowThis is a complex way of determining the value of a company – it is all about making reliable assumptions about the future of a business. In most cases, this particular method is used by companies with more predictable and stable cash flows. For example, utility companies.As you can guess, this tip will help you understand the value of the business by estimating the worth of the future cash flow today. Adding the dividends forecast will help you figure out a valuation for the next decade or so.5. The Rule Of The ThumbThere are a handful of companies that deal with the buying and selling of businesses. Therefore, it only makes sense that these businesses utilize certain standard methods to determine the value of their companies. They are based on other things, apart from profit.When selling a business, it's important to identify the target market and understand their needs, such as business owners who will buy a business, in order to position the sale effectively and maximize the value for both the buyer and sellerLet us take the example of retail companies. The value for these businesses is derived from other factors like the number of outlets, total number of customers, business turnovers, etc.6. Non-Measurable ValuationAs we have said in the beginning, the worth of a business is exactly what the other person is willing to pay. In this part, even intangible assets can be considered.If your company has a better relationship with your suppliers and/or customers, it will be more valuable. If the buyer does not have a stable team to grow your company, you can also add a strong management team for additional value.ConclusionWith the help of these tips mentioned in this article, you should be able to approximately evaluate your company. To further help with your valuations, there are useful business valuation tools online.For an online business valuation tool, you will usually need to provide some basic data about your company, which will then be measured against the standardized benchmark to provide you with an accurate company valuation.Additionals:Master’s In Business Analytics: Is It Worth The Effort?Your Business Needs Marketing To Survive – Here’s WhyContent Marketing Campaign Strategy For Small BusinessHow Business Owners Can Protect Themselves if Their Business Fails

What Are the Important Parts of a Free Business Credit Report?

Did you know that small businesses make up 99% of employer firms in the U.S.? Small businesses are an important part of the economy.Everyone knows it's important to have a good personal credit rating. But, did you know that it's also important for your business to have good credit?If you own a small business, read on to learn how you can get a free business credit report and why it's important. Why is Good Credit Important? If you've ever applied for a home or auto loan, you know that good personal credit is important. If you don't have credit, it's difficult to get a loan.No credit doesn't always mean you have bad credit. It means you haven't established a credit record.If you've handled credit poorly, then you have bad credit, and you might not get be able to get a loan.Lenders check your credit score to ensure your ability to pay back your loan. It's critical to build and maintain a good business credit rating. How to Build Credit : Not everyone carries a credit card, but it helps to have one if you want to build your credit score.Too often, college-age kids get one or more credit cards and find themselves in debt and are unable to pay it back.It's important not to overuse a credit card.Credit cards charge high interest on the money they loan. It's okay to buy things with a credit card, but make sure you pay the entire loan off monthly as much as possible.If you don't pay the entire loan monthly, the interest you pay adds a significant amount of money to the cost of your purchase.Unfortunately, if you don't use a credit card, it's harder to build credit.In addition to paying your entire credit card balance on a regular basis, be sure and pay all your other bills on time as well.Late charges aren't the only problem you'll have if you pay your bills late. Late fees also hit your credit report and lower your score.There are other ways to help build your credit as well. Getting a Free Business Credit Report : It's important to know how to check your free business credit report and to understand what it contains.According to the law, it's possible to get your personal credit report for free on an annual basis.The law doesn't say a business credit report has to be free on an annual basis. But, it's possible to get a free business credit report. Here are a few ways: CreditSignal : Dun & Bradstreet offers a free business credit report at CreditSignal.com. This is a great place to get your business credit report because it also has a learning center.It's an easy service to use, and it comes with a mobile app that'll alert you to changes in your Dun & Bradstreet credit score. The service gives you fundamental information about your score.To get the full service, you'll need to get the paid subscription. Try Nav : Nav.com is another service where you can find your personal and business credit scores for free.While CreditSignal only tells you about your Dun & Bradstreet score, Nav offers information regarding your Dun & Bradstreet and Experian score. Free Trial Demos : You can also get a free business credit score if you want to sign up for a free trial from companies such as Credit.net, CreditSafe.com or Scorely.com. Remember that once the free trial is over, you'll be charged for a subscription. What Does It All Mean? Now that you have your free business credit report, what does it all mean?When checking your personal FICO score, look for a number between 300 and 850. The higher the score, the better your credit rating.Don't panic when you check your business credit score and the number is under 100! Unlike the FICO, business scores range from zero to 100.Business credit reports are confusing because they're not all calculated the same way. The Big Three : There are three major companies where you can check your business credit. These are Dun & Bradstreet, Experian, and Equifax.Dun & Bradstreet calculates your credit score based on information from partner companies or payment info reported to directly to them. They use a Paydex score that ranges from zero to 100.You'll need to file through the Dun & Bradstreet website to obtain a DUNS number before you can get your score. Your report will show you creditworthiness, payment history and trends, and public filings.Experian offers a business credit score between zero and 100, as well as a financial stability risk rating. You'll also see a credit summary and payment trend summary. The payment trends are thorough, including monthly and quarterly trends.If your company has any judgments are liens filed against it, these will also show on the Experian summary.Equifax also uses the zero to 100 score. But, you'll also see a business credit risk score that ranges from 101 to 992. This score determines the likelihood that your company will fall behind on payments.With all three of the large credit bureaus, the credit summary is easy to read and self-explanatory.It's important to pay close attention to everything in the report so that you can correct any incorrect items that could hurt your credit. Obtaining a Loan : One of the most important reasons to maintain good business credit is so you can obtain a small business loan. Whenever you open a line of credit, such as a credit card, there's a hard hit to your credit report.This means that applying for any sort of loan is actually bad for your credit score!This is one more reason to make sure you maintain good credit, in case you're in need of a loan to purchase necessary company equipment.It's sometimes possible to obtain a small business loan without a hard hit to your credit. Read more now to learn about one of these loans. Learn More About Business and Finance : Business can be complicated, but don't let the details scare you. Work on building and maintaining good credit to help with your personal and business finances.Looking for more great articles on business and finance? Take a look at our many resources here.Read Also :5 Smart Ways To Boost Your Credit Score Are Debt Consolidation Loans Recommended For Credit Card Consolidation Credit Card Fraud The Holiday Season: Things To Consider For Next Year

The New Tech Running Canada’s Cannabis Industry

Main Factors that Affect Trading Decisions

Two Trusted Forex Robots in 2019 and Beyond

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Ariana Smith

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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Brand Ambassador Application – How to Find a Brand Ambassador

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I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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