DENVER, December 9, 2022–The State of Vermont’s Cannabis Control Board (CCB) announced a partnership today with NCS Analytics, a leading high-risk data analytics firm, to build and provide a cannabis analytics platform for inventory tracking. The NCS Platform will leverage proven technology to support the CCB’s mission to provide effective, efficient regulation and enforcement for Vermont’s legal cannabis industry.
The NCS Platform allows CCB staff to identify and investigate potential issues in nearly real-time using its advanced analytical tool that captures, aggregates and analyzes millions of data points throughout the cannabis production supply chain. The NCS Platform will identify suspicious transactions in near-real-time for regulators, allowing them to focus on the most urgent needs.
“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. “The NCS 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.”
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 will help accountability measures to improve compliance and build public confidence in the newly created legal system.
“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 1st. 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. By adding the NCS Platform, CCB will have access to industry-leading analytics that will help to ensure a safe and prosperous cannabis market in Vermont.
About the Vermont Cannabis Control Board
The Cannabis Control Board was created to implement and administer the adult use and medical use of cannabis in the state of Vermont safely, equitably, and effectively. It was created in 2020 by Act 164 and amended by Act 62 in 2021. As an independent Commission created within the Executive Branch, the CCB has identified seven guiding priorities to serve its strategic vision in developing a regulatory program for both adult and medical-use cannabis. The seven guiding principles include Social Equity, Legacy Market and Small Cultivators, Energy, Environment, and Land Use, Youth Prevention and Education, Consumer Protection, Medical Program Services, and Public Safety.
About NCS Analytics
Since 2015, Denver-based NCS Analytics has operated under its founding principle of empowering real-time critical decision-making. By aggregating diverse data streams, NCS provides governments and financial institutions with actionable intelligence to monitor and regulate high-risk industries to prevent fraud and reduce risk exposure. NCS solutions bring a new level of refinement and reliable data to emerging industries. Currently, NCS actively monitors nearly 20,000 cannabis licenses across the country for their regulatory partners, including Oklahoma, West Virginia, Michigan, and the California Cannabis Authority. For more information, please visit www.ncsanalytics.com.
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