Huge Cannabis Retail Sales on 4/20, So What’s Next?

BY ON MARIJUANA NEWS

 

The business software company MJ Freeway has reported the retail portion of cannabis sales on 4/20 exceeded $45 million, a 20% increase from last year’s marijuana holiday.

MJ Freeway’s 4/20 by the Numbers:

  • MJ Freeway predicted a 10% increase in order count (number of transactions) for the week of 4/20 (4/14 – 4/20). This year’s 4/20 week saw a 13% increase in order count compared to the weekly average.
  • On the day of 4/20, MJ Freeway predicted a $6 per transaction average increase from an average order sale compared to the rest of the year. This year, the actual results were much higher at $77.21 for 4/20 – a $10 increase per transaction compared to the 2017 average.
  • On average, 13% discounts have been applied to all sales for the year. On 4/20, MJ Freeway saw an average discount of 24.11% applied to all sales.

How long until the next big sales day?

The cannabis software company is telling retailers to expect another day of huge sales on July 4th, which is traditionally the third biggest day of spending in the retail cannabis market, behind New Year’s Eve.

Last year’s Independence Day lead-up (July 1 – July 4) rivaled that of 4/20 (April 17 – April 20), with the first four days of cannabis retail sales in July 2016 topping $80,419,000.

Last July, MJ Freeway predicted that 2017 Independence Day sales would increase by at least 25%. The same report found that retails that we able to make special preparations for the three biggest days in retail sales benefited the most:

‘Sales increases during cannabis holidays like April 20th and July 4th speak to a growing trend in the ubiquity of the cannabis market in the US,’ says Jeannette Ward, MJ Freeway’s Data & Marketing Director. ‘The benefit to states through tax revenues and increased foot traffic in hotels and local businesses only helps to make local and state economies more vibrant and prosperous.’

Leave a Reply

Your email address will not be published. Required fields are marked *