Being the weekend with the newly minted recreational markets, today will be busy
DENVER, April 18, 2018 /PRNewswire/ — Today, April 20, 2018, the marijuana holiday known as 420 will be celebrated with festivals, concerts, and a 300% average spike in traffic at cannabis retail stores across the U.S. This increase in traffic on April 20, 2018 will result in $80 million cannabis sales across the U.S. That’s more than the total sales of avocados on Cinco De Mayo 2017 at $54M according to IRI’s Freshlook data. And rivals the $80 million consumers spent on chicken wings to celebrate the Super Bowl in 2017 reports Nielsen.
MJ Freeway released 420 2018 data predictions today based on analysis of retail sales data from thousands of cannabis businesses across the U.S. Year-over-year 420 holiday sales growth has consistently been strong with total sales on April 20, 2017 jumping more than 30% over 2016, and 2016 growing 15% over 2015. The expected $80 million in sales on April 20, 2018 represents growth of 48% over 2017.
Growth on 420 2018 is due to three factors:
Friday – Friday is the busiest sales day of the week for a cannabis retail store. Retail traffic data shows that Friday sales are 13% higher than Saturday (the second busiest day of the week) and 18% higher than Thursday (420 2017 fell on Thursday). This is the first 420 Friday since any U.S. state passed recreational cannabis laws.
California – Historically on April 20, recreational states outsell medical states. On April 20, 2016, when equivalized by population, Colorado outsold California in total dollar sales by 3 times. The same trends continued in 2017. When equivalized by population, Colorado outsold California by 360% and Oregon outsold California by 125%.
In the past, even states with a well-utilized medical market like California couldn’t match the sales traffic of a regulated medical and recreational state like Colorado. April 20, 2018 is California’s first 420 holiday as a recreational state. The opening of recreational cannabis in California will be the largest contributor to 420 2018’s sales growth. Jeannette Ward Horton, VP of Global Marketing & Communications, “While California will contribute the most in sales growth for 420 2018, that growth will be hindered by the state’s slow roll of recreational cannabis licenses. If all medical Californiaretailers were operating as recreational shops, 420 2018 would have exceeded $100M in sales.”
Nevada – Nevada’s recreational cannabis market opened for sales in July 2017. Following the same trends where recreational states see higher sales spikes on 420 than medical states, MJ Freeway expects Nevada to be the second largest contributor to 420 2018 sales growth.
Along with California and Nevada, 7 more states have recreational marijuana laws and 29 states have medical laws. 1 in 3 Americans over 21 can celebrate 420 legally with marijuana. Happy toking.
About MJ Freeway: MJ Freeway® is the largest global cannabis technology company having processed more than $6B in sales with clients in Australia, Canada, Europe, New Zealand, South America, and the United States in 23 states and the District of Columbia. Founded in 2010 by technologists creating tech specifically for cannabis businesses, MJ Freeway’s tracking software includes patent-pending inventory control and grow management applications to streamline workflow and increase efficiency. MJ Freeway’s Leaf Data Systems software solution enables governments to track cannabis plants from seed-to-sale and ensure patient, public, and product safety. MJ Freeway also offers a complete suite of professional consulting services for cannabis businesses. For more information, call 888-932-6537 or visit mjfreeway.com.
Source: PR NewsWire