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How Much Weed Was Sold On 4/20?

Take A Guess On How Much Green Was Paid For Ganja On 420?

Posted by:
DanaSmith on Friday Apr 29, 2016
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Cannabis Sales Reach Unexpected High On 4/20

 

Cannabis sales on 4/20 exceeded the highest expectations of cannabis retailers. When it comes down to business, 4/20 is more than just an unofficial holiday for potheads around the world. It’s a day when the other good greens – the cash – come rolling in for dispensaries that operate in US states where recreational marijuana has been legalized.

Greens of both kinds were coming in all directions in dispensaries all over the country. The total sales of retail cannabis surpassed $37.5 million, 30% more than last year’s 4/20 festivities. The data was released by MJ Freeway, a tracking provider for cannabis seeds. The startup derived its retail sales figures from a data analysis of what they claim is 40% of the consuming market in the United States.

But truth be told, we’re all pretty used to seeing gigantic numbers when discussing the legal marijuana industry whether the figures are referring to volume sold or profits. However, these figures mean something else for the individual-licensed small time ganjapreneur:

 

 There was a $20 year-on- year decrease on how much consumers spent in each transaction, although there has been a significant increase in buyer traffic

 

 Average retail sales for delivery services as well as recreational and medical individually-licensed cannabis retailers were at $10,822 on April 20.

 

 Breaking news: Colorado brought in the highest total average sales for each retail licensed location (no surprises)

 

 California was the state that had the highest total dollar amount in sales

 

According to Roy Bingham, founder of BDS Analytics: “4/20 serves as a stimulus for the industry to start thinking about the rest of the year, making sure they have the right inventory levels but also thinking about the growth they’ll see throughout the rest of the year”.

 

April 20 is a date that is recognized by cannabis enthusiasts around the world, and because it is considered as an unofficial holiday, it has the power to drive cannabis-based tourism and other events surrounding the plant. The legal cannabis industry incurred a total of $5.7 billion in sales last year and Arcview forecasts 2016 to end with $7.1 billion. However, the most customer traffic and sales each year falls on April 20.

 

More Profits In Colorado

 

Jeanette Ward, data and marketing director for MJ Freeway, adds, “Consumer traffic increased in 2016, but retailers used discounts and price incentives to lure customers.” She also points out that the clearlandslide in Colorado’s numbers indicate that when it comes to revenue, states that have a regulatedadult use and medical marijuana market will be seeing more greens.

 

LivWell Enlightened Health, a legal marijuana company based in Colorado, also enjoyed record-breaking numbers in sales on April 20. The company has 14 dispensary locations, each of which assists around 5,000 customers on any given day. Previously, LivWell’s best day was on September 16, 2015, due to the marijuana tax holiday. However their 4/20 sales this year surpassed that number by 8%.

 

Good To Know

Ganjapreneurs can earn more for next year’s 4/20 holidays by keeping in mind what worked for retailers this year:

 

 Stores that stayed open until later in the day and operated 7 days a week enjoyed more profit.  This is because consumers typically start their shopping 5 days before the actual holiday.

 

 Have enough inventory and staff to handle up to 3.5% more in buyer traffic as well as sold products.

 

 July 4 is the next big cannabis sales holiday. The holiday is the third largest when it comes to total cannabis retail dollar profits after April 20, followed by New Year’s Eve.

 

 

Did you go shopping around April 20? How was your experience different as compared to the rest of the year?


What did you think?


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