So today is the first 4/20 marijuana holiday for some big states new to legal recreational marijuana sales. In fact, according to the point-of-sale software company MJ Freeway, a number of different factors are likely to result in a 300% spike in legal cannabis sales today above the national average.
A 300% jump in cannabis sales roughly equates to an extra $80 million on this crazy marijuana holiday. A tradition that started decades ago by some high school friends that found a secluded spot near a statue after school to smoke pot together has turned into a global event, especially now that the marijuana legalization movement has such incredible momentum. Las Vegas just started offering commercial sales of cannabis last July so missed 4/20 by a couple of months and California just started selling marijuana under an organized state taxed structure in January. The fact that today is Friday is going to be a contributing factor as well.
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%.
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.
There have been all sorts of estimates concerning the growth of the marijuana industry by 2030, but the more we find out about the demand for the cannabis the bigger those numbers get. Have you bought marijuana from a legal dispensary yet?