According to a report from MJ Freeway, a seed-to-sale tracking software provider, 4/20 cannabis sales in the U.S. increased 20 percent in 2017, exceeding more than $45 million. Transaction averages also climbed $10 per transaction based on last year’s figures.
Jessica Billingsly, COO and co-founder of MJ Freeway, said the company “anticipated a large jump in U.S. sales for the holiday.”
“4/20 is an excellent opportunity for adults to purchase and consume products in a responsible, regulated market, while learning about the culture and history of the industry,” she said in a press release.
Sales leading up to the holiday increased 13 percent beginning the week of April 14. Discounts spiked more than 10 percent on 4/20, averaging 24.11 percent while holding at 13 percent the rest of the year thus far.
MJ Freeway, which operates in 23 states, Washington, D.C., Canada, Australia, and Europe, indicated that the next most popular holidays for cannabis sales is New Year’s Eve, followed by the Fourth of July. Prior to the holiday, MJ Freeway had projected a 20 percent increase compared to 2016 figures. Their 2017 numbers are based on data compiled through analysis of their retail cannabis market share.
Ganjapreneur: Offering daily insights since 2014, the leading digital business journal for cannabis industry professionals. Subscribe to the newsletter to join our community of over 40,000 ganjapreneurs.
