Record Sales on Green Wednesday Signal Booming Cannabis Market

LOS ANGELES- The cannabis industry experienced a significant surge in sales on Green Wednesday, the day before Thanksgiving, marking it as a high-point in annual cannabis commerce. Jane Technologies reported recreational cannabis sales totaling an impressive $9,209,061.73 on November 22, 2023. This figure represents an 18.12% increase from the Green Friday sales of 2022, demonstrating a robust growth in consumer demand.

The surge wasn’t limited to the day itself. Comparing sales to the three preceding Wednesdays, there was a striking 90.5% increase, underlining the unique consumer behavior surrounding this holiday. Among various cannabis products, flowers led the sales at $3,352,845.91, followed by vape products, edibles, pre-rolls, and extracts.

Jane Technologies, which facilitates sales in multiple states, observed the highest revenue in Illinois, California, New Jersey, Maryland, and Washington. This geographical spread highlights the diverse and expanding cannabis market across the United States.

Medical Cannabis Sales See a Decline Despite Overall Growth

While recreational sales flourished, medical cannabis sales witnessed an 11.1% decline compared to the previous year, totaling $8,166,102.75. Product popularity mirrored the adult-use market, with flowers and vape-related products leading the sales. Notably, Pennsylvania emerged as the top state in medical cannabis sales, followed by Florida, Ohio, Maryland, and Virginia.

Black Friday: A Continuation of the Cannabis Sales Trend

Initial reports from Black Friday indicate a continued interest in cannabis products, with significant foot traffic and consumer engagement in various markets. Michigan, for example, saw long lines and high demand for special deals.

Brendan Mitchel-Chesebro, a data analyst at BDSA, emphasized the importance of Black Friday in the cannabis industry, noting it as one of the year’s peak sales periods, second only to April 20 (420). He advised retailers to prepare for this surge by focusing on staffing and stocking popular products rather than relying solely on promotions.

State Agencies and Companies Embrace the Holiday Spirit

State cannabis agencies played a proactive role in promoting legal sales and discouraging black market transactions. The California Department of Cannabis Control and the New York State Office of Cannabis Management both undertook initiatives to support legal dispensaries and small businesses.

In Connecticut, a unique approach was observed on Thanksgiving Day. While liquor sales were restricted, cannabis sales were permitted, reflecting the evolving regulatory landscape around cannabis.

Cannabis Brands Contributing to Local Communities

The holiday season also witnessed cannabis brands actively engaging in community support. Puff Cannabis and MariMed set examples by distributing thousands of turkeys to those in need, underscoring their commitment to community welfare and social responsibility.

Outlook for the Cannabis Industry

Jane Technologies CEO Socrates Rosenfeld reflected on the industry’s trajectory, anticipating exponential growth and the potential end of cannabis prohibition in the near future. He stressed the need for industry operators to invest in scalable solutions to stay competitive amidst expected consumer growth and the entry of mainstream brands.

In summary, the 2023 holiday season marked a notable period for the cannabis industry, not only in terms of record-breaking sales but also through community engagement and regulatory developments. The industry’s future appears to be on a promising path, with a blend of commercial success and social responsibility shaping its evolution.