DENVER – Business intelligence from Akerna (Nasdaq: KERN), a enterprise software company and the developer of the most comprehensive technology infrastructure, ecosystem, and compliance engine powering the global cannabis industry, predicts that US cannabis shoppers will spend $251 million for the four days around Thanksgiving (11/24-11/27), a 60% increase over daily average sales.
The Wednesday before Thanksgiving has earned the nickname Green Wednesday due to its consistently high cannabis sales, and this year should continue that trend. Wednesday, November 24th, is expected to bring in $90 million in sales, a 78% spike from daily averages, making it the second-highest sales day of the year after 420. Last year was the first time that Green Wednesday beat out Black Friday in cannabis sales, a phenomenon that is expected to repeat this year.
Thursday, November 25th, Thanksgiving, is predicted to bring about $4.6 million due to the shortened hours and closures of dispensaries and retail locations.
Friday, November 26th, also known as Black Friday, is expected to bring in another $88 million, up 71% from daily average sales. Black Friday will likely become another top 10 sales day for this year.
Saturday, November 27th, is predicted to gross $68.4 million in sales.
“Whether people are turning to cannabis for relaxation, to nurture a sense of togetherness, or for other reasons, consumers have made it clear that cannabis is part of Thanksgiving preparation,” said James Ahrendt, Business Intelligence Architect at Akerna. “In anticipation of these major increases in sales and traffic, dispensaries and retailers should prepare their staff and promotions accordingly.”
Other predictions for 11/24 – 11/27:
- Category sales:
- Flower – 48%
- Cartridge/Pens – 32%
- Concentrates – 10%
- Infused Edibles – 9%
- Other – 1%
- Average order total:
- Adult use – $81.20
- Medical – $127.30
- Sales by demographic:
- 62% male
- 38% female
- Sales by age groups:
- Under 30 – 28%
- 30-40 –31%
- 40-50 – 20%
- 50-60 –12%
- Over 60 – 9%
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(This information is primarily sourced from Akerna. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).