The numbers from 2016’s (un)official marijuana holiday, 4/20, show that cannabis sales exceeded even the highest expectations of authorized cannabis retailers.
In U.S. states where recreational marijuana is legal. 4/20 isn’t just a legal holiday; it’s a banner day for dispensaries.
Green was flowing in large numbers in both directions over the counters of medical and recreational cannabis dispensaries across the nation.
Total U.S. retail cannabis sales on the day of the festivities exceeded $37.5 million. These sales represent an almost 30 percent spike in retail transactions since last year’s 4/20 budnanza.
The data comes from a just-released comprehensive report by MJ Freeway, a global cannabis business seed-to-sale tracking software provider.
The Denver, Colo.-based startup, launched in 2010 by a team of veteran software and IT professionals, culled cannabis retail sales figures via data-driven analysis of what it claims to be 40 percent of the American marijuana market.
Whether it’s sales, profits, or volume sold, we’re used to seeing enormous numbers when we talk about the legal marijuana industry. But what do these massive statistics mean for the average marijuana entrepreneur, someone running a modest, individually licensed cannabis dispensary?
A Few Cannabis Sales Numbers to Puff On
Individual legally-licensed cannabis retail locations, like medical and recreational and dispensaries and delivery services, sold on average $10,822 in retail sales on April 20, $6,208 on April 19 and $5,442 on April 18.
- While buyer traffic increased, consumers spent on average $20 less per transaction on April 20, 2016, vs. April 20, 2015.
The state with the largest dollar amount sold on April 20, 2016, was California.
- The state with the total highest average sales per day per retail licensed location for April 20, 2016, was Colorado. No surprises there.
In the lead-up to this year’s 4/20 celebrations, Roy Bingham, founder of Boulder-based BDS Analytics, said,
“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.”
Considering MJ Freeway’s report, it’s clear that the rapidly growing American cannabis industry is on fire and won’t be burning out anytime soon.