The U.S. has legalized recreational cannabis in some states and the District of Columbia. This new policy has led to a huge spike in demand for all things cannabis, including medical and recreational products. A recent report by the cannabis industry analysis firm New Frontier Data found that national retail cannabis sales could reach $15.9 billion in 2018 and $24.4 billion in 2020. With potentially millions of dollars on the line, cannabis entrepreneurs and investors are definitely interested in getting in on the action.
This year, Labor Day weekend brings a slew of cannabis-related events and activities. The National Cannabis Festival in Denver, Colorado will kick off the festivities, later joined by the High Times Cannabis Cup in Seattle and the High Times Harvest Cup in Santa Rosa, California. But the biggest event of Labor Day weekend is the upcoming legalization of adult-use cannabis in California, which will likely generate some of the highest sales in the country.
The cannabis industry’s first seed-to-sale enterprise resource planning (ERP) software technology (MJ Platform®), according to business intelligence from Akerna (Nasdaq: KERN), an enterprise software, leading compliance technology provider, and developer of the cannabis industry’s first seed-to-sale enterprise resource planning (ERP) software technology.
The weekend’s biggest sales day will be Friday, September 3, with an estimated $90 million in sales, up 62 percent over daily average sales. After 4/20, the unofficial cannabis use festival, this would be the second-highest sales day of 2021.
“When holidays occur on weekends, the Friday of that weekend sees the greatest increases in spending,” said James Ahrendt, Business Intelligence Architect at Akerna. “This has held true for Valentine’s Day, Memorial Day, and the Fourth of July this year.” “With more expenditure comes increased visitation, necessitating inventory and personnel planning ahead of the holiday weekend for dispensaries.”
Saturday, September 4, is expected to bring in another $69 million in sales, while Sunday, September 5, is expected to bring in about $39,000,000. Labor Day, Monday, September 6, is projected to bring in another $42,000,000.
Other holiday weekend forecasts (9/03 – 9/06):
- The average order value
- About $9 more – up from $102.48 to $112. (2021 average to date)
- Size of the average basket
- 3.7 goods per transaction
- Sales by category:
- Flower has 48 percent of the vote.
- Cartridges and pens – 32%
- ten percent concentrates
- 9 percent infused edibles
- 1% for everything else
- 62% male
- Females make up 38% of the population.
- Sales by age groups: the 30-40-year-old age group was the most popular.
- Under the age of 30 – 28%
- 30% – 40% – 31%
- 40% to 50% – 20%
- 50-60% of the population is between the ages of 50 and 60.
- More than 60% – 9%
Labor Day weekend, the last official weekend of the summer, is typically associated with the end of summer vacations. But this year, marijuana retailers are expecting to see an influx of customers who prefer to spend their summer break in full bloom. Marijuana enthusiasts are expected to spend approximately $347.5 million in the US to buy cannabis, with the bulk of this money ($240 million) coming from people who are expected to go for their annual vacation.. Read more about nodaway holdings llc and let us know what you think.
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