Americans spent $400 million on cannabis over the July 4th weekend
That’s quite a firework! MJFreeway is a company that runs cash registers for dispensaries, and the group has announced that according to its estimates, Americans spent $400 million last week during the Independence Day holiday. That’s more than they spent on chicken at barbecues (and we spent a lot on chicken last week), and by 2020, it could be even more than is spent on wine during the season.
As the week went on last week, cannabis sales reached record highs all week long, with sales doubling the daily average by the time the holiday rolled around on Thursday. Even though most dispensaries were actually closed on July 4th, sales were still higher on that day than they usually are, and Wednesday sales were up 112% over what they normally are during that day of the week. Another company called Akerna reports that the average transaction over the holiday ran about $3 more than usual, to $100.87, with 3.04 items, higher than the usual 2.64 items bought in a dispensary purchase.
And the record sales probably aren’t over yet — this year is set to be the biggest 7-10 day the industry has ever seen as well. July 10th, or 710, has become an informal celebration around concentrates and oils — “710” looks like the word “oil” upside down, and while April 20, 4/20, is known as a holiday for traditional flower, 710 has turned into a notable day to buy oils, dab rigs, and other concentrates. That will likely increase sales this week, analysts say, as much as 30% over what they usually are.
In short, cannabis sales are booming, just like all of those fireworks your dog had to run and hide from last week (poor puppy!). And considering that only 1 in 4 Americans currently live in a legal state, there’s likely a lot more growth to come in the future.