MJ Freeway Reports Cannabis Retail Sales For April 20 “4/20″ Holiday Exceeded $45M

4/20 pot sales hit new high

COLORADO: MJ Freeway, a leading provider of seed-to-sale traceability solutions for the cannabis industry, reports that retail sales for the largest marijuana holiday exceeded $45 million, a 20% increase compared to the 2016 holiday.

Prior to the holiday, MJ Freeway predicted a 20% increase in retail cannabis sales and a 10% increase in customer traffic. MJ Freeway’s predictions and reports are based on sales data figures compiled through analysis of their majority cannabis retail market share.

April 20th is widely recognized as a holiday by cannabis enthusiasts, increasing cannabis tourism and events. “With the increase in widespread acceptance of cannabis, we anticipated a large jump in US sales for the holiday. 4/20 is an excellent opportunity for adults to purchase and consume products in a responsible, regulated market, while learning about the culture and history of the industry,” said Jessica Billingsley, COO and Co-founder of MJ Freeway.

4/20 by the Numbers

  • MJ Freeway predicted a 10% increase in order count (number of transactions) for the week of 4/20 (4/14 – 4/20). This year’s 4/20 week saw a 13% increase in order count compared to the weekly average.
  • On the day of 4/20, MJ Freeway predicted a $6 per transaction average increase from an average order sale compared to the rest of the year. This year, the actual results were much higher at $77.21 for 4/20 – a $10 increase per transaction compared to the 2017 average.
  • On average, 13% discounts have been applied to all sales for the year. On 4/20, MJ Freeway saw an average discount of 24.11% applied to all sales.

*Note: One physical location may operate with two individual licenses – medical and recreational

The next largest holiday for cannabis sales is July 4th, which ranks as the third highest holiday in total cannabis retail dollar sales following 4/20 and New Year’s Eve.

 

Read full article @ PRN

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