New Year’s Eve Marks Biggest Cannabis Sales Day Of 2020
Business intelligence from Akerna, developer of the cannabis industry’s first seed-to-sale enterprise resource planning software technology, reveals that the Christmas and New Year’s holidays marked the biggest cannabis sales period of the year.
The Christmas holiday period (12/18-12/24) generated $427 million. Traditionally, the Friday preceding Christmas is the biggest sales day of the period. However, this year the Wednesday before Christmas (12/23) saw the most significant bump in sales with a 76% increase in daily sales. Totaling $87.3 million, the Wednesday before Christmas was the third-largest sales day of the year, only slightly behind Green Wednesday with $87.4 million.
Previously projected to see depressed sales due to an anticipated decrease in group gatherings and parties as the result of COVID-19 restrictions, New Year’s Eve exceeded all expectations. The year-end holiday saw approximately $89.4 million in sales, easily surpassing Green Wednesday and becoming the biggest cannabis sales day of the year.
“We were pleasantly surprised to see New Year’s Eve outperform Christmas,” said James Ahrendt, Business Intelligence, Akerna. “Overall, the last two weeks of the year ended up being some of the most profitable weeks for retail cannabis in 2020.”
Additional Insights for the Holiday Period (12/18-12/31)
Average Basket Size
Adult-use – $72
Medical – $124
Sales by Product Category
Flower – 46%
Cartridge/Pens – 32%
Concentrates – 13%
Infused Edibles – 7.5%
Other – 1.5%
Sales by Gender
Male – 62%
Female – 38%
Sales by Age
Under 30 – 28%
30-40 –30%
40-50 – 20%
50-60 –12%
Over 60 – 10%
