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Americans are anticipated to spend more on Cannabis than cookouts this 4th of July weekend. This is according to a report from Akerna, a cannabis industry seed-to-sale enterprise planning(ERP) software technology (MJ Platform®).
The report highlights that cannabis sales are anticipated to see an 87% increase over daily averages this 4th of July weekend.
Historically people spend more than $371 million on Chicken during the two weeks leading up to the July 4 weekend, which amounts to about $37 million a day. Cannabis sales, on the other hand, are expected to reach over $260 million in three days, which is about $8 million a day.
The following infographic illustrates the findings of Akerna:
“For the first time in the past five years the 4th of July falls on a Saturday,” said James Ahrendt, Business Intelligence Architect at Akerna. He also noted, “We anticipate sales will start to increase Thursday, July 2, with an 80% increase over average daily sales over the holiday weekend.”
Back in 2019, The 4th of July fell on a Thursday and saw a spike in sales the preceding Friday and Saturday, as well as the day leading up to Independence Day. Sale on Independence day, however, did not see much of a change compared to the days leading up.
Expectations and Key Takeaways
- An increase of 87% over average daily sales 7/2-7/4
- sales will start to increase July 2, with 80%(1.8x) increase on daily average sales for 2020
- Friday, July 3 will be the highest-grossing ay of the year surpassing 4/20, which fell on a Monday. Modelling shows July 3 sales will be 100% (2X) increase in daily sales for 2020.
- Saturday, July 4, will see elevated sales, similar to Thursday, with 80% (1.8X) increase on daily average sales.
- Flower 45% of sales
- Cartridges / Pens 35%
- Concentrates 11%
- Edibles 9%
The National Retail Federation expects 76% of consumers plan to celebrate Independence Day. Those who id celebrate are expected to spend $76 on average. The average cannabis order total will be close to $100 and increase by $11 than the average order total for all other days this year, which range in the area of $87.12 nationally.
In conclusion these sale’s are obviously related to Americans not only enjoying thier Annual Independence Day celebrations but this years events, largely the global COVID-19 affair.
American’s there use this years 4th of July celebrations to enjoy various forms of Cannabis as a way to cope with the stresses of this year’s events.