Black Friday Cannabis Sales Soared This Year

Black Friday Cannabis Sales Soared This Year

The Black Friday sales are the one part of the holidays that most people are thrilled about — outside of indulging on turkey and sides. For one, it’s a fantastic yet competitive time to get in some early holiday shopping. After all, no one truly likes doing last-minute shopping on Christmas Eve to find out that everything is out of stock. 

Statewide recreational legalization opened the doors for the cannabis industry to benefit off of Black Friday and Cyber Monday. However, there’s also Green Wednesday that lands the day before Thanksgiving. The combo of discounts and holidays only meant booming business for dispensaries. According to a new report from Akerna, a leading tech company innovating the cannabis industry, retail sales were through the roof on the day before and the day after Thanksgiving. Green Wednesday and Black Friday were the second and third highest-grossing days in the cannabis industry this year, following 4/20. 

Both days brought in upwards of $100M in sales for the cannabis industry, though Green Wednesday surprisingly didn’t surpass Black Friday. Green Wednesday brought in upwards of $98.2 million in sales, while Black Friday came in with $99 million.

This study’s particularly interesting because it proves how the cannabis industry has sustained itself, even through harsh economic storms. A survey from Sensormatic revealed that Black Friday sales in the retail sector dipped by 28.3% compared to 2019. Meanwhile, Akerna’s study shows ​​a 20% increase in Black Friday sales in the cannabis industry compared to two years prior. Akerna omitted 2020 cannabis sales during this time last year due to low in-store presence during the pandemic. 

“Green Wednesday earned its nickname from historically high cannabis sales, and this year proved the same,” said James Ahrendt, Akerna’s Business Intelligence Architect. “Cannabis shoppers headed to dispensaries in droves on both Black Friday and Green Wednesday, bucking national mainstream retail trends.”

Ultimately, the cannabis industry came out on top during Thanksgiving week. Between Nov. 24th to Nov. 27th, cannabis sales brought in upwards of $254.7 million, trumping an early prediction of $251 million a week prior. 

Akerna broke down the various categories in dispensaries that drove cannabis sales during the four days. 47% of sales came from flower; 33.5% from dab carts and pens; concentrates claimed 11%; infused edibles accounted for 7% of sales. 

Perhaps because more states have legalized medicinal cannabis than recreational sales, medical patients did spend more on the average order. Medical patients reportedly spent roughly $122.76 per order that weekend, while recreational users spent $76.37. The numbers reflect the average quantity purchased, as well. Medical patients averaged 3.31 items per purchase and recreational sales a few decimals below at 3.17.

However, the male demographic accounted for a significant share of gross sales during this period at 61.8%, while the female demographic made up 38.2% of sales. 

Akerna also broke down the age demographics, which shows some interesting trends. The under 30 demographic surprisingly didn’t lead the sales, though they claimed nearly a third with 29%. Consumers in the 30 to 40 age range accounted for 31% of sales, the highest of any age demographic. The 40 to 50 age group claimed 20% sales, 50 to 60 at 12%, and 60-plus at 8%. 

If Green Wednesday is any indication, December will only get busier for the cannabis industry as new data from LeafLink offers incredible insight into what Christmas time could bring. Sales reportedly spiked by 33% in the week leading up to Christmas 2020, compared to the years prior. There was also a 61% spike on Christmas Eve last year compared to Thursday sales during the past four years. These numbers reflected mid-pandemic sales when in-store presence was at an all-time low. However, the rise of vaccinations and health measures in place could help boost cannabis sales throughout the holiday season and well into 2022. 

Akerna Corp CEO Jessica Billingsley said that Dec. 23rd and 31st, 2020 were among the top three highest sales days of the year. Though it’ll be hard to top 4/20’s $118 million single-day 2021 sales record, Billingsley told Benzinga that December would have a few great days.

“While I don’t see any December holiday beating 4/20 this year – which was the largest sales day for the industry ever at $118 million – I do expect to see a couple of December days make the top 5 of the year,” she said. 

Reading next

Village Farms Is Outperforming Microsoft, Netflix, Apple, & Other Top Global Stocks
Congress Drops SAFE Banking Act

Leave a comment

All comments are moderated before being published.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.