Noemi Gonzales
In the grand scheme of things, the cannabis industry is still relatively young and we are still learning much about the ups and downs of this industry.
One interesting factor to consider and observe as this industry continues to grow is the effect that the holiday season has on the cannabis industry as a whole.
Let’s take a moment to compare various bits of data regarding the cannabis industry from Team Headset to see what we can discern from it.
First off, we must understand that in relation to the cannabis industry there are two sets of holidays to consider. There are the customary cultural holidays that we are all familiar with, meaning the time traditionally known as “Christmas”. There are also holidays specific to cannabis users such as 4/20 or 7/10 (calendar dates).
4/20 and 7/10
These two specific calendar dates are considered to be days to celebrate in the cannabis community. 4/20 has long been associated or considered to be a time to get high for years now(since the 1940’s according to some sources). 7/10 relates to cannabis concentrate oils as 7/10 upside down spells out “oil”. You can find many of these oil concentrate products to be available for consumption via pens, rigs, and vaporizers.
Reports indicate that the week leading to and the day of 4/20 show an increase of cannabis flower sales. Consuming the actual flower has a more traditional flair to it as opposed to more modern concentrated options. A factor in these increased sales is the fact that many dispensaries and shops are reportedly running deals leading up to 4/20 that contribute to these increased flower sales.
The week leading up to 4/20 showed a 25% increase in sales of cannabis products. Colorado, Nevada, Washington, and California all totaled over 100 million dollars in cannabis product sales during the week of 4/20.
The week of 7/10 does not seem to reflect any serious changes in terms of sales data. It is worth considering that 7/10 is a lesser-known cannabis day of celebration due to these concentrates being comparatively newer to the market.
Customary Holiday Season
The week of Christmas is another time of the year that has shown statistical increases with cannabis product sales. During the week of Christmas, the cannabis industry has seen an increase of around 15% in sales.
While this increase is not as large as that of the week of 4/20, it is still a considerable burst of growth for business owners in the cannabis industry.
What factors might lead to increased cannabis sales during the week of Christmas?
It appears to be more socially acceptable to gift cannabis to one another as time goes on. Many people have a little extra cash to spend due to bonuses from work and gifts from family. Many shops and dispensaries are trying out discounts and sales for the season. A wider array of options for methods of consumption will mean more people willing to try cannabis than before as not everyone enjoys the idea of smoking.
Who’s Buying?
A separate report from Team Headset breaks down the key demographics and their percentages of cannabis products purchased.
52% of all cannabis sales since legalization occurred are from the millennial demographic. The remaining 48% of cannabis sales appear to be split evenly between the Silent Generation, Generation Z, Baby Boomers, and Generation X.
Another interesting point from this report is that from 2018 to 2019 Generation X doubled their cannabis purchase rate from 3% to 6%. This trend currently shows no sign of changing or slowing down.
Conclusion
The data from Team Headset makes it clear that the holidays do indeed have a positive impact on sales in the Cannabis industry. The most notable being the week of 4/20 with the 25% increase.
It is also interesting to learn that Millennials alone make up over 50% of total cannabis product sales as of this time.
Perhaps the sales numbers relating to the week of 7/10 will also begin to increase over the years as concentrates become more commonplace in the cannabis market and social awareness.
If you would like to download and review these detailed reports from Team Headset yourself you may find them here:
https://www.headset.io/blog/how-do-the-holidays-affect-cannabis-sales-a-look-at-the-data
https://www.headset.io/blog/cannabis-demographic-analysis-trends
