BDSA
Marijuana Industry Gobbled Up HUGE Holiday Sales
The marijuana industry is receiving some good news – Thanksgiving marijuana sales were good, record breaking good. This follows the trend of the cannabis mainstreaming and the majority of American being “over” the cannabis stigma and are ok with the use of legal weed. Well, with over 50% of the country having access to legal cannabis and the marijuana industry gobbled up huge holiday sales.
Almost 90% of the country believes marijuana should be legal in some form. And there is a generational shift in the approach to alcohol and marijuana. Gen Z turning away from drinking and embracing the healthier weed. An example of the culture shift is in recently recreational legal Michigan. In their first year, marijuana sales will likely surpass $3 billion, helped by record-breaking July and a very robust holiday season. This is above their expectations and cannabis tax revenue overtook alcohol income for the state.
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In a clear example of public sentiment, BDSA, a leading data analyst company who covers cannabis released their Thanksgiving week sales. Comparing same 7 holiday days of 2022 to 2023 and they saw an average of a 19% increase year over year. it seems gummies are the new champagne or whiskey of the holiday season
What is especially interesting is the Wednesday before Thanksgiving and “Black Friday” are two of the biggest alcohol and weed days of the year. In fact, the Wednesday before is called “Green Wednesday in the cannabis industry and “Drinksgiving” in the alcohol industry. Sales for those days are higher. In the weed industry it can be up to 50% higher. The BDSA data shows it up with 19% above last year 66% increase which is a huge two year increase.
Driving the big increase is an increase in edibles, primarily gummies which saw an increase of 21% year over year. They are the most common way people consume marijuana with nearly 49% of people saying it is their primary way of using cannabis.
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Another perk for consumers is the average cost was 3% cheaper than last year, which was an added bonus. Edibles were on average 8% less expensive. Customers at dispensaries are similar to customers at liquor/grocery stores and respond to pricing.