Labor Day Sales for Marijuana to Trend High as Summer Comes to a Close
MJ Freeway Provides Trend Data for Industry Cannabis Sales
DENVER, Sept. 1, 2016 /PRNewswire/ -- Like the cannabis holiday on April 20th (4-20) and the Fourth of July, Labor Day marks one of the highest grossing sales days in the cannabis industry. Once again, MJ Freeway takes a look at holiday trends in the cannabis market and gives some advice for what retailers can do to prepare for higher foot traffic in the coming weekend.
Logo - http://photos.prnewswire.com/prnh/20160901/403518LOGO
MJ Freeway's retail data set, which accounts for 40% of the legal cannabis market and includes nearly $5 billion in retail sales transactions, helps businesses across the industry understand everything from sales cycles to inventory management and more.
MJ Freeway, which created the first seed-to-sale tracking software in the cannabis industry, continues to lead the industry in tracking capabilities and software solutions for clients in the US and abroad.
"Cannabis is a young industry and it's important to track trends early and often, which is why we've made it a priority to provide businesses with a full picture of high-volume sales days," said Amy Poinsett, CEO of MJ Freeway. "The more we understand about the industry as a whole, the better we are able to provide our clients with solutions that they need for smooth and efficient business practices."
Labor Day by the Numbers
- In 2015, total cannabis retail sales exceeded $32M on Labor Day weekend (Sept 3-6, 2015), which represents a 43% daily increase from an average sales day. This also represents average daily retail sales growth of 23% in 2015 over average daily sales for Labor Day weekend 2014 (Sept 4-7, 2015).
- In 2016, we expect Labor Day weekend retail sales (Sept 1-4) to reach $41M
- Sales spikes begin the Thursday before Labor Day with Friday being the highest grossing sales day.
- In 2015, individual cannabis licensed retail locations* – dispensaries and delivery services – sold on average $5,694 in retail sales on September 3, $7,266 on September 4, $5,985 on September 5, and $5,100 on September 6 in 2015, the four days of Labor Day weekend.
*Note: One physical cannabis retail location may operate with two individual licenses – medical and recreational. - Same-store cannabis retail customer traffic increased by slightly more than 11% on Labor Day weekend 2015 compared to Labor Day weekend 2014. This year it's expected to rise even more.
- Customer traffic increased on average by 20% during Sept 3-6, 2015 as compared to a non-holiday sales day.
- Individual customers spent on average $69.14 per trip Labor Day weekend 2015, a rise of 3% compared to customers visiting retail locations on an average day.
MJ Freeway Consulting Services
For more information on state-specific retail sales data or for help spotting trends and opportunities using cannabis sales data, please contact MJ Freeway Consulting Services at [email protected] or 888-932-6537 ext 2. Please join our upcoming webinar on Sept 15 on the evolving Oregon cannabis market. Register here.
About MJ Freeway: MJ Freeway® is the industry-leading software and consulting solution for cannabis businesses, processing $5B in cannabis sales transactions and serving 23 state and the District of Columbia, Canada, Europe, and Australia. Founded in 2010 by a team of career software and IT professionals, the product suite is designed and built from the ground-up specifically for cannabis businesses. MJ Freeway's tracking software includes patent-pending inventory control and grow management applications to streamline workflow and increase efficiency. MJ Freeway's Leaf Data systems software solution enables governments to track cannabis plants from seed-to-sale and ensure patient, public and product safety. MJ Freeway also offers SuccessMap®, a complete suite of professional services for cannabis businesses. For more information, call 888-932-6537,visit mjfreeway.com or check us out on Facebook, Twitter, and LinkedIn.
Media Contact:
Jeannette Ward
888.932.6537 x754
Email
SOURCE MJ Freeway
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article