We’ll keep it short and sweet as it is like talking to a brick wall in Australia.
U.S. cannabis sales across all taxed and regulated markets from coast to coast totaled $238,000,000 over the Thanksgiving holiday “weekend”
DENVER, Dec. 2, 2020 /PRNewswire/ — Business intelligence from Akerna (Nasdaq: KERN), an enterprise software, leading compliance technology provider, and developer of the cannabis industry’s first seed-to-sale enterprise resource planning (ERP) software technology (MJ Platform®), finds that cannabis consumers spent approximately $238 million during the 2020 Thanksgiving weekend (11/25 – 11/28).
The average basket size for medical consumers was $122.64, representing a 5% increase over the daily average. Adult-use consumers spent, on average, $78.14, which is an increase of approximately 12%.
Green Wednesday, the Wednesday preceding Thanksgiving, was the single biggest sales day of 2020 with an 80% increase in daily sales. This also marks the first time in four years that Green Wednesday has beat out Black Friday, which also saw a 75% increase in sales.
“Once again, Thanksgiving ranks in the top 5 cannabis sales days of the year,” said James Ahrendt, Business Intelligence Architect, Akerna. “As we have noted throughout the year, daily sales averages have increased over the last year as a result of COVID. Since average days show such notable year-over-year growth, the percentage of growth during the holidays doesn’t seem as large. However, this is because more people, in general, are purchasing cannabis.”
Through the first three quarters of the year, California has raked in over $778 million and is now on track to finally reach $1B in annual tax revenue from the taxed and regulated cannabis market.
The legal cannabis industry could skyrocket to $100 billion in the US alone in a decade
Cannabis is expected to become a $100 billion industry by 2030, according to analysts from Cowen. The analysts projected growth in legal sales and illicit sales to give a picture of what the total market could look like in the US by 2030 if marijuana is federally legalized.