By Amanda Weston
Some marijuana sellers are set to be rolling in cash for the 420 cannabis holiday weekend. Cannabis technology company MJ Freeway predicted April 20 will be the largest single sales day to date, grossing about $90 million in legal sales nationwide ー a 12 percent increase over last year.
The cannabis data firm said retailers will see 420 sales three times higher than their daily sales averages. April 19 may bring in 2.5 times the daily sales as users stock up ahead of the marijuana holiday.
The big sales day is particularly popular in emerging markets where adult use is newly legal.
"There are lines out the door," Jessica Billingsley, CEO of MJ Freeway, told Cheddar Friday. "It's really a day of excitement as it's legal for the first time. There's really a feeling of celebration, and that's driving most of the sales."
"Interestingly, in mature markets - I'm from Colorado - it's a busy day, but it's not necessarily lines out the door, and some of the euphoria's passed. And we're starting to see traditional holidays also become really big sales days like New Year's Eve, Fourth of July, even 710, which spells 'oil' backwards. It's a big day for concentrate sales in cannabis."
Billingsley said flower is the most popular product on 420, making up more than half of all sales.
420 sales have seen consistent growth year over year, and Billingsley expects that to continue as the country moves closer toward federal legalization, as well as growth overseas. However, she believes the holiday will eventually start to level off.
"I think it'll still be a big day. You'll see specials. You'll see products debut, brands debut. But I think we're going to see those traditional holidays maybe even surpass 420 in sales, the traditional holidays where people are all getting together across all of mainstream and not necessarily people who are just interested in consuming cannabis."
For full interview click here.