Political polarization is ruining Thanksgiving family dinners, though last year’s Cannabis-infused gravy trick was one remedy whose creator promised that holiday cheer would wash over imbibers in just under 15 minutes. But we’re way beyond just cannabis-infused gravy now.
This year’s Green Wednesday, which took place the day before Thanksgiving, saw the legal weed industry offer discounts across the board.
The result? A major spike in sales for companies in this industry as high as 350%.
It’s possible you’ve never heard of “Green Wednesday” before. But it goes back seven years, and its success was handily predicted by research firm Headset, which tracks weed sales.
The firm’s most recent report, released just ahead of the holiday, said that this Thanksgiving would be unlike any other that came before.
“With millions of Americans being asked to stay at home for the holiday, frankly, what else is there to do?”
Jane Technologies, an online cannabis marketplace, registered a 241% increase in online sales this Green Wednesday, compared to last year. Online sales also increased by an average of 271% compared to last year.
Last year, Green Wednesday racked up sales that were 40% greater than the average sales on the four previous Wednesdays.
However, Thanksgiving isn’t the only holiday that cannabis companies are looking forward to. Holidays in general are shaping up to be a perfect occasion for cannabis relaxation and de-stressing.
“Leading up to the holidays, many people turn to cannabis for relaxation, general wellbeing and a sense of togetherness. Every holiday so far in 2020 has attracted a record number of online cannabis sales,” Socrates Rosenfeld, founder and CEO of Jane Technologies, told Forbes.
According to Green Entrepreneur, companies sold $400 million worth of cannabis products in the week leading up to July 4th, a 60% increase compared to the weekly average.
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Labor Day is also a big day in the cannabis industry, with sales exceeding a quarter billion dollars, representing a year-over-year increase of 23%.
Now, investors are wondering if the same will hold true for Christmas, one of the potentially most stressful holidays of them all.
Ever since the start of the pandemic, due to various lockdowns and stay-at-home orders, sales of cannabis products have surged as the industry was deemed an “essential service” and demand was very high.
In the U.S., 62% of Americans favor legalizing marijuana, while the legal cannabis industry market topped $13.5 billion in 2019 and is now on pace to eclipse $15 billion by the end of this year.
Fifteen states and Washington, DC, have now legalized marijuana for recreational use for adults over 21.
There are also some more potential catalysts this week.
Later this week, a United Nations commission is set to vote on a series of World Health Organization recommendations on international marijuana reform. The most significant outcome of this vote could be the removal of cannabis from the highly restrictive global drug scheduling category under a global treaty. And the U.S. appears to be in favor of this policy change.
The first cannabis boom might have petered out after investors got a little over exuberant, but there’s a second, more rational boom emerging, and this time human nature is truly dictating demand.
By Michael Scott for Safehaven.com
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