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.
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 firstname.lastname@example.org 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.
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SOURCE MJ Freeway