SAN JOSE, Calif., March 5, 2020 /PRNewswire/ -- Green Bits, a leading cannabis retail platform, announced today its first of regular quarterly reports designed to help dispensaries and retailers better compete and serve their customers and patients, and assist industry observers in understanding the market based on aggregate consumer behavior data.
Called the "Cannabis Retail Benchmark Report," the March 2020 edition covers the period of October 1 through December 31, 2019. In one notable finding, December 24, 2019 proved to be the busiest day for cannabis dispensaries and retailers of the fourth quarter of last year.
"At Green Bits, we are singularly focused on helping dispensaries and retailers grow their businesses safely, smartly and efficiently," Green Bits CEO Barry Saik said. "Beyond serving as the nation's leading cannabis retail platform, we also recognize that the transactions our systems process encompass valuable data that can be harnessed to give an in-depth view of marketplaces across the United States to help our customers set better benchmarks for themselves and to help educate others who care about the industry."
Situated at the register where consumers and patients meet retailers and dispensaries, Green Bits is uniquely positioned to have a window into retail operations and buying behavior in the cannabis industry across 13 states and more than 1,100 retail locations. In contrast to all the attention paid to the public markets and investing in the industry, the Benchmark Report will be able to provide "ground truth" data about consumer behavior.
In addition to the Christmas Eve Day finding, the report found that, in the last quarter of 2019, 54 percent of cannabis units sold across the country were flower, and the average customer spent $41 per visit to a dispensary or retailer.
"There are a lot of misconceptions about our domestic cannabis industry based on what people are seeing at the macro level, from stock prices to investments to challenges for the largest companies," Saik said. "But this data shows that consumer behavior is helping to drive retail growth up and to the right."
About Green Bits Green Bits empowers more than 1,100 cannabis retail locations across 13 states – Alaska, California, Colorado, Illinois, Maine, Maryland, Massachusetts, Michigan, Montana, Nevada, Oklahoma, Oregon, and Washington state – with a safer, smarter, easier way to manage day-to-day operations and maximize store performance. Their robust platform – with automated state-by-state compliance, point of sale, inventory control, and personalized insights – enables owners, managers, and budtenders to run, protect, and grow their businesses with ease. Green Bits has a run rate of $3.3 billion in sales through its point-of-sale platform. The company is headquartered in San Jose, California, and has an office in Portland, Oregon. Learn more at www.greenbits.com.