420 with CNW – Cannabis Sales Could Soon Surpass Wine Sales, New Data Reveals

July 18, 2019 15:20:50

If the current trend of cannabis sales during the Fourth of July holiday continue, marijuana could outsell wine as soon as July 4 next year, according to new data collected on different staples during Independence Day celebrations.

The week in which this year’s Independence Day fell saw a record $400 million worth of cannabis sold by dispensaries across the country. Statistics show that this figure is 60 percent above the national average of the marijuana sales made during any typical week of the year.

The data collected and analyzed by Akerna Corp shows that every single day leading to July 4 registered a spike in the volume of marijuana sales when compared to typical days across the country.

For example, on July 1, there was a 45 percent increase in the sales registered by marijuana dispensaries when compared to the available data on typical Mondays. While this jump is sizable, it was the least sales bump in the days leading to the national holiday.

On Wednesday (July 3), marijuana dispensaries registered sales which were more than twice what they usually sell on any average Wednesday. In fact, the increase was 112 percent when compared to sales on ordinary Wednesdays in the year.

Bumps were also noticed in the average amount that each person spent at a cannabis dispensary during the days leading up to the Fourth of July. Similar bumps were also noticed regarding the number of products bought per person on those days.

To put these marijuana sales in context, Green Entrepreneur compared the $400 million generated from marijuana sales to other staples sold on such days. Americans spent $1billion on beer and another billion on fireworks on Fourth of July last year. Wine generated total sales worth $568 million on the same day last year.

If these growth rates stay the same, it is highly likely that marijuana sales on Independence Day will exceed those of wine next year.

These figures and predictions seem all the more credible given the fact that the number of Americans who believe that marijuana should be legalized federally is at an all-time high. Additionally, more states are legalizing marijuana for medical and recreational purposes, with Illinois being the latest to enact an adult-use marijuana legalization law.

Industry watchers believe that this boom in cannabis sales will give industry players like Hemptown USA and Green Hygienics Holdings Inc. (OTCQB: GRYN) added impetus to take bolder steps towards consolidating their positions in the industry.

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