The month of July offers two holidays (one official federal holiday, and an unofficial cannabis holiday) that are great for helping dispensaries increase their bottom line. July 4th is celebrated all over the country and July 10, referred to as 7/10 or 710, has become a second cannabis holiday. The term 710 resembles “OIL” when flipped and is quickly becoming synonymous with cannabis concentrates. Headset, a leading cannabis and data analytics firm, has just released insightful sales information from Colorado, California, Washington, and Nevada for both holidays.
Although July 4 does not have any direct relation to cannabis, it is a day full of outdoor activities, barbeques, and watching fireworks. As is the case with many holidays, cannabis sales tend to see an uptick. Headset examined retail data for eight weeks leading up to July 4 and noticed the following:
- When comparing July 4 sales to prior weekday sales in 2019, sales increased among particular categories and segments. Strong increases were seen in: Beverages (average increase of 46 percent), Edibles (an increase of 26 percent).
- Across multiple states throughout the holiday weekend, sales increased in segments such as: Mocktails (average increase of 134 percent), Carbonated drinks (an increase of 58 percent), Mints (an increase of 46 percent), and Chocolate (an increase of 34 percent).
- The day before the holiday (July 3) was the most popular with a sales lift comparable to the average Friday sales lift. This suggests that having July 4th land on a Thursday created conditions similar to the start of a weekend.
- July 4th cannabis sales were around $17.7M, which is a 5 percent sales lift when compared to prior weekdays.
Headset also reviewed data from eight weeks prior to July 10 in its analysis of concentrates sales. Below are the main takeaways:
- When comparing “Dab Day” (July 10) concentrate sales to previous weekday dab sales, there was a 29 percent sales increase compared to the average Wednesday. Total sales for concentrates was $1.7M.
- There was an average growth of 49 percent across all concentrate segments.
- Rosin dominated with a sales lift of over 200 percent (enough to increase it’s market share among concentrates to 6 percent of concentrates on 7/10 as opposed to the typical 2.4 percent).
- Honey Oil/Hash Oil experienced the second-highest sales increase with a 59 percent boost in sales.
- Crystalline/THCA/CBDA experienced a 69 percent sales increase.
- The largest segment of concentrate sales is Live Resin (generating the most revenue with 27 percent of category sales) which experienced a 46 percent increase compared to average Wednesday sales.
Headset’s data shows that July holds the potential for dispensary operators to increase sales in key areas.
