Summary: Green Wednesday 2023 marked a significant milestone in the cannabis industry, with recreational cannabis sales reaching over $9 million. This represents an 18.12% increase from 2022, indicating a growing trend in cannabis consumption and market expansion.
The Rising Trend of Cannabis: Green Wednesday’s $9 Million Milestone
Green Wednesday, the cannabis industry’s answer to Black Friday, has seen a remarkable surge in sales this year. The total recreational cannabis sales amounted to $9,209,061.73, an 18.12% increase compared to the previous year’s $7,795,803.80. This surge is attributed to increased footfall in cannabis retail stores, as customers sought bargains similar to traditional Black Friday shopping.
Jane Technologies, a key player in data collection for the cannabis industry, reported that even after adjusting for company growth, the total recreational sales still showed a significant increase of 11.43% from 2022. Furthermore, sales on Green Wednesday 2023 were up by a staggering 90.5% compared to the average total recreational sales of the preceding three Wednesdays.
The top-selling products included flower, vape products, edibles, pre-rolls, and extracts, with flowers leading at $3,352,845.91 in sales. Jane Technologies also provided a state-level breakdown, revealing that the top five states with the highest recreational sales were Illinois, California, New Jersey, Maryland, and Washington.
Interestingly, the scenario was different for medical cannabis sales. There was an 11.1% decrease in total medical sales on Green Wednesday 2023 compared to 2022. However, the total medical sales were still up by 84.1% compared to the average total sales of the preceding three Wednesdays.
Socrates Rosenfeld, CEO and Co-Founder of Jane Technologies, commented on the future of the US cannabis industry. He highlighted the importance of scalable solutions for industry operators to remain competitive, emphasizing the role of digital infrastructure, data analysis, and customer relationships in shaping the future of the global cannabis industry.
Why It Matters: The record-breaking sales on Green Wednesday 2023 underscore the rapidly growing cannabis market in North America. This growth reflects changing consumer attitudes towards cannabis and indicates a significant shift in the industry’s economic impact.
Potential Implications: The surge in cannabis sales suggests a potential for even greater market expansion and mainstream acceptance of cannabis products. It also points to the need for regulatory frameworks to adapt to this growing industry, ensuring safe and responsible consumption.
Source: Business of Cannabis
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