420 2018 Crests $87M in Sales, 61% Increase Over 420 2017
Co-Founder Jessica Billingsley Takes on CEO Role
DENVER, May 3, 2018 /PRNewswire/ -- April 20, 2018 was the highest grossing sales day in the history of U.S. legal cannabis markets with total U.S. sales exceeding $87M, according to MJ Freeway, the largest global cannabis technology company. More than one-third of industry sales on 420 were transacted using MJ Freeway software solutions.
420, the cannabis "holiday" celebrated on April 20 and increasingly associated with cannabis culture, is annually the cannabis industry's largest grossing retail sales day of the year. On average, retailers saw their customer traffic increase by 2.85 times the daily average. Average ticket size for 420 was $109.23, which is $10 dollars more than the daily average spend per transaction.
Customer demographics tell an interesting story. Sixty-two percent of customers on April 20, 2018 were male and the largest group of purchasers (31%) were men between the ages of 30-40 with the second largest group (27%) being men between the ages of 21-30. Among females, purchasers trended older. Women ages 30-40 were the largest group of female shoppers on 420 (29%) and women ages 50-60 (24%) were the second largest female shopping group.
Flower was the product winner on 420. Overall product mix shifted more toward flower, with a 5% increase in flower sales on 420 vs the product mix norm.
MJ Freeway has processed more than $10B in cannabis sales, by far the most in the industry. As a result, MJ Freeway's 420 analysis draws from the largest dataset in the cannabis industry.
MJ Freeway has experienced explosive growth since the introduction of MJ Platform, the groundbreaking enterprise resource planning (ERP) product that transforms how leaders in the cannabis industry operate. Cannabis businesses across the cannabis supply chain are managing their dispensary, manufacturing, cultivation, distribution, and delivery operations on MJ Platform. These clients span every regulated market in the U.S. and internationally, including Canada with clients across multiple provinces and territories, market share leadership in Spain, and clients in Australia, New Zealand, South America and Switzerland.
MJ Freeway is also delighted to announce the promotion of Jessica Billingsley, MJ Freeway's Co-founder and President, to the position of CEO. MJ Freeway co-founder, Amy Poinsett, who has served as CEO since 2010, will transition to Chair of the Board.
Billingsley co-founded MJ Freeway alongside Poinsett in 2010. Billingsley has led MJ Freeway's expansions into Canada, South America, and Europe, as well as MJ Freeway's product extension into Consulting and Data. Billingsley says, "MJ Freeway is on track for another record year for sales, building on the extraordinary success of MJ Platform. As CEO, I look forward to continuing to expand MJ Freeway's global business and finding more solutions that deliver ROI across the entire cannabis supply chain."
Under Poinsett's leadership, MJ Freeway grew from a founder-led start-up serving the first cannabis dispensaries in Colorado to a global technology company with thousands of clients worldwide. As board chair, Amy will continue to focus on strategic opportunities.
About MJ Freeway: MJ Freeway® is the largest global cannabis technology company having processed more than $10B in sales with clients in Australia, Canada, Europe, New Zealand, South America, Switzerland, and the United States in 23 states and the District of Columbia. Founded in 2010 by technologists creating tech 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 a complete suite of professional consulting services for cannabis businesses. For more information, call 888-932-6537 or visit mjfreeway.com.
Jeannette Ward Horton
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SOURCE MJ Freeway
Released May 3, 2018