710 Cannabis Holiday Will Drive Sales Spike for Retailers and Concentrate Brands
Cannabis concentrate sales are growing at nearly 3 times the rate of flower
DENVER, June 20, 2018 /PRNewswire/ -- April 20 isn't the only cannabis holiday. July 10 – known as 710 – is the growing in popularity second cannabis holiday. "710" is the number associated with cannabis oils for the most basic of reasons. If you turn the number upside down, it resembles the word "OIL." Cannabis oil or extract takes many different forms all grouped together in a cannabis product category called concentrates. Cannabis oil can be smoked, vaped, swallowed in pill form, eaten, or dabbed with special equipment. But is 710 really a holiday? A spike in sales on July 10 that's growing year over year says it is.
According to MJ Freeway POS data from thousands of cannabis retailers across the U.S., Monday, July 10, 2017 sales were 15% higher than average Monday sales. The 15% increase can be wholly attributable to increased concentrate purchases. Concentrate category sales jumped 18% on July 10, 2017. The 710 holiday is growing in popularity as well. In the last three years, year-over-year 710 holiday sales growth has averaged 19%.
Concentrates, a lesser known cannabis consumption method, is the fastest growing cannabis product category in the U.S. Since 2014, concentrate category share has grown by 12%. Concentrates are taking share from flower. Flower category share as percent of total product sales have declined 14% since 2014. Comparably, edible category share growth is up 2% since 2014.
This is good news for the cannabis retailers and concentrate brands. On average, individual cannabis retail locations have experienced the following product sales growth since 2014:
- Concentrate sales have grown 412%
- Edibles have grown 272%
- Flower sales have grown 149%
MJ Freeway predicts a sales spike of more than 25% on July 10, 2018. While 710 is far from the 300%+ spike in sales on 420, as concentrates popularity grows, 710 is positioned to be a big sales holiday. After all, the precedent has been set that cannabis consumers can create a holiday out of thin air.
For more cannabis business intelligence to accelerate 710 sales, download:
Register for 710 Spikes in Concentrates Webinar on June 27 at noon MT
About MJ Freeway: MJ Freeway® is the largest global cannabis technology company having processed more than $10B in sales with clients in Australia, Canada, Chile, Columbia, Denmark, New Zealand, South Africa, Spain, 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 June 20, 2018