Correction: An earlier version of this incorrectly stated that the main sales figures reflect retail store transactions, when in fact the numbers include revenues generated by producers and processors as well.
By Jennifer Mann
How much can a big holiday impact recreational cannabis companies?
A lot, as evidenced by a breakdown of overall recreational cannabis revenue in Washington State over the course of an average week vs. Thanksgiving week.
Sales hit $3.65 million during the holiday week this year, up about 30% from $2.8 million for the average week between September and the end of November, according to data from the state. The numbers include sales generated by retail stores, producers and processors.
Washington retail stores also hit their biggest day of the year on the Wednesday just before Thanksgiving, racking up more than $1 million in sales – most of that through retail stores. That compares to roughly $400,000 for an average Wednesday.
And the day after the holiday also provided a “Black Friday” boost, with sales exceeding an average Friday by more than $220,000.
Not surprisingly, though, sales dropped off on Thanksgiving itself, totaling about one-fourth the volume of an average Thursday.
Given the impressive overall numbers around Thanksgiving, marijuana businesses could see a huge spike this week with Christmas looming.
Jennifer Mann can be reached at Jenniferm@mjbizdaily.com