Cannabis sales were expected to increase over the last week’s Labor Day weekend and on Labor Day itself. A report that was recently released by Akerna, a marijuana technology company, states that nearly $240 million in national legal marijuana sales were expected for this holiday weekend.
The report noted that the increase was projected to begin on Friday, with roughly $90 million in cannabis sales, which equates to a 61% increase from an average Friday. Saturday was projected to see almost $70 million in legal sales while Sunday was expected to bring in $39 million. On Labor Day itself (Monday), legal marijuana sales were expected to be more than $40 million.
In the report, the company’s business intelligence architect James Ahrendt stated that when holidays fell on weekends, the Friday of that particular weekend saw the highest increases in spending, noting that this had been observed on this year’s fourth of July, as well as on Memorial Day and Valentine’s Day.
The Friday before Labor Day was set to be the biggest sales day of that weekend, with Labor Day giving the cannabis market an extra day to grow its sales. If sales did hit $90 million on Friday, this would make it the second-largest sales day this year, after April 20, which is commonly known as 4/20.
The cannabis technology company reported that 4/20 sales this year added up to about $112 million, which made it the most profitable day for marijuana in legal retail history.
Cannabis is slowly being accepted as a way to celebrate various holidays, with some even considering it as an economic booster given the high sales observed on these days.
A poll that was conducted last month by Gallup discovered that 49% of adults in the United States had tried using cannabis. This figure represents a 45% increase from figures in prior polls carried out in 2017 and 2019. In addition to this, the poll revealed that more than 10% of adults in the U.S. admitted to using marijuana and found that smoking marijuana was common among young adults.
Currently, 38 states in the country allow legal marijuana purchases. Of this number, 19 states have legalized recreational marijuana use for adults.
U.S. census estimates from 2019 show that more than 141 million Americans live in states that have legalized cannabis. However, at the federal level, the plant is still classified as a Schedule I drug by the DEA.
Companies such as Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) operating in states such as Michigan and Illinois that have previously registered huge cannabis sales could have had a bigger share of those Labor Day cannabis sales.
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