The April 20 cannabis holiday exceeded sales expectations across the board in 2019.
Benzinga recently chatted with Jessica Billingsley, co-founder and CEO of MJ Freeway to discuss 4/20 results, industry patterns and more following the company’s presentation and fireside chat at the Cannabis Capital Conference in Toronto.
MJ Freeway is the largest cannabis tech provider in the world, holding 30 percent market share with operations in every legal U.S. state and 11 international countries. Data from the company's services are compiled for a snapshot of overall sales and market performance.
Results and statistics from 4/20 sales are among the most sought out and anticipated data within the industry.
This year's holiday was the most profitable day so far in 2019, as it doubled its daily average sales and for a total of roughly $80 million. While 4/20 sales always incite high expectations, the company's data reflects 38-percent growth compared to the same day in 2018, across the entire industry.
“The interesting takeaway from the 4/20 numbers was the fact that sales spike starts ahead of the holiday, and continues to significantly spike over a three-day period," Billingsley said.
"April 18, 19 and 20 brought in $182 million in sales, marking the highest three consecutive grossing sales days in legal U.S. cannabis history."
While it was easy to assume Saturday would be a "sales bullseye," the cannabis celebration coincided this year with two major religious holidays, giving consumers more time to plan and shop, Billingsley said.
A surge in sales surrounding a holiday is not uncommon in the cannabis industry, Billingsley said.
“There’s a steady pattern of surge surrounding more social holidays like Independence Day or New Year's Eve, and we also see an increase in sales when a weekend precedes a major holiday."
In December, the Friday before Christmas marked the second-highest sales day other than 4/20 in 2018, bringing in $79 million, she said.
Billinglsey remains optimistic about the cannabis landscape.
“States continue to open new medical and recreational markets at a rapid pace. And don’t forget the international market,” she said.
“Canada has legalized at the federal level. Colombia has legalized for export. As states and countries continue to legalize, we will continue to see explosive growth. We are poised for 5-10 more years of continual, rapid growth.”
Read more from Billingsley at the Benzinga Cannabis Capital Conference here.
Preparing For Toronto: MJ Freeway To Discuss Cannabis Technology
Cannabis Tech Company MJ Freeway Closes On M Funding Round: 'We're The Backbone Upon Which The Cannabis Industry Is Built'
MJ Freeway CEO Jessica Billingsley, right, and Megan Henderson, executive producer of The GrowthOp, at the Benzinga Cannabis Capital Conference last month in Toronto. Photo by Juil Yoon.
See more from Benzinga
- What You Need To Know Ahead Of The 2019 Cannabis Capital Conference In Toronto
- What To Do In Toronto At The 2019 Cannabis Capital Conference
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.