Despite the economic downturns of 2020, it was a great year for American cannabis sales. Sales increased throughout the pandemic and continued to grow during the holidays, ending with a highly successful sales day on New Year’s Eve.
Akerna, the software company behind MJ Platform seed-to-sale resource planning, analyzed the sales period between Christmas and New Year’s Eve and found that it was one of the busiest sales periods of 2020 for the American medical and recreational cannabis markets.
Akerna marked the time span of December 18 through December 24 as the period that generated $427 million in sales revenue. It’s not uncommon for the Friday before Christmas to be the busiest sales day of the year, but in 2020, the Wednesday before Christmas was actually the busiest, with a 76 percent increase in daily sales. Cannabis sales reached $87.3 million on that day alone, making it the third-largest sales day of the year.
Sales were originally anticipated to be lower during the holidays time due to decreased group gatherings and parties during the pandemic. However, it turns out that even though people were mostly celebrating at home and with their immediate families, interest in cannabis sales was still high.
In spite of New Year’s Eve status as a relatively solitary holiday this year, it ended the year with the biggest cannabis sales day of the year as well, clocking in at $89.4 million in sales revenue. This was an impressive lead over cannabis sales sold on the day before Thanksgiving.
“We were pleasantly surprised to see New Year’s Eve outperform Christmas,” said James Ahrendt of Akerna. “Overall, the last two weeks of the year ended up being some of the most profitable weeks for retail cannabis in 2020.”
Among products that were purchased the most, flower still reigned supreme at 46 percent of all purchases made between December 18-31, followed by cartridges and pens at 32 percent, concentrates at 13 percent and edibles at 7.5 percent. There was a fairly balanced split in age of purchases; 28 percent were under 30 years of age, 30 percent fell in the 30-40 range, and 20 percent were 40-50.
While 2020 was a tough year for everyone, it ended on a high note for the cannabis industry, which sets the tone for a strong industry in 2021.