Labor Day Ranks Among Highest Sales Days For Cannabis
Red, white, blue, and.. green? Americans are likely celebrating Labor Day with marijuana.
Marijuana sales were expected to surge over Labor Day weekend, which would lead to the second-highest day of sales for the plant in 2021.
According to a report by cannabis technology company Akerna, roughly $240 million in legal national cannabis sales were expected for the holiday weekend. Akerna noted that the surge would have started on Friday with about $90 million in sales, up 62% from an average Friday. Saturday was expected to bring in $69 million in sales while Sunday was projected to see $39 million.
“When holidays fall on weekends, the Friday of that weekend sees the largest spikes in spending, which has held up for Valentine’s Day, Memorial Day, and the Fourth of July this year,” said James Ahrendt, Business Intelligence Architect at Akerna in the report.
Friday was set to be the largest sales day of the weekend, but what makes this weekend special is that Labor Day will give the marijuana market an extra day to increase sales. About $42 million is expected to be brought in on Labor Day as well.
If sales did reach up to $90 million on Friday it would account for the second-highest sales day of 2021, following after 4/20.
Akerna reported that 4/20 sales in 2021, " totaled over $111.8 million, marking the most profitable day for cannabis in legal retail history."
A poll taken in August by Gallup reports that "49% of adults have tried marijuana, up from 45% in 2017 and 2019, 12% of U.S. adults say they smoke marijuana and that smoking is most common among young adults."
Thirty-eight states allow for legal cannabis purchases.
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