Why it matters: The day before Thanksgiving, known as “Green Wednesday” in the cannabis industry, saw record-breaking sales in the recreational cannabis market, reaching over $9 million. Additionally, Green Wednesday and Black Friday continue to be major cannabis sales holidays.
What they are saying: Jane Technologies CEO and Co-founder Socrates Rosenfeld believes that with the government’s recent actions on issues like SAFER and rescheduling, the end of cannabis prohibition is nearing, and the industry’s future is continuing to grow. Medical cannabis sales, however, experienced a decline compared to last year.
The big picture: The cannabis industry is experiencing significant growth, with sales reaching all-time highs during holidays like Green Wednesday and Black Friday. The increasing legalization and changing attitudes towards cannabis contribute to this growth.
What to watch: It will be interesting to see how the cannabis industry continues to evolve, especially with the potential entry of large mainstream brands. Additionally, tracking cannabis sales during major holidays can provide insights into consumer preferences and trends.
My take: The cannabis industry’s consistent growth and record-breaking sales during holidays demonstrate its increasing acceptance and popularity. As more states legalize cannabis and consumer demand rises, the industry has significant potential for future expansion. It’s also encouraging to see cannabis brands giving back to communities and supporting local businesses during the holiday season.
