WORKWEEK

Maximizing cannabis retail sales during the holiday

Listen…

I know Halloween hasn’t even happened yet, but your girl loves turkey. Thanksgiving food is always on my mind. And because of Green Wednesday – it *should be* on the cannabis industry’s mind, too. 

Green Wednesday happens the day before Thanksgiving and is often referred to as the industry’s Black Friday. It was the second-highest sales day in Cannabis last year, second only to the real Black Friday, which falls the day after Thanksgiving. 

Headset saw a 33% increase in sales on Green Wednesday in 2021 compared to the previous four Wednesdays. 75% of consumers in adult-use states claim they always consume cannabis while relaxing and unwinding during the holiday.

Why? 

BDSA gently suggests that cannabis offers stress relief from the hustle and bustle of the holiday. Meanwhile, I’m betting it also has to do with Aunt Karen yapping away at the end of the Thanksgiving dinner table.

There’s an edible for that, ya know 😎

But seriously, the holidays do come with a lot of stress. Shopping, cooking, driving & travel, the emotional stress associated with holidays, etc. 

For me, the food upsets my ulcerative colitis, but I still want to eat it because I love it and only have one life to live; let it be filled with potatoes and cheese. I also have Generalized Anxiety Disorder. Cannabis during the holidays soothes my digestive inflammation and any anxious feelings I have. 

40% of consumers in adult-use states always incorporate cannabis into special events and holidays. California cannabis saw a 40% increase in dollar sales on Green Wednesday in 2020. 

Cannabis retailers who aren’t leveraging Green Wednesday are leaving money on the table. 

How to leverage this holiday

Cross-promote

BDSA found that Green Wednesday shoppers also increase their basket size on the holiday. They’re buying more products than they would on a regular day. 

So cross promote ya stuff, baby 🤑🤑

The product mix didn’t change very much in 2020, meaning you won’t suddenly see a massive uptick in products that don’t already fly off the shelves. 

But that doesn’t mean anything. 

This data also found that 40% of shopping baskets with edibles also have topicals. Run a Green Wednesday promo on topicals for customers buying edibles and see how much your average basket sizes increase. 

AND – keep these promos going for at least Wednesday, Thursday, and Friday. With Black Friday and Green Wednesday competing to be the highest sales day this year: it’s one of the most important times for cannabis retailers & brands to prepare for. 

Elevate the plates

Some retailers and brands can also use their existing products to take advantage of Green Wednesday in a more practical way that brings cannabis directly to the table. 

Products like infused olive oil and infused drinks are the perfect way to elevate the holiday season. Baked goods, infused baking products, and pumpkin-flavored items could also perform well during this time. And yes, turkey infused with THC *is* practical on Thanksgiving or otherwise. Don’t come for me.

Don’t get crazy

The Thanksgiving holiday is a great time to boost existing revenue, not test out new marketing campaigns or products. 

There’s an uplift in sales during this time, but the details aren’t much different than on a normal day. The product mix doesn’t change very much, AND the people shopping don’t change much. 

Akerna found that 61.8% of shoppers from 11/24-11/27 in 2021 were men. This isn’t much different than what we see on a regular day, as 60% of adult-use buyers across state lines are men. 38.2% of sales were made by women in 2021 during the Thanksgiving holiday.

There’s a huge focus on the recreational market, especially during the holidays – which is understandable. But medical consumers had an average order total of $122.76 during this time last year, while recreational consumers had an average of $79.37 – so don’t neglect this demographic. 

Flower was still the top-performing category during this time, capturing 47% of sales. But cartridges/pens weren’t far behind at 33.5% of sales. Infused edibles were only 7% of sales, which isn’t too different from what we normally see. 

TLDR: Cross-promote, see where “practical” products might fit in, and don’t get too crazy – stick to what you know and elevate that using data to drive your decisions.