You've heard of Black Friday, Cyber Monday, and maybe even Small Business Saturday. Well, now there's another Thanksgiving unofficial retail holiday: it's called Green Wednesday. Think of the holiday season, and you'll picture turkey and stuffing, presents under the trees, and your grandma's legendary fruitcake. But with Green Wednesday – the cannabis industry's answer to Black Friday – you can enjoy all your timeless classics with a twist.So, what is Green Wednesday? When did it start? And what does it mean for cannabis companies – can they expect Black Friday-like cannabis sales?
What is Green Wednesday?
In a nutshell – Green Wednesday is like Black Friday for cannabis. Occurring on the day before Thanksgiving, it's becoming a major "holiday" for cannabis consumers. Just as you see significant discounts on all your retail products – be it clothes, gadgets, or even food – so too do cannabis consumers expect to save money on Green Wednesday.Dispensaries launch a range of discounts and specials to capitalize on the holiday and shift products in bulk. It's pretty lucrative.In fact, Green Wednesday sales have grown almost year-on-year since 2016, even rivaling other major marijuana commercial holidays. In 2019, Green Wednesday sales were 40% higher than the average sales for the prior four Green Wednesdays, according to Headset. Meanwhile, in 2020, dispensaries saw an 80% rise in sales on Green Wednesday, taking in a record $238 million. After 4/20 – which maintains its dominance – it's become the 2nd biggest commercial cannabis day of the year, surpassing Black Friday. Demand is so high for some businesses that they don't even need sales and discount deals to attract customers. If you are a business that would like to learn about cannabis investing or opening up a cannabis dispensary, contact the team at Safe Harbor Financial.While Black Friday spending has decreased in recent years, for some cannabis companies, Green Wednesday can see sales spike by upwards of 350%. Small wonder businesses are taking notice.
The history of Green Wednesday
Like many of these holidays, its origins are lost to the "smoke of time". It's believed the term originated with California cannabis delivery service Eaze in 2016. It rapidly caught on. But, Eaze wasn't creating a new holiday but branding an existing trend.For years, industry analysts noted sales skyrocket shortly before Thanksgiving. Whether it's due to store closures, a chance to relax inside, or wanting to stock up on their medicine, the retail holiday is here to stay. Indeed, 40% of adult cannabis users say they use weed to celebrate special events. Three-quarters say it helps them relax and unwind. Perhaps it's no surprise Thanksgiving is when cannabis consumers buy big for a few days of rest and recovery.
Notable Green Wednesday stats
Beyond the question "what is Green Wednesday?" cannabis companies are curious about how lucrative the day is. Here are some stats to help:
- In the US, Green Wednesday was the second-highest retail day after 4/20 for the second year in a row in 2020.
- Compared to 2019, 2020 saw a 241% increase in online sales and an average of 271% compared to the previous Black Friday cannabis sales, according to Jane Technologies, Inc.
- Springbig, a loyalty marketing technology for the cannabis industry, reported $17.4 million in sales from its network of 1,500 marijuana retailers – up 79.43% compared to 2019.
- Gage Cannabis Co, a Michigan-based craft cannabis business, reported a staggering 356% in sales.
- Edibles were increasingly popular, seeing a 6.3% rise in orders over 2019. Cannabis drinks also increased in popularity by 1.9%.
- Glass House Brands, a vertically integrated cannabis and hemp company, saw a 10% traffic increase between 2019 and 2020.
- Flower was 35% of the average basket
- Pre-rolls were 24% of the basket
- Edibles were 24% of the basket
Most popular products on Green Wednesday
To capitalize on the boom in sales, dispensaries and online retailers are increasingly wondering which products to focus their ads and sales promotions on. What do consumers want to buy over the holidays?Let's dive into the most popular products on Green Wednesday:
Pre-rolled joints
Some customers aren't regular smokers; they're interested in a holiday treat. That's where pre-rolled joints come in. With machine-rolled or hand-crafted joints a year-round favorite, it's a brilliant way to buy a small amount of weed to enjoy with friends and family.If you're looking to increase your mark-up, consider decorating the joints with kief or resin. It's a wonderful novelty item, perfect for the holiday period.
Edibles
Edibles are a booming market. Like pre-rolled joints, they're portable and easy to consume. Plus, you can more accurately control your dose – which opens up the micro-dosing sub-culture. With new flavors and varieties of edibles – from classic space cakes to gummies – there's a wide diversity of potential edibles to produce and sell.
Holiday strains
New strains are always popular. But finding a strain with a particular holiday taste is a fantastic way to cash in on the holiday buzz. If you know you're going to shift a lot of products, selling a strain unique to your store is an excellent way to build your brand and reputation. It'll set you apart from the crowd.
Vaporizers and disposable pens
Ideal for gifts or a holiday treat, vaporizers can make a sizable profit. They're fast becoming the go-to way to smoke cannabis, with numerous health benefits. They're also small and portable, making vaporizers and disposable pens optimal for travel during the holidays.
Beverages
Whether it's THC beer or cannabis seltzers, weed beverages are the latest product to take off. In 2020, cannabis beverage sales on 4/20 increased 161.2% compared to the previous four Tuesdays. Containing smaller doses, it allows consumers to stay mellow as they enjoy the holiday festivities without overdoing it. Plus, there's still a massive novelty around such items.