Extractors get their own holiday every year. July 10, also known as 7/10 has been fondly named “Dab Day” within the cannabis community. Spelling “OIL” when flipped upside-down, 7/10 is the day when cannabis concentrates and extracts are celebrated, and sales data is showing that cannabis consumers are eagerly participating in the celebration.
“While 4/20 is the celebration of the cannabis plant itself and the many victories won against prohibition it also serves as a rallying point for the ongoing struggle to fight and end prohibition. On the other hand, to me, 7/10 symbolizes a kind of cannabis renaissance brought about by the widespread use and understanding of cannabis OIL,” said Troy Ivan, CEO of ExtractCraft. “Cannabis oil is the base of all concentrates used in vape cartridges, wax, shatter, edibles, tinctures, and topicals to treat and bring relief to those suffering from a wide variety of serious ailments. The OIL represented by 710 is the source of healing from the plant and is why we named our first product the Source. It is so fundamental to what ExtractCraft does you might notice the clock in the background of our videos is ALWAYS stopped on 7:10.”
Green Market Report obtained data from both Flowhub and Headset demonstrating that consumers are happily opening their wallets on 7/10, making major dents in weekly and monthly sales. Here’s what we found out:
Flowhub tracked sales data for Tuesday, July 10, 2018, across Alaska, California, Colorado, and Oregon markets. They found that on this day, concentrate sales increased 28%, and transactions increased 23% more than the average Tuesday. Overall sales increased 18%, with transactions increasing 13% and the average sale amount increasing 7%.
“Traditional flower is the most widely known form of cannabis, but demand for cannabis concentrates is rapidly growing in regulated markets due to being a more efficient and combustion-less way to consume. Patients who need a higher dose of cannabinoids or those who are looking for a cleaner and more consistent method can all benefit from trying concentrates,” said Jeffrey M. Zucker, President of Dip Devices. “Dip Devices aims to normalize the use of these concentrates by making the consumption methods more accessible and less intimidating. We believe concentrates can offer significant benefits to the cannabis consuming population, many of whom are intimidated by “dabbing,” as concentrate consumption is often called. Having a day (7/10) dedicated to celebrating concentrates specifically brings it even further into the mainstream and lets people see that it can be enjoyed by anyone, not just the heaviest users.”
What kinds of concentrates and extracts are people buying on 7/10 in these states? Shatter sales reign supreme at 42.4%, with cartridges following at 21%, and wax at 17.5%, with unspecified products and live resin making up the consumer’s basket profile.
“When consumers started migrating from smoking flower to vaping concentrates, we saw an opportunity to create a line of precision-effect cannabis products,” said Charles Jones, CEO of LucidMood. “By extracting only a portion of the cannabinoids and terpenes found in the plant, we would be able to dial in very specific mood states – including ones that would appeal to boomers that are coming to cannabis for the first time or returning to it after an extended break. LucidMood can be a great starting point for newbies as well as a great go-to for more experienced users who appreciate the subtleties of our formulations and the quality of our ingredients. 4/20 has come a long way in recent years and though it may not be as widely celebrated now, I think 7/10 deserves continued attention.”