710 Archives - Green Market Report

Anne-Marie FischerAnne-Marie FischerJuly 10, 2019
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5min18151

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.”


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4min18740

Move over, 4/20, there’s a new cannabis “holiday” to be celebrated. 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.

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%.

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. 

 

Still, according to Flowhub, 7/10 in 2018 didn’t come close to 4/20 of that year, with 4/20 beating 7/10 sales by 64%. Overall, with 7/10 concentrates and extract sales increasing, and the awareness of the holiday building, people are buying more concentrate cartridges, with this market seeing a 94% increase in sales since 2016.

Similarly, Headset compared the average sales data from the 4 previous Tuesdays to July 10, 2018, across the Washington, California, Nevada, and Colorado markets. 

Headset found that total cannabis sales in these states went up 10% on Dab Day in 2018, with concentrates (up 49%) and vape pens (up 36%) driving sales for that day. While flower sales remained relatively unchanged, people were buying more beverages (up 24%) and capsules (up 36%).

Washington saw the biggest sales increase of concentrates, up 100%, while Colorado trailed behind at an increase of 78%. These states also saw the highest sales increases for vape pens, up 45% in Washington, and 57% in Colorado. Headset speculates that this is likely due to these markets being the most mature recreational markets, with Dab Day making a greater permeation in the cannabis culture of these states. 

In these states, Live Resin reigned supreme, taking 30% of sales, while wax and shatter both saw a 23% increase in sales. Headset expects the numbers to increase for this 7/10/19.

With the popularity of 7/10 and cannabis concentrates rising, Green Market Report expects that we’ll see unprecedented sales for these products in all recreational markets.

Happy 7/10!

 


Debra BorchardtDebra BorchardtJuly 10, 2018
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10min34260

Happy July 10. 710 is a thing for cannabis consumers. If you don’t know what that is, it’s okay. We’re here to help you learn. July 10 is or 710 is becoming a big sales promotion day and is growing in popularity. Cannabis consumers are always happy to find a new reason to celebrate and since 420 has been adopted by even non-cannabis consumers, 710 or Dab Day is the latest insider holiday.

If you turn the numbers upside down, it loosely resembles the word “OIL.” So, fans of cannabis oil as using that as an excuse to celebrate. Not convinced?

According to MJ Freeway, point-of-sale (POS) data from thousands of cannabis retailers across the U.S., Monday, July 10, 2017 sales were 15% higher than average Monday sales. The 15% increase can be wholly attributable to increased concentrate purchases. Concentrate category sales jumped 18% on July 10, 2017.  In the last three years, year-over-year 710 holiday sales growth has averaged 19%.

In addition to that, MJ Freeway predicts a sales spike of more than 25% today. Of course, these sales pale in comparison to 420 sales, but it is significant enough for dispensary owners to recognize it. Plus since 420 has been so heavily commercialized, it gives cannabis consumers a new secret handshake.

Cannabis oil can also be described as concentrates or extracts and has become one of the fastest growing categories for sales. It’s been well documented that flower sales have either stalled or declined as oil sales increased. MJ Freeway noted that the flower category share as a percent of total product sales has declined 14% since 2014. Comparably, edible category share growth is up 2% since 2014.

The company went on to say that on average, individual cannabis retail locations have experienced the following product sales growth since 2014:

  • Concentrate sales have grown 412%
  • Edibles have grown 272%
  • Flower sales have grown 149%

Flowhub Data

Cannabis data provider Flowhub has also picked up on this trend in sales growth. The seed-to-sale software company tracked a sample set of cannabis consumers on this holiday over the course of one year. They found that there was an 88% growth in concentrate sales when comparing 7/10/2016 against 7/10/2017 for the same sample set of customers. ($15,053.75 in 2016 and $121,802.14 in 2017). In comparison to an average Monday, sales of concentrates increased 34% on Dabs Day 2017, and in comparison to an average Tuesday, sales of concentrates increased 26% on Dabs Day 2017.

Promotions 

Cannabis oil companies aren’t missing the opportunity to use the holiday to promote their products. The Green Solution is offering up to two grams of NectarBee shatter, wax and pie crust concentrates for $24.95 each on July 10. If there isn’t a dispensary in your area, the online cannabis catalog on iheartjane.com currently has over 20,000+ cannabis products specific to the “extracts” category, which is the largest offering in the world.

If companies aren’t sure how to approach this holiday, MJ Freeway has created two retail guides:

 

 

 



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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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