Dab Day Archives - Green Market Report

Anne-Marie FischerAnne-Marie FischerJuly 10, 2019
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5min10560

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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4min13980

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 1, 2019
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4min18020

Cannabis consumers love a good holiday and July brings two in quick succession. First, of course, is the Fourth of July. Cannabis software company Akerna Corp. (NASDAQ: KERN) said that it expects Americans will spend more on cannabis this Fourth of July than chicken for their BBQs.

According to Akerna, Fourth of July-week (June 28 – July 4) cannabis sales are expected to increase by 80% compared with an average week, ringing in approximately $450 million in total sales nationally. If this keeps up, Akerna said that by 2020 Americans could end up spending more money on cannabis than they would spend on wine for the Fourth of July.

While sales are expected to begin on the weekend before the holiday, increased sales are expected to continue throughout the week. Since the Fourth falls on a Thursday this year, Wednesday’s sales are forecast to be the busiest of the year.

Akerna released these retail sales figures that they compiled through a statistically relevant analysis of the cannabis retail market analyzing data tracked in MJ Platform across 20 states, Puerto Rico and Washington D.C.

July 4th by the numbers:

  • The order total on average will be $3.43 more than the average daily order total of $97.57.
  • Average basket count for 2019 is 2.64. 4thof July week will ring in an average basket count of 3.12.
  • Cartridge/Pens are expected to take a category share increase of 5%, as the second most popular category purchased June 28-July 4.
  • In states where flower is legal, flower will be the largest sales category with 40% of all sales for retailers.

“Utilizing the largest data set in the cannabis industry, we are able to provide a unique insight into market peaks and trends to anticipate and prepare for their busiest days,” said Jessica Billingsley, Akerna’s CEO. “Cannabis sales rival the sales of traditional holiday staples. It’s time to stop looking at this industry as niche or marginal. The growth of consumer adoption is explosive as the legalization of cannabis expands and Americans across all demographic segments are incorporating cannabis into their everyday lives.”

7/10

However, the fun doesn’t end with the Fourth of July. Just as 4/20 holds significance for cannabis consumers, there is the extracts holiday on July 7. 7/10 looks like OIL spelled backward. Some take it a step further and call it Happy Dab Day to celebrate the concentrate side of the market. There is a Dab Day celebration in Miami on July 13 this year sponsored by Trulieve.

Flowhub, the seed-to-sale software company tracked a sample set of cannabis consumers on this holiday over the course of one year, and the company found that in 2017, concentrate sales rose 88% versus 2016. In 2017, Dab Day sales increased 34% for that specific day of the week. The most popular type of concentrate is shatter (by a large margin), followed by wax, vape cartridges and live resin.

 



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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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