{"id":3070,"date":"2016-05-07T23:24:06","date_gmt":"2016-05-07T23:24:06","guid":{"rendered":"http:\/\/www.medicalmarijuanainc.com\/?p=7237"},"modified":"2016-05-07T23:24:06","modified_gmt":"2016-05-07T23:24:06","slug":"420-a-big-day-for-u-s-marijuana-sales-media-coverage-for-medical-marijuana-inc","status":"publish","type":"post","link":"https:\/\/medicalmarijuanainc.com\/2016\/05\/07\/420-a-big-day-for-u-s-marijuana-sales-media-coverage-for-medical-marijuana-inc\/","title":{"rendered":"4\/20 a Big Day for U.S. Marijuana Sales, Media Coverage for Medical Marijuana, Inc."},"content":{"rendered":"
Retail marijuana sales in the U.S. exceeded $37.5 million on April 20, the informal but popular annual holiday for cannabis culture. According to a report published by Denver-based seed-to-sale tracking software company\u00a0<\/span>MJ Freeway<\/span><\/a>, this year’s sales increased more than 15 percent from a year prior.<\/span><\/p>\n The 4\/20 figures reflect a booming billion-dollar cannabis market. Cannabis sales totaled $5.7 billion in 2015 and are\u00a0<\/span>expected to reach $6.7 billion in 2016<\/span><\/a>.<\/span><\/p>\n Further validating the U.S. cannabis market on 4\/20 was the prominence of media coverage<\/a> on the flourishing recreational and medical marijuana industries. Medical Marijuana Inc.’s\u00a0<\/span>AXIM\u00ae Biotechnologies<\/span><\/a> and their Oraximax\u2122 line of cannabinoid infused oral health products were highlighted in\u00a0<\/span>Fox Business<\/span><\/a> and\u00a0<\/span>CNN Money<\/span><\/a>.\u00a0<\/span>Vogue<\/span><\/a> showcased a couple of Kannaway\u2122 products, including\u00a0<\/span>Kannactiv\u2122<\/span><\/a> and\u00a0<\/span>Cannabis Beauty Defined\u2122<\/span><\/a>.<\/span><\/p>\n The strong sales and abounding media coverage of this year\u2019s 4\/20 reflect an expanding industry and show that cannabis is shedding its unwarranted stigma. According to the MJ Freeway report, while consumers spent an average of $20 less per transaction, total consumer traffic increased by 30 percent this year compared to last.<\/span><\/p>\n MJ Freeway\u2019s sales data figures were based on an analysis of 40 percent of the nation’s marijuana market. Values from medical and recreational sales through dispensaries and delivery services were included.<\/span><\/p>\n \u201cComparing 2015 to 2016 April 20 sales shows trends for cannabis retailers related to toughening competition and a maturing market,\u201d said Jeannette Ward, MJ Freeway\u2019s Data & Marketing Director. \u201cConsumer traffic increased in 2016, but retailers used discounts and price incentives to lure customers.\u201d<\/span><\/p>\n The notable bump in sales is presumably partly due to an overall shift toward an acceptance of marijuana and an acknowledgement of cannabis as a therapeutic agent. A May 2015 national survey by Harris Poll found that\u00a0<\/span>81 percent of Americans support the legalization of marijuana for medical purposes<\/span><\/a>, and a recent Gallup poll found that\u00a0<\/span>58 percent of Americans are in support of adult use legalization<\/span><\/a>. In addition,\u00a0<\/span>recreational marijuana sales began in Oregon<\/span><\/a> between last year\u2019s 4\/20 and this year\u2019s. Oregon became the fourth state to legalize adult use cannabis when voters supported Measure 91 in November 2014. The law took effect July 1, 2015.<\/span><\/p>\n According to the report,\u00a0<\/span>Colorado<\/span><\/a>, a state that has legalized both medical and recreational marijuana, brought in the highest total average sales per day per licensed location. However,\u00a0<\/span>California<\/span><\/a> brought in the largest total retail sales, an impressive feat considering it\u2019s only adopted medical marijuana legislation (<\/span>though the state will be voting on a recreational marijuana initiative this November<\/span><\/a>). Still, when equivalized by population, Colorado outsold California in total dollar sales by 3 times.<\/span><\/p>\n \u201cFor states, the comparison is telling from a total dollar sales and tax revenue perspective,\u201d Ward added. \u201cEven states with a broad and well-utilized medical market like California cannot match the sales traffic and spend of a regulated medical and adult use state like Colorado \u2013 not even close. April 20 sales results show that states with medical and adult-use cannabis markets win the revenue game.\u201d<\/span><\/p>\n The report also found that retailers that stayed open seven days a week benefited more from the holiday, as shoppers ramped up their purchases up to five days in advance of 4\/20. The average daily retail totals for each dispensary and delivery service on April 20 equaled $10,822. Average sales on April 18 and 19 were $5,442 and $6,208, respectively.<\/span><\/p>\n