Breaking Down the Data Trends Behind the Cannabis Holiday 7/10
By Ben Burstein
7/10 is the second biggest cannabis holiday behind 4/20 but what exactly is 7/10, and why is it such a big deal?
July 10th, also known as OIL Day, is an unofficial holiday dedicated to celebrating cannabis extracts, concentrates, and oils. The name “7/10” comes from the short form date (7/10), which, when turned upside down, resembles the word “OIL.” This witty play on numbers has captured the imagination of cannabis enthusiasts who use the day to indulge in and celebrate various forms of cannabis concentrates.
While 4/20 has long been the most recognized cannabis holiday, 7/10 Oil Day has carved out its own niche in the cannabis community. The exact origins of 7/10 are somewhat murky, but it’s believed to have gained traction in the early 2010s as the popularity of cannabis concentrates began to rise. Over the years, 7/10 has grown in significance, evolving from a fun, niche celebration into a major event on the cannabis calendar.
The Biggest 7/10 Yet?
2024 is shaping up to be the biggest 7/10 Oil Day yet. Compared to previous years, there has been a 10-15% increase in total GMV and orders for concentrates in the lead up to the holiday. New markets, such as New York, New Jersey, Maryland, and Missouri, have seen substantial growth in concentrate sales, with figures up 3-6x compared to when these states were solely medical markets. This rapid expansion indicates a deepening interest in cannabis concentrates and a broader acceptance of their use.
Concentrate on Sales Opportunities
7/10 Oil Day has become the fourth highest sales day of the year for cannabis operators, trailing only behind 4/20, 4/19, and the day before Thanksgiving (Green Wednesday). The day presents a prime opportunity for businesses to attract new customers and offer value-add promotions. For many dispensaries and cannabis brands, 7/10 is a chance to showcase their best oil-based products and engage with a dedicated community of concentrate enthusiasts. As cannabis becomes more widely accepted, it’s also a great opportunity to introduce this unique way of consuming to more customers. Leading up to July 10th, there’s a noticeable spike in the sales of consumer-packaged concentrates and vapes. On platforms like LeafLink, wholesale GMV (Gross Merchandise Value) per day for concentrate products increases by 13% relative to the rest of the year. Oil-based products see a significant uptick, increasing their share of total wholesale spend by 8 percentage points in the last weeks of June and early July. This surge in demand highlights the anticipation and excitement surrounding 7/10 Oil Day.
Non-Distillate Concentrate Volumes on the Rise
One of the most exciting trends in the cannabis industry is the growing popularity of non-distillate concentrates. Products like live resin, rosin, and bubble hash have seen significant growth. On LeafLink, non-distillate concentrate product GMV increased by over 30% in the last two weeks of June 2024 compared to the same period in 2023. Live resin and rosin alone now account for over 20% of finished concentrate sales, a substantial increase from just 6% in 2021.
Why are Non-Distillate Concentrates Trending?
Non-distillate concentrates are prized for their rich flavors and potent effects. Unlike distillates, which are often stripped of terpenes during the extraction process, non-distillate concentrates retain the full spectrum of cannabinoids and terpenes. This results in a more nuanced and enjoyable experience for users. The growing demand for these products reflects a shift towards higher-quality, more artisanal cannabis products.
The future looks bright for non-distillate oils. As consumers become more educated about the benefits and unique qualities of these products, their popularity is likely to continue its upward trajectory. For cannabis brands, investing in high-quality non-distillate concentrates could be a strategic move to capture a segment of the market that values premium experiences.
Data on the Growth of 7/10 Oil Day – Clear Signs of Increasing Consumer Interest
The data shows a clear upward trend in consumer interest in 7/10 Oil Day. Year-over-year growth in concentrate sales indicates that more people are becoming aware of and participating in the celebration. This growing interest is not limited to established markets; new adult-use markets are also showing strong growth in concentrate sales around cannabis holiday 7/10.
Sales metrics from platforms like LeafLink provide valuable insights into the trends driving the growth of 7/10. The increase in GMV and orders for concentrates, the rising popularity of non-distillate products, and the expansion into new markets all paint a picture of a holiday that is gaining momentum. These trends suggest that 7/10 Oil Day will continue to be a significant event for the cannabis industry.
Promotions and marketing play a crucial role in the success of 7/10 Oil Day. Cannabis brands and dispensaries that effectively market their products and offer attractive promotions can capitalize on the heightened interest and drive significant sales. This underscores the importance of strategic planning and execution in maximizing the benefits of this holiday. LeafLink’s B2B ads platform is a proven way to build awareness of products and reach the people making those decisions. Read our case study with Bud & Mary’s.
