Win Green Wednesday With These Tips
Happenings • November 08, 2022Green Wednesday is coming up fast and it's looking like another banner day of sales for cannabis retailers. Below we dive into what exactly Green Wednesday is, how big of a day it is in the cannabis industry calendar, and how buyers and sellers can make the most of this important time of year for our industry.
The day before Thanksgiving has a special place in the cannabis industry. Known as "Green Wednesday," the day typically has some of the highest sales of the entire year (along with 4/20 and Black Friday). That presents an opportunity for savvy brands and retailers, provided they know how to take advantage of it.
What is Green Wednesday?
Green Wednesday is a holiday in the cannabis industry, taking place the day before Thanksgiving each year. Let’s just say it’s kind of a big deal. Last year Akerna reported in November that, “Green Wednesday and Black Friday [2021] saw record U.S. sales that marked the second and third highest-grossing days for the cannabis industry ever.” It’s pretty clear cannabis shoppers were ready to shop the day before Thanksgiving in 2021, and on Black Friday the day after.
We can see this impact at the wholesale level as well. In 2021, sales through LeafLink increased 11% during the month leading up to Green Wednesday (comparing 9/23/21 - 10/23/21 to 10/24/21 - 11/24/21). The most significant increase came during the week of 11/14/21, with sales rising 16% compared to the previous period.
How big will Green Wednesday be in 2022?
In 2021, Green Wednesday brought in a total of $98.2 million in retail sales and Black Friday came in just behind that figure. While the largest day for cannabis sales this year went back to 4/20 after Green Wednesday pulled ahead in 2020, the days around Thanksgiving are some of the most important in the entire year for the industry.
One way we can predict sales for Green Wednesday is to see how 4/20 went in 2022 vs. last year. Back in April, High Times shared how this most recent 4/20 beat the previous year and set a new record for sales on this very popular day for cannabis. Total sales hit $154.4 million on the day itself (for context, 4/20 brought in just under $112 million in 2021.)
There are obviously other factors in play this time of year (especially this year), but looking at that rough baseline we can expect a 30-40% increase in retail sales on the actual holiday days, with a smaller percentage increase in the days before and after.
How can I take advantage of Green Wednesday?
For sellers, taking advantage of Green Wednesday starts with ensuring buyers are well stocked up with recent consumer favorites for the holiday. Entice retailers to spend more with you this holiday season by offering tiered pricing across entire product lines through Volume Discounts. Click here to see how volume discounts are promoted to buyers while they're actively shopping.
Buyers, make sure your shelves are stocked so no customers have to leave without the products they came in for. Brand affinity is growing in cannabis and if you don’t have it, the dispensary down the street just might. There’s no guarantee that the customer is going to ever come back even if you get it back in stock the next day. The best way to do that? Buyer Metrics, which enables you to predict demand and make more informed decisions.
You can also get ahead of your holiday purchasing by creating a Store Favorites list with the products you love or want to try, and you can easily refer to the list when it's time to stock up for the Green Wednesday rush. More details about how to save products and access Store Favorites here.
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