Ho Ho High: Holiday Weed Sales Set to Soar
Milk and cookies under the yuletide tree? St. Nick might prefer a joint instead.
Marijuana, once relegated to clandestine back-alley transactions, has found itself a prime spot on the holiday shopping calendar. As Thanksgiving and Christmas approach, canna-businesses are bracing for a surge in marijuana sales. Investors also tend to enjoy a seasonal bump in the prices of pot stocks.
As families gather around the Thanksgiving table next week to express gratitude, a once-taboo guest has made its way onto the scene: cannabis. Sales of weed typically soar on the day before Thanksgiving, a phenomenon known as Green Wednesday. The reasons behind this trend are as varied as the strains available at your local dispensary.
For some, it’s about navigating the sometimes tense terrain of familial gatherings. Thanksgiving is, after all, a holiday notorious for bringing together diverse opinions and generations under one roof. Watching Trump and Biden supporters square off against each other at the dinner table is no fun. Cannabis takes the edge off.
Others see cannabis as a way to enhance the sensory experience of the holiday, with weed’s ability to heighten taste and smell a key selling point.
Cannabis also is increasingly used in food recipes. I’m reminded every year at Thanksgiving that marijuana has truly entered the mainstream, whenever my younger sister Kristen presents our family with her special “shallot-cannabis” turkey stuffing.
According to market research, the week leading up to Thanksgiving witnesses an escalation in cannabis sales, with a salient spike on Green Wednesday itself. The following chart shows marijuana sales trends during Thanksgiving week last year:
According to the trade journal Cannabis Retailer, marijuana sales during Thanksgiving and Christmas this year are expected to top last year’s levels.
In the weeks leading up to December 25, cannabis dispensaries witness a second wave of shoppers eager to incorporate cannabis into their holiday traditions. From baking THC-infused cookies to exchanging cannabis-themed gifts, the green plant has for many consumers become an integral part of the holiday spirit.
Dispensaries strategically capitalize on this trend. Limited-edition strains with names like “Sugar Plum,” “Candy Cane,” and “Yule Fuel” hit the shelves. Cannabis edibles take on a holiday twist.
Santa’s got a brand new bag (of weed)…
The explosion in holiday marijuana sales is not only a testament to shifting societal attitudes but also a reflection of the evolving regulatory landscape. With an increasing number of states legalizing recreational marijuana, the cannabis industry faces continued multi-year growth.
Ohio was the latest state to embrace marijuana legal reform. On Tuesday, November 7, the state’s voters overwhelmingly approved a referendum on the ballot that legalizes adult-use (i.e., recreational) marijuana. Medical marijuana had already been legal in the Buckeye State since 2016.
Ohio has become the 24th state to legalize recreational pot; 38 states have legalized weed for medical purposes. In the immediate wake of the referendum’s passage, marijuana equities rose across the board.
Throughout the country, consumers who might have hesitated to incorporate cannabis into their holiday traditions now find themselves with legal and convenient access.
The holiday season provides a significant revenue boost for cannabis purveyors, creating jobs and stimulating local economies. Put that in your pipe, Santa.
Cashing in on the “green rush”…
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John Persinos is the chief investment strategist of Marijuana Profit Alert.