Cannabis Dispensaries Gear Up For Green Wednesday

You've undoubtedly heard of holidays like Fat Tuesday, Ash Wednesday and of Black Friday. What you may not be aware of, even though it's been in practice for several years, is Green Wednesday.

What is this holiday? When does it take place? How does it impact dispensary retailers like Verilife and LivWell? Here's everything you need to know to make the most of this winter celebration of cannabis.

What Is This Cannabis High Holiday?

It's no surprise that the holiday season can be stressful with shopping, family obligations, work events and the blues brought on by shorter days and colder weather. 

What better way to unwind and enjoy a Thanksgiving spread than with your favorite indica, sativa or hybrid? If you're on board with this form of relaxation, you're not alone.

Reports show an uptick in cannabis sales the Wednesday before Thanksgiving that has increased year over year. Dubbed Green Wednesday, this consumer holiday is marked by widespread cannabis sales at dispensaries and other retailers. 

It's not an entirely manufactured holiday. Rumor has it that the notable increase in cannabis purchases the day before Thanksgiving spurred the industry to declare the holiday and start promoting sales.

Normalization on the Rise

Traditional holiday beverages like eggnog, hot buttered rum and good old wine and beer have long helped provide the social lubrication necessary to interact with family, friends and colleagues during holiday events where both expectations and anxiety run high. 

The increase in favorable cannabis legislation in many states may be disrupting this trend.

As more states legalize both medical and recreational cannabis, the stigma surrounding consumption has started to fade. The practice of purchasing, possessing and consuming cannabis is being normalized, and this is never more apparent than on high holidays like 4/20 and Green Wednesday.

What does this mean? Not only are more people purchasing cannabis on Green Wednesday, but they're taking it to family holiday meals, and they're not shy about sharing.

A Boost in Dispensary Sales

In 2022, cannabis retailers saw a 16% increase from the year before, with reported sales of $116.4 million for a single day. It seems that only 4/20 outstrips Green Wednesday when it comes to cannabis sales. 

It doesn't hurt that dispensaries keen to capitalize on increased sales have turned this day into a holiday, complete with discounts and deals to lure consumers.

The Thanksgiving holiday weekend, spanning Wednesday through Saturday, saw $289 million in sales in 2022, up 12.7% from the previous year. Flower sales comprised the largest category, at 48.7%, followed by vape products, 32.3%; concentrates,11.6%; edibles, 5.8%; and other products, 1.6%.

What Can Retailers Expect From Green Wednesday 2023?

If data from recent years is any indication, retailers can anticipate higher-than-average sales on Green Wednesday this year. It has become the second-highest-grossing sales day for the cannabis industry, following 4/20.

It's not that consumers need a reason to purchase cannabis, but much like general retail sales spike on Black Friday as shoppers take advantage of steep discounts before gift-giving holidays, the deals offered on Green Wednesday are designed to boost sales. 

Considering the number of people already turning to cannabis as a means of relaxation during the stressful Thanksgiving holiday, it only makes sense for retailers to capitalize on the trend.

Year-Over-Year Increases

Green Wednesday has been in practice for several years, and sales data shows an increase in purchases on this day as well as year-over-year increases in sales. Some retailers reported an increase of over 16% from 2020 to 2021, while 2022 also saw roughly 16% higher sales over 2021.

If this trend holds steady, businesses that promote Green Wednesday sales events could effectively see steady gains year over year. 

With the U.S. Department of the Treasury reporting a strong gross domestic product (GDP) recovery that tracks with prepandemic trends, outperforming expectations, there's a good chance sales this holiday season will reflect an overall upward trajectory.

Good News in Michigan and Maryland

Recreational cannabis sales in Michigan dispensaries started in December 2019, and although this was just a few months before pandemic lockdowns in March 2020, the state has seen sales trend upward. 

Sales in June this year hit a record high of $261 million, bolstering the prediction that Michigan will join the handful of states that exceed $1 billion in cannabis sales this year.

Reporting in September showed gains for both Michigan and Maryland dispensaries, with Michigan seeing 31.5% growth in sales for August and Maryland noting 5% market growth since launching recreational sales on July 1. 

In addition, Maryland seems to enjoy a consumer market interested in premium offerings if the uptick in item prices is any indication. October reporting shows that sales in Michigan for September exceeded the previous year, while Maryland sales have exceeded expectations out of the gate.

Discretion Drives Sales

Although attitudes toward cannabis consumption are improving, consumers still may not be comfortable smoking a joint in front of their grandparents or their boss. This could account for the rising popularity of products that offer greater discretion.

Although flower sales remain high, data from 2022 showed increased sales of topicals, beverages and edibles. Vapes were also a popular choice, likely because of benefits like the speedy onset of effects associated with inhalation, paired with portability and a notable lack of the telltale aromas associated with smoking flower.

What Can Consumers Expect on Green Wednesday?

In a word — savings. Retailers already know that more people are going to make purchases in preparation for the long weekend and Thanksgiving festivities, and they want to nab those dollars. The result will be a slew of sales designed to capitalize on this seasonal buying trend.

Deals, Deals, Deals

The increase in dispensary deals for Green Wednesday, Black Friday and the entire Thanksgiving week is enough to make many cannabis shoppers take notice. 

Whether consumers stock up on their favorite products, maximize savings by trying new products at steep discounts or visit new dispensaries offering the best deals, there's no shortage of deals to tempt both enthusiasts and newcomers to the cannabis marketplace.

Sales Throughout Thanksgiving Week

Green Wednesday isn't the only day in November when cannabis sales spike. Black Friday takes the No. 3 spot for the highest-grossing day of cannabis sales after 4/20 and Green Wednesday. That said, many retailers opt to offer sales starting earlier in the week.

This move is designed to elevate profits and cater to shoppers who may not be keen to combat holiday traffic. The Tuesday and Wednesday before Thanksgiving are consistently among the busiest travel days of the year after the Sunday following Thanksgiving, and Black Friday ranks as the busiest shopping day of the year.

Clever cannabis retailers looking to attract customers who might not want to brave traffic congestion have found a way to sweeten the deal with week-long promotions, often punctuated by additional holiday day-of discounts to reward those willing to come out and shop.

With cannabis retailers embracing the Green Wednesday sales extravaganza and offering outstanding deals, both consumers and businesses stand to gain. If year-over-year increases continue in 2023, this Thanksgiving holiday looks promising.