Market Report Suggests Cannabis Market Will Be Worth $150 Billion by 2027
by Bethan Rose
by Gary Miller
Increasing cannabis sales around the holidays have led industry experts to begin acknowledging the day before Thanksgiving as “Green Wednesday,” reports Bloomberg. The rise of Green Wednesday has been widely noted as a sign of changing consumption habits and patterns among Americans.
According to research firm BDSA, cannabis sales on the day before Thanksgiving are generally 40% higher than typical Wednesdays in November. Experts speculate that 2021’s Green Wednesday numbers could be higher than ever before, but these haven’t been determined yet.
To better understand the reasons behind this new consumption pattern, cannabis operations company Ayr Wellness conducted a survey of 1,300 cannabis users. The survey discovered that 8 in 10 people intended to consume the cannabis they purchased on Green Wednesday with family or friends. Additionally, 37% of recipients planned on serving THC-infused products with their Thanksgiving meal.
Green Wednesday might appear to be a threat to alcohol companies, but this age-old crowd favorite isn’t going anywhere. BDSA data shows that 30% of cannabis consumers pair their canna-goods with some form of alcohol—another recreational practice that’s recently gained more popularity.
Cannabis consumption was widely viewed as taboo not long ago, but times are changing quickly. “Overall sales increases could be higher than that 40% this year because there’s been more de-stigmatization around the product,” said Kelly Nielsen, BDSA’s vice president of insights and analytics. According to the research firm, 40% of consumers in legal states already incorporate the green plant into special events.
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