Cannabis retailers can expect a huge sales bonanza on 4/20, the annual
weed smoking celebration, according to data released today by POSaBIT
(CSE: PBIT), a leading financial technology and POS provider serving
cannabis retailers. POSaBIT analyzed hundreds of thousands of
transactions in 2018 across Washington, Colorado and California and
found that dispensaries saw more than a 91 percent increase in
customers on 4/20 last year — and a 22 percent rise in average
transaction value.
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POSaBIT data reveals a deep-dive breakdown of cannabis store customers by demographic (Graphic: Business Wire)
POSaBIT analyzed a portion of its deep vault of proprietary data points
and today made public some of the industry’s first demographic and usage
data for this nascent and rapidly growing sector, including:
-
Millennials are over 30 percent more likely to buy concentrates than
other demographic groups - Baby Boomers show a buying preference for flowers and pre-rolls
- Consumers aged 65+ prefer edibles more than any other age group
-
Paraphernalia purchases are minimal across all ages as consumers opt
for concentrates, edibles, topicals, and pre-rolls
“As this segment comes out of the shadows and into the mainstream with
every new state that legalizes cannabis, it is essential for these new
businesses to understand consumer preferences and purchasing trends,
just as it is for traditional retailers,” said POSaBIT Co-founder and
CEO Ryan Hamlin. “And with the industry’s largely anonymous nature,
there aren’t many sources serving this data to business owners within
the seed-to-sale pipeline. We’re able to draw critical insights from the
data we gather that will help the industry mature and take advantage of
the massive opportunity in front of it.”
About POSaBIT
POSaBIT (CSE: PBIT) is a financial technology company that delivers
unique and innovative, blockchain-enabled payment processing and
point-of-sale systems for cash-only businesses. POSaBIT specializes in
resolving pain points for complex, high-risk, emerging industries like
cannabis with an all-in-one solution that is compliant, user-friendly
and utilizes top-of-the-line hardware. POSaBIT’s unique solution
provides a safer and transparent environment for merchants while
creating a better overall experience for the consumer. For additional
information, visit: www.posabit.com.
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