The 4th of July was blazin'
While most people would expect to see an increase in the sales of fireworks, ice cream, and gas grills for the Fourth of July holiday, most cannabis retailers saw a rise in sales of marijuana products on one of the biggest "cannabis holidays" of the year, according to MJ Freeway Consulting Services. Independence Day rivaled 4/20 sales (April 17-20 sales) for the cannabis industry's highest grossing sales holiday. July 4, and the 3 days leading up to July 4, saw $80.4M in cannabis retail sales, a 25% percent increase over June 2016 daily sales averages. The Fourth of July is widely known for cannabis consumption; however, it also drives cannabis tourism.
In the mix
Prohibition Gold, a Seattle-based marijuana company, has unveiled Potshotz™, a pre-measured single gram of neutral tasting white powder that quickly dissolves when added to any beverage. Potshotz come in small packets containing 10mg of THC in just a quarter teaspoon of powder. "We worked hard to simplify our recipe so it blends well with other flavors," says co-founder Tom Williams. "It really creates almost unlimited possibilities for anyone who enjoys marijuana."
Jerrick Media Holdings, Inc., is launching Potent, a new "marijuana themed vertical" that will explore the marijuana lifestyle and cannabis culture in an educated and informative fashion. To that end, Potent premiered Baked: Cooking with Mary Jean as its first digital series. Baked features Vancouver personality, pin-up model, and cannabis expert, Mary Jean Dunsdon, in a cooking show with one special ingredient: cannabis. This is the first digital series released through the Jerrick Media and LadyPants Productions collaboration.
Nevada: The potential is yours
Arcview Market Research, in partnership with New Frontier, has released its 2016 Nevada Legal Cannabis Market State Profile. The new data shows the potential growth of the adult use market if Nevada voters choose to legalize adult use cannabis in November. Over the next four years, Arcview Market Research's official market projection is that annual legal cannabis sales will grow at a compound annual growth rate of 51%; from $121.6 million in 2016 to an estimated $630 million by 2020. The initiative to regulate and tax marijuana like alcohol in Nevada will appear on the November 2016 ballot. If the measure passes, Nevada will join Alaska, Colorado, Oregon, Washington and the District of Columbia as the only markets that have passed full medical and adult use cannabis laws.