People Consumed A Lot of Weed on Election Night
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No matter how you voted in November 2020, the process was pretty stressful. How else to explain the sharp increase in marijuana sales on election day and beyond?
On November 3, I Heart Jane, a cannabis e-commerce platform that has partnered with over 1600 dispensaries in 32 states, saw 60 percent higher online sales per store.
“In uncertain times, it's no surprise that people turn to cannabis to reduce anxiety and help them relax," says I Heart Jane CEO Socrates Rosenfeld.
This graph shows the sales breakdown hour-by-hour compared to the average Tuesday.
And the buying spree didn't stop on election night. On Wednesday, November 4, I Heart Jane saw 46 percent higher sales than the average of Wednesday. The next day—Thursday, November 5—saw sales increase by 37 percent.
Eaze, a California-based cannabis delivery service, reported a 17 percent increase in orders throughout California during election day compared with the same day a week earlier.
Coco Meers, co-founder and chief executive of Equilibria, a CBD company, told The New York Times that the election "has led to extraordinary demand of cannabis.” Equilibria's sales this month have increased over 40 percent from previous months.
Whether the surge in sales was fueled by anxiety, celebration, or a mixture of both, is too close to call.
According to Headset, a cannabis data and analytics firm, the top-performing categories on election day were Tincture & Sublinguals (+13.5%), Beverages (+12.3%), Capsules (+8.9%), and Edibles (+8.1%). One could speculate that Tincture and Capsule sales were up due to people using these products for sleep or stress relief, whereas Beverages and Edibles may be good options for an election results watch party.
Stocks also up
Consumers weren't the only people bullish on weed. Investors have also been exuberant about the cannabis market over the past week. Responding to the positive outcome for cannabis in the election, in which 5 states legalized cannabis in either medical or recreational use, Aurora Cannabis jumped 20 percent, Canopy Growth surged 10 percent. Tilray was also up 10 percent.
The good news on Election Day means that legal marijuana sales will reach one-third of Americans.
"The results of the ballot initiatives clearly showcase that support for adult-use marijuana legalization extends across geographic and party lines and is supported by a majority of Americans. Legal marijuana is becoming the American norm," said Canopy CEO David Klein on a conference call with analysts. "This will likely increase pressure on Congress to pass major federal marijuana reform in the very near future."