SEATTLE--(BUSINESS WIRE)--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.
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.”
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.