By Amanda Weston
New Year's Eve is set to generate major cannabis sales, second only to the iconic marijuana holiday 420, according to the cannabis consulting company MJ Freeway.
The global cannabis technology and data company predicts total U.S. sales on New Year's Eve 2018 could reach up to $75 million, within striking distance of the $80 million generated in sales on April 20.
This New Year's Eve would also rank as the highest-grossing Monday of 2018 for dispensaries.
But 420 may not always reign supreme. Jessica Billingsley, the CEO of MJ Freeway, told Cheddar Thursday that New Year's Eve may soon dethrone it.
"I think it's coming, absolutely," Billingsley said. "New Year's Eve is still second behind 420 now, but interestingly, Jul. 4 is actually third. So I think we're going to see the big major holidays start to contend with 420."
The U.S. cannabis market ballooned in 2018 saw strides as state legalization of both medical and recreational cannabis continued to sweep across the county. Nationwide, 10 states and Washington, D.C., have now voted to legalize marijuana for recreational use, and 33 states have approved medical marijuana. In December, President Trump signed a version of the U.S. Farm Bill that legalizes recreational hemp ー a major step toward the legitimization of CBD.
"We're seeing the cannabis industry is predicted to grow from $13 billion this year to $20 billion next year," Billingsley said.
"So I think we'll see a commensurate increase in legal sales on New Year's Eve, as well. Of course some of that will depend on how many new markets, new states open for adult use in the coming year as well."
For full interview click here.