June 26 was a groundbreaking day for the US cannabis industry.
That’s the day the FDA, the US agency responsible for approving new drug candidates, approved its first-ever cannabis drug.
The first-ever medical treatment derived from a marijuana plant will hit the U.S. market in a few months after regulators on Monday gave the epilepsy treatment the green light.
The Food and Drug Administration approved GW Pharmaceuticals Plc’s Epidiolex to treat two rare forms of childhood epilepsy, according to a statement from the agency. The liquid is made from a compound in the marijuana plant called cannabidiol, a different chemical from tetrahydrocannabinol, or THC, which gets users high.
While Cyber Monday and Black Friday did deliver solid sales growth, the cannabis industry was on a totally different level.
Joe Milton is the CEO of Baker, a cannabis industry software platform that connects dispensaries and customers with ordering systems, loyalty programs and message services. Baker operates in 175 dispensaries in seven U.S. states and Ontario.
In an interview with online publisher Westword, Milton reported huge sales gains across its network of users over the holidays.
From “Dispensaries Break Online Sales Records on Cyber Monday After a Very Green Friday” via Westword.
“Cyber Monday sales were up 70% from a ‘regular day’ while the average ticket price was up 230%.
According to Baker’s data, online orders went up 77 percent last week, when customers were using Baker’s loyalty program 65 percent more than they had in the previous two months.
On Black Friday, dispensaries across the state experienced almost twice the volume of a normal day.
Weed Wednesday saw 55 percent more orders than on a typical day and a 25 percent increase in the size of purchases, Milton notes. Baker also spotted a spike in concentrate sales.”