You already know about 420. But are you ready for the other big cannabis sales day gaining popularity and importance in the industry? Green Wednesday happens on the Wednesday before Thanksgiving. In this blog post, we will explore what Green Wednesday is, why it is important, and what cannabis retailers can do to prepare and maximize the impact.
What is Green Wednesday?
Green Wednesday is essentially the equivalent of Black Friday and Cyber Monday, two shopping holidays celebrated in the retail industry. Think about great discounts, excited customers, and opportunities to try new products. If you love the way those retail holidays fill your stocking in November, you'll love Green Wednesday.
This year, Green Wednesday falls on Wednesday, November 22. Green Wednesday's impact on cannabis purchases is massive: on Green Wednesday in 2020, cannabis purchases rose by 350%! And in 2021, $98 million was spent on cannabis on Green Wednesday alone. Green Wednesday 2023 is sure to be no different.
Green Wednesday is a relatively new celebration that seems to have started in 2016. It's believed that the name "Green Wednesday" was coined when a cannabis delivery service noticed a record-breaking rise in cannabis purchases right before the Thanksgiving holiday, which is celebrated in the United States on the fourth Thursday of November each year.
As the years passed, Green Wednesday gained traction and became a holiday of sorts. Cannabis dispensaries have jumped on board to offer special deals and promotions.
Why is Green Wednesday important?
Today, Green Wednesday is the second largest cannabis celebration, falling just behind "420"! Why is Green Wednesday so important? It’s easy to imagine a few reasons.
The great deals almost certainly play a key part. And the timing of Green Wednesday is perfect: with festivity in the air, people feel a broad spectrum of emotions, from celebratory to stress, and perhaps even lonely – with or without families. People are looking to unwind, relax, and just have a good time.
Another reason why Green Wednesday and Thanksgiving make the perfect match is because cannabis is associated with the munchies. Relaxing on the couch with loved ones after a huge meal – or maybe before the meal, depending on the family and plate size – is the perfect time.
What can cannabis retailers do to maximize the impact of Green Wednesday?
If you are a cannabis retailer, you don't want to miss out on this opportunity to boost your sales and attract new customers. Here are some tips on how to make the most of Green Wednesday:
Advertise your deals
Advertise on social media, email newsletters, flyers, or any other channels that reach your target audience. You can also use hashtags like #GreenWednesday or #CannabisDeals to increase your visibility.
Prepare your discounts in advance
Be sure to develop your list of discounts well in advance - and leave time to test discounts before the big day. POSaBIT has a Discounts section on our knowledge base to prepare you for the big day, but you should be familiar with creating new discounts, using fixed pricing, and creating “buy x get y” discounts.
And if you’re not using product tags, you’re missing out. This handy feature helps with reporting and discounting on the POSaBIT POS. The knowledge base includes details on the many uses of product tags, as well as instructions to create and add product tags to products.
Create a festive atmosphere
You can decorate your store with green-themed items or play some music that suits the mood. You can also offer snacks or drinks to your customers or host some fun activities or contests.
Stock up on inventory
You don't want to run out of products on the big day, so make sure you have enough supply of your best-selling and most popular items. Order special or limited-edition products to attract more customers and create a buzz.
Did you know that you can curate a special room that can house your Green Wednesday product in advance? This makes it easy to control inventory. Rooms allow you to set product aside and not have it visible to your online menus or sellable on the POSaBIT POS. Learn more about inventory rooms in the knowledge base, or check out the article on multi-room inventory splitting.
Hire extra staff
Expect a surge in traffic and sales on Green Wednesday. Hire some temporary or part-time workers to help with customer service, cashiering, security, and delivery. Train them well and make sure they are familiar with your products and policies. And be sure to provide excellent customer service and education. You may encounter customers who are new to cannabis or who want to try something different. Be friendly, helpful, and informative.
Fill the ATM - and have a cashless alternative
Regulars may know how much money they need, but with discounts and people new to cannabis, many of your customers may not know how much to withdraw from the ATM – potentially limiting their spend. Providing a cashless cannabis payments option like POSaBIT Payments means that customers can pay with their debit card without fear of withdrawing just the right amount at an ATM.
See how things went the day after
Once the big day is over, be sure to run an “after Green Wednesday” audit to confirm your inventory and account for any potential shrinkage.
You might also find reports like profits by supplier, by product, by employee, by tag or by discount to better understand how your store and team performed on Green Wednesday.
Green Wednesday is a big holiday in cannabis that you don't want to miss. Whether you are a consumer or a retailer, you can enjoy the benefits of this day and celebrate your love for weed. Happy Green Wednesday!