In-store sales returned with a bang in 2022 and retail statistics were logged by Cova Software measuring sales from their clients’ POS systems. When Cova ranked sales on 4/20, 2022 against other major Canadian holidays it did well.
Cannabis retail sales on 4/20 continued to increase industry-wide, even as profit-per-store saw decreases from pre-pandemic and 2021 sales numbers, according to Cova Software, the largest cannabis Point of Sale (POS) company in North America.
Inflation is at a record high, but cannabis prices are continuing to fall. North America’s number one cannabis point of sale software, Cova, has seen “some inflationary effects” on the cannabis industry, especially early in the supply chain.
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WebJoint, a California-based all-in-one delivery software provider, has announced a partnership and integration with Cova, a Denver, CO and Vancouver, BC, Canada-based award-winning point-of-sale and inventory management platform used by over 2,000 cannabis retailers in the U.S. and Canada.
The Mississippi Medical Marijuana Association, also known as 3MA, partnered with COVA software to host a seminar in Gulfport for those interested in opening a medical marijuana dispensary in Mississippi.
So far, April 20 has been one of the biggest sales days of the year in the cannabis industry on both sides of the border, and this year is no different, despite the lingering pandemic inciting more lockdowns after surges in COVID-19 cases. Cova reports that during peak hours on 4/20, it was processing 380 cannabis transactions per minute, with a total of 180,000 transactions for the day processed over more than 1,200 retailers.
Cannabis retail traffic was up 9.5%, and sales rebounded 8.4% year-over-year on 4/20, according to Cova Software, the largest Cannabis Point of Sale (POS) company in North America. While major outages plagued several big POS systems, Cova reported its 4th straight year of perfect uptime (100%) and benchmark transaction speeds (1.4 seconds). During peak hours on 4/20, Cova was processing 380 cannabis transactions per minute, and handled over 180,000 transactions for the day across 1,200+ dispensaries.
Despite significant disruptions, a report surveying over 700 cannabis industry decision-makers before and during the pandemic shows that cannabis is "oddly well positioned" to endure thanks to customer demand, government support, and a strong supply chain.
Cannabis store entrepreneurs are crediting Ontario’s regulator for its quick transition to a virtual inspection regime amid the coronavirus pandemic, saying the move has been key to increasing the number of legal stores in a province facing a serious retail shortage.
April 2020 was supposed to bring the cannabis industry’s biggest 4/20 sales day ever but stay-at-home orders and mandatory social distancing due to a deadly global pandemic dampened the long-awaited holiday. Across the board, cannabis retailers, software firms, and data companies reported major dips this year compared to 4/20 sales from previous years.