Make the Most Out of Croptober 2020Insights • October 09, 2020
Croptober is here! Here are the top 5 insights about the cannabis harvest season.
October is here, which means it's cannabis harvest season — aka Croptober! To celebrate, we’re taking a look at what Croptober is, what it means for the cannabis industry, and 5 insights for brands to make most out of the harvest.
Before diving in, it’s worth mentioning some of this year’s Croptober cannabis harvest may have been affected by recent fires in the western United States. To help cannabis growers, please go here.
Is Croptober Real?
The short answer is yes. Thanks to marketplace data spanning from January 2017 to 2019, we know that Croptober isn’t just real – it really matters to cannabis businesses. Here’s why:
1. More flower products are purchased
Due to the growth of LeafLink and the overall cannabis industry, the number of flower product SKUs on the marketplace increases by an average of 9% month-over-month (MoM). In October, the number of added SKUs jumps to 12.63%, meaning that more flower products are purchased during Croptober than during the rest of the year.
2. More dispensaries are buying flower
During October, the growth rate of retailers purchasing flower products on LeafLink jumps by more than 3% to 11.45% MoM.
3. More brands are selling flower
The average number of brands selling flower on LeafLink increases by 21.92% in October – compared to an annual average of 8.46% MoM; that’s more than 10 percentage points higher than any other time of year.
4. Flower prices drop
In October, the average price of flower drops by 12.31%. During the rest of the year, the price of flower is stable, changing less than 1% MoM!
Why does this matter?
The effects of Croptober are especially noticeable in states that rely on outdoor cannabis grows for their flower supply. While the amount of flower being bought and sold is at an all-time high during Croptober, the significant decrease in wholesale pricing offsets the impact when it comes to brand revenue.
In other words, though LeafLink flower sales increase by 12.63% during October, the monetary value of those orders is only 1% greater.