420 Sales Update
April 20th is a major holiday in the legal cannabis industry, and it has been for years. The day brings with it spikes in store traffic and total sales, even among dedicated cannabis consumers. However, after over a year of price compression in the cannabis space, some are wondering if 420 is still a money-making holiday.
The hockey-stick growth trends that were a hallmark of legal cannabis in its infancy may not be the norm in today’s markets. Nevertheless, you can still count on 420 bringing huge increases in store traffic and overall sales, across the legal cannabis landscape.
Here are some reasons why 420 remains a major holiday for the cannabis industry:
- It is a day when cannabis consumers can come together to celebrate their love of the plant.
- It is a day when cannabis businesses offer special deals and promotions to attract new customers.
- It is a day when cannabis businesses can raise awareness about the benefits of cannabis.
Overall, 420 remains a major holiday for the cannabis industry, and it is a day that is sure to bring with it increased sales and traffic. To quote Fat Joe, sales are "All The Way UP!" Let’s take a look at the numbers:
Below are the 4/20 sales stats and growth patterns
in the United States Cannabis Industry
*Data sourced from Headset Insights, sales on 4/20/2023 are compared to the previous four Thursdays
Average Sales Growth
The top five selling product categories in 2023, according to Jane Technologies, were:
- Flower: $10,346,361
- Vape: $6,623,246
- Edible: $3,128,225
- Extract: $2,028,396
- Preroll: $1,873,570
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