The biggest holiday for the cannabis industry is coming up on April 20, and this year the annual celebration falls on a Saturday. It will be the first time the industry has had a Saturday “420” since full legalization in some states. Dispensaries are expecting big crowds drawn in by equally big promotions.
Cannabis data company Headset has analyzed the data from several years of celebrations and has gleaned some insight as to what to expect at this year’s celebrations. Its new report, “4/20 The Greenest Day of the Year,” is based on four years of data and derived from point-sale-systems at cannabis dispensaries in Washington, California, Nevada and Colorado. Some states with adult-use sales have several 420s under their belts like Washington and Colorado, while Nevada and California have had fewer.
Saturday may be the big holiday, but Headset believes the bulk of the sales will occur the Friday before. Typically sales rise 18.8% at dispensaries on Fridays as paychecks burn a hole in the pockets of consumers. “Headset expects sales on 4/20/2019 to be 2x to 2.2x normal, and sales on Friday 4/19 to be significantly above average as well,” the company notes. Headset went on to suggest: “Retailers should consider strategies to attract customers both on ‘4/20-Eve’ as well as on the big day itself.”
It makes sense that consumers would want to buy their party products the day before, and be prepared for any events that may be happening in their states. The holiday unapologetically celebrates the “getting high” side of cannabis versus the medical side that kicked off most legalization efforts.
Last year cannabis sales hit $26.6 million on 420, an increase of 111% from 2017 to 2018. Colorado was the king of 420, logging $9.1 million in sales, an increase of