April 20 Sales will increase significantly in 2023

According to cannabis data company BDSA analyst Brendan Mitchel-Chesebro, the threat of inflation in the U.S. has not negatively impacted the cannabis industry. “While inflation has been a concern over the past year, legal cannabis markets have seen a significant price drop since late 2021,” Mitchel-Chesebro said. “BDSA retail sales tracking data shows that between January 2022 and January 2023, the corresponding average retail prices in the mature markets fell by approximately 26%. So while inflation may be hitting consumers hard, legal cannabis has only gotten more affordable.”

According to Forbes, BDSA predicts that emerging cannabis markets such as Arizona, Florida, Illinois, Maryland, Missouri, New Jersey, and Pennsylvania will all see significant increases in overall dollar sales.

BDSA also suggests that because 420 falls on a Thursday, that Thursday will obviously see the largest increase in cannabis sales. In 2022, data collected by Akerna showed that while April 20 was the busiest day for sales, the second busiest day was the Friday before the holiday.

“The BDSA seasonality data consistently shows increased sales on 420,” Mitchel-Chesebro said. “The importance of the date within cannabis culture naturally drives more retail traffic and sales to 420, and retailers’ efforts to capitalize on advertising, promotions and discounts amplify this innate consumer enthusiasm.”

BDSA suggests that the big discounts will be seen in more mature markets due to the already gradual decline in retail prices over the past year compared to newer cannabis markets. Additionally, inhalable products are likely to get the biggest discounts.

The BDSA recently analyzed data from Missouri, specifically earlier this year, which has a smaller population than most other legal states but is growing rapidly. “The ‘Show Me’ state began adult sales in February 2023, giving the state the second shortest time from legalization to the start of adult sales,” BDSA wrote. “Adult sales are expected to bring in ~$650 million in 2023, bringing total sales for the year to ~$958 million. BDSA predicts that Missouri will join the “billion dollar cannabis market” club in 2024, with total sales expected to reach ~$1.1 billion and grow to ~$1.4 billion by 2026.”

Other trends are beginning to change in cannabis this year, with some cannabis companies offering April 20th as a paid holiday. “4/20 is a day to show appreciation, love and respect for cannabis and its power to amplify the health and happiness people experience in their daily lives,” said Director of Retail and Customer Loyalty, Sian Leininger. from Massachusetts-based retailer Temescal Wellness. “For us, it’s a day to celebrate our people, whose passion, knowledge and true dedication inspire them to their unparalleled service to our customers and community every other day of the year.”

Another study by Leafly shows that 39% of consumers plan to take time off to celebrate the holiday in some way. Additionally, 70% of consumers said they would be interested in trying infused drinks or drink enhancers this year, and 73% said they would consume after 5pm as April 20 falls on a Thursday.

The April 20th celebrations and events are now in full swing, and there are more unique products, collaborations and more happening in honor of the holiday. Known as the Bark Box, the monthly dog ​​subscription offers a box of 420 themes and toys that look like cannabis paraphernalia. Publicity stunts like cannabis edibles company Zen Cannabis made a 420-pound candy bar that measures 9 feet by 4 feet. A Huracán Evo Purple Lamborghini giveaway in Las Vegas invites consumers to purchase more than $200 worth of exotic cannabis to enter.

Last year’s free gathering in San Francisco at 4/20 Hippie Hill was a huge success as the first 4/20 celebration of legal cannabis sales. It continues to grow this year, with Grammy-winning musician Erykah Badu hosting the event.