Consumers show industry potential in 4/20 marijuana sales

Some cannabis industry experts say the marijuana industry is fraught with doom and gloom. President Biden’s refusal to move forward with legalization despite promises linked to California, New York and other states botching taxes that make black market products much more attractive has dealt a blow to the legal market. Add in a glut of cheap products and some poorly run companies, and the industry has lost some of its encomia luster. But when you shed layers of disability, you see VERY strong consumer demand growing every year. The traditional “high holy day” of cannabis sales was April 20th. April 20th has become an international counterculture holiday based on the celebration and use of cannabis, and consumers came into force this year!

Headsets recorded more than $100 million in transactions as of April 20 — and at one point, sales hit $160,000 per minute. They have a cool video mapping sale for the day in the US

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From Maine to Nevada, retailers were busy selling and the storekeepers breathed a sigh of relief. Product companies also benefited from the upward trend. Hopes remain high for other traditional high usage days (July 4th, Memorial Day weekend) just around the corner.

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Green Market Report, the leading cannabis business website, told Jane Technologies that their data showed that 4/20 sales in 2023 increased 9.7% from 2022, to an estimated $26 million amount.

According to Jane Technologies, the five best-selling product categories in 2023 were:

• Flower: $10,346,361
• Vaping: $6,623,246
• Edible: $3,128,225
• Extract: $2,028,396
• Leader: $1,873,570

Keep in mind that these are only legally tracked sales and don’t count all black market transactions – including the hundreds of unlicensed stores in New York City.

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If a presidential administration can move forward with legalization and a basic tax structure, you’d have another boom for the economy in the form of decent tax revenues, jobs, and healthy small businesses. It would also start closing the door on the black market and some of the more “shady” players. But the winner every day is the customer.