Last year Fortune talked about the cannabis consumer persona created during the unprecedented times of the pandemic. Specifically the thriving sales of so-called “vice” industries, including the mariijuana industry, highlighted the medicinal necessities of cannabis. This explosive growth continues with no signs of slowing down, especially as more states legalize recreational/adult-use cannabis.
So what does this mean for your business’ bottom line? In states like Massachusetts, cannabis sales are outpacing alcohol for the first time in history. New markets like New York are getting their adult-use movements off the ground and licensing more social equity applicants, decreasing the war on drugs.
April 20th is considered a huge buying holiday for those who consume cannabis and as a business, here’s what you can look forward to for a sales forecast:
AdWeek says many cannabis businesses can expect a 130% increase in sales as your average consumer considers April 20th to be a Black Friday of cannabis retail. In short, your customers are springing for the premium, so be sure your inventory is in stock. The experts also say though 4/20 is a celebrated holiday across the spectrum, the celebration of the High Holiday as it were does lean more toward the legacy market.
Business owners would be smart to tailor messaging to a wide and diverse audience, especially since the “canna-curious” marketing persona is a leading sales niche. Cannabis retailers are seeing an uptick in new customers and first-time buyers, allowing for a more targeted promotional and marketing campaign.
Other stats from Surfside’s ‘4/20 Grow Book’
- Sales on 4/20 are 119% higher than Halloween weekend, 90% higher than Thanksgiving week, 75% higher than New Year’s Eve, 104% higher than Valentine’s Day weekend and 65% higher than St. Patrick’s Day
- From a product perspective, sales of pre-rolls are 160% higher, flower is 127% higher and edibles are 154% higher
- The Friday following 4/20 is the worst Friday of the year for cannabis sales, with 35% lower sales than the April average; the theory is that fans are still working on their leftovers
