Record-Breaking 4/20 Sales Show Maturation and Sustainability Of The Cannabis Industry
LOS ANGELES– April 20th, also known as 4/20, has come and gone, and it looks like it was a record-breaking year for the cannabis industry. According to industry data, this year’s 4/20 was the busiest in history for dispensaries by average transaction count. Flowhub, a cannabis retail management platform, reported a 5% increase in average transaction count from the previous year, and sales peaked at $160k per minute.
Kyle Sherman, founder and CEO of Flowhub, noted that the success of this year’s 4/20 holiday is a positive sign for the cannabis industry. He observed that retailers adopted a more efficient approach to holiday strategies, avoiding over-discounting and spreading deals over multiple days. This shows that the industry is maturing and that the future of cannabis retailers is stronger and more sustainable.
Headset, a cannabis data and analytics firm, determined that 4/20 saw more than $100 million in total transactions. Meanwhile, Jane Technologies reported that 4/20 sales in 2023 increased by 9.7% over 2022, coming in at an estimated $26 million.
Despite the increase in debit transactions, cash remained king on 4/20. Flowhub reported that cash transactions accounted for 83% of transactions on the day. However, shoppers who used a debit card spent 17% more per transaction than on an average Thursday.
Interestingly, despite more shoppers buying cannabis on 4/20 than ever before, they spent less per transaction with smaller average discounts. This could suggest that both customers and retailers are being savvier with their money, likely due to lower cannabis prices and the state of the economy.
The top five selling product categories on 4/20 were flower, vape, edible, extract, and preroll, according to Jane Technologies. All in all, this year’s 4/20 proved to be a profitable and positive day for the cannabis industry, signaling a bright future ahead.
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