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As the smoke clears on another 420, the cannabis community is reflecting on a weekend filled with soaring sales, innovative promotions, and community-driven gatherings. From coast to coast, activists, enthusiasts, and industry professionals eagerly anticipate this annual celebration of cannabis culture, and this year did not disappoint. Known as the legal cannabis industry’s busiest day of the year, dispensaries saw a surge in foot traffic and sales – with record-breaking numbers reported in several markets.
“It’s thrilling to see the enthusiasm for this growing industry,” said Adam Hutchinson, Founder of CannaSpyglass. “We're excited about our role within the cannabis community, and we’re committed to pushing boundaries, driving innovation, and helping shape the future of cannabis technology.”
This year, even the highest offices in the U.S. acknowledged the significance of 420, with President Biden and Vice President Harris publicly tweeting their support for ongoing cannabis policy reform. Amidst increasing government support for cannabis and rescheduling on the horizon, the future's looking bright for the U.S. cannabis industry!
Sales Surge During the 420 ‘Weedkend’
This year's 420 holiday, which fell on a Saturday, was eagerly awaited by the regulated cannabis industry. Although national cannabis sales for 420 saw a slight dip from the previous year, combined sales for the weekend of April 19-20, 2024, witnessed notable increases over this period in 2023, with certain state markets boasting record-breaking figures. Many cannabis retail brands also experienced a notable spike in sales, credited to various factors, including increased emphasis on in-store events and the weekend-long extension of 420 promotions.
This year marked significant milestones for emerging state markets, with New York celebrating its first 420 with legal adult-use sales and Nevada hosting inaugural 420 celebrations at their newly opened Las Vegas consumption lounges. Maturing markets like New Jersey also had cause to celebrate, with the state reaching “historical highs” in sales over the weekend, reporting more than $5.2 million worth of purchases on 420 alone.
Although some POS and eCommerce platforms saw outages that left retailers unable to complete transactions, others experienced unprecedented sales volumes. Industry leaders like COVA Software and Jane Technologies reported record-breaking numbers, while Treez also experienced a significant surge, documenting a 120% increase in customers, products sold, and gross sales compared to 2023.
Several of the country's top multi-state operators also celebrated a prosperous 420, with Cresco Labs (Sunnyside) leading the pack. They recorded a 35% increase in shoppers, a 70% rise in grams sold, and achieved their highest retail revenue weekend to date. Additionally, The Cannabist Co. marked a successful 420 by unveiling over 40 new products amidst a weekend brimming with in-store festivities and promotional events.
420 Promotions, Parties, and Positive Vibes
This year's 420 celebrations were some of the most extensive yet, with dispensaries and brands organizing innovative promotions, an unprecedented number of parties and festivals, and robust online support for the burgeoning industry.
Major brands seized the opportunity to showcase their products this 420, with notable marketing plays like Mike Tyson and Royal Queen Seeds’ Times Square billboard takeover, featuring a countdown to 4:20 p.m. Another noteworthy promotion was the collaboration between Snoop Dogg, Death Row Records, and Hill Beverage Company on the launch of Do it Fluid, a line of CBD- and hemp-infused beverages. Through a partnership with Total Wine, these products are now available statewide in California and nationwide through delivery services, setting a precedent for future collaborations between cannabis companies and non-cannabis businesses.
From multi-state operators to local mom-and-pop dispensaries, retailers rolled out substantial discounts and immersive events to engage the community. With goals of boosting foot traffic and fostering community involvement, many dispensaries held an array of events, ranging from vendor pop-ups and weed-themed comedy shows to food trucks, live concerts featuring local musicians, and entertaining games and giveaways.
Several local communities also organized cannabis events for 420, bringing people together to celebrate progress in the industry and share their passion for the plant. States with a long history of cannabis acceptance, like California and Colorado, are known for their community-driven 420 events, with Denver’s The Mile High 420 Festival drawing thousands of attendees for the largest free 420 event in the world. These festivals and outdoor gatherings are popular with residents and tourists alike, contributing to a surge in canna-tourism as enthusiasts travel to cannabis-friendly states or abroad to celebrate cannabis culture and acceptance.
As we look back on another remarkable 420, the cannabis community stands united in celebration and anticipation for the future. Beyond the record-breaking sales and memorable promotions, this year's festivities highlighted the enthusiasm and perseverance of an industry on the rise. From grassroots gatherings to national brand initiatives, we continue to break barriers, challenge norms, and redefine what it means to be part of the cannabis industry.
Congrats to a successful 420, everyone!
Why CannaSpyglass?
CannaSpyglass offers cannabis data subscription services that provide dependable, on-demand, and exclusive industry analytics. Our insights cover vital data on cannabis cultivation, business statistics, and enterprise information within the rapidly growing cannabis sector. Whether you are an established industry leader seeking business expansion or a lawmaker requiring essential research to inform policy, our up-to-date, cloud-based data can be tailored to your specific interests and regions.
