According to cannabis data firm BDSA analyst Brendan Mitchell-Chesebro, the looming inflation across the United States has not had a negative impact on the cannabis industry. “While inflation has been an issue over the past year, the legal cannabis markets have seen significant price pressure since late 2021,” said Mitchell Chesbro. “BDSA’s retail sales tracking data shows that average retail equivalent prices fell about 26% across mature markets between January 2022 and January 2023, so while inflation may hit consumers hard, legal cannabis is becoming more affordable.”
according to ForbesBDSA predicts that emerging cannabis markets such as ArizonaAnd flAnd IllinoisAnd MarylandAnd MissouriAnd New JerseyAnd Pennsylvania You will all see a significant increase in your total dollar sales.
The BDSA also suggests that because the 420 falls on a Thursday, that Thursday will obviously see the largest increase in cannabis sales. In 2022, data collected by Akyrna showed that while April 20th was the biggest day for sales, it was actually the second biggest day. Friday before the holiday.
“BDSA Seasonal Data Shows Continued Rise in Sales on 420,” said Mitchell Chesbro. “The significance of history in cannabis culture naturally drives retail traffic and sales over the 420, and the retailer’s efforts to take advantage of advertising, promotions, and discounts enhance the consumer’s innate enthusiasm.”
The BDSA notes that significant reductions will appear in more mature markets, due to the already gradual decline in retail prices seen over the past year compared to newer cannabis markets. Additionally, inhaled products are likely to see the biggest discounts.
BDSA recently analyzed data from Missouri Particularly earlier this year, which has a smaller population than most other legal states but is expanding rapidly. “The Show Me state launched adult use sales in February 2023, giving the state the second shortest timeline from legalization to adult use sales launch,” BDSA Books. Adult sales are expected to bring in about $650 million in 2023, bringing total sales for the year to about $958 million. BDSA expects Missouri to join the “billion dollar cannabis market” club in 2024, with sales expected to total $1.1 billion and grow to $1.4 billion by 2026.”
Other trends are starting to change in cannabis this year with some cannabis companies offering April 20th as a product Paid leave. “4/20 is a day to show appreciation, love, and respect for cannabis and its ability to help amplify the health and happiness people experience in their daily lives,” said Director of Retail and Customer Engagement Sian Leininger of Massachusetts retailer Temescal Wellness. “For us, it is a day to celebrate our employees, whose passion, knowledge and genuine dedication inspire their unparalleled service to our customers and community on all other days of the year.”
Another study from Leaf fly It shows that 39% of consumers plan Take time off To celebrate the holiday in some capacity, too. Additionally, 70% of consumers said they would be interested in trying brewed beverages or beverage improvers this year, and 73% said they would consume after 5pm because April 20th arrives on a Thursday.
April 20th festivities Events are in full swing now, and there are more unique products, collaborations, and more happening in honor of the holiday. Monthly dog subscription aka Bark Box offers a box of 420 With toys that look like weed paraphernalia. Publicity stunts such as hemp food company Zen Cannabis made a 420-pound chocolate bar that measured nine feet by four feet. gift for Huracan Evo Purple Lamborghini In Las Vegas, he’s calling on consumers to buy more than $200 worth of exotic cannabis to enter.
Last year, the free rally in san francisco for 4/20 Hippie Hill It was a huge success as the first 4/20 celebration of legal cannabis sales. And this year it continues to grow, with Grammy Award-winning musician Erykah Badu hosting the ceremony.