According to cannabis data company BDSA analyst Brendan Mitchel-Chesebro, looming inflation across the U.S. has not negatively affected the cannabis industry. “While inflation has been an issue over the past year, legal cannabis markets have seen significant price compression since late 2021,” Mitchel-Chesebro said. “BDSA retail sales tracking data show that equivalent average retail prices fell about 26% across mature markets between January 2022 and January 2023, so while inflation may be hitting consumers hard, legal cannabis has only become more affordable.”

According to Forbes, BDSA predicts that nascent cannabis markets such as Arizona, Florida, Illinois, Maryland, Missouri, New Jersey, and Pennsylvania will all see a significant increase in total dollar sales.

BDSA also suggests that because 420 falls on a Thursday, that Thursday will obviously see the biggest increase in cannabis sales. In 2022, data collected by Akerna showed that while April 20 was the biggest day for sales, the second biggest day was actually the Friday prior to the holiday.

“BDSA seasonality data shows consistently heightened sales on 420,” said Mitchel-Chesebro. “The date’s importance within cannabis culture naturally leads to more retail traffic and sales on 420, and retailer efforts to capitalize through advertising, promotions, and discounts enhance that innate consumer enthusiasm.”

BDSA suggests that the big discounts will be seen in more mature markets, due to the already gradual decrease of retail prices seen over the past year in comparison to newer cannabis markets. Additionally, inhalable products are likely to see the biggest discounts.

BDSA recently analyzed data from Missouri in particular 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 launch of adult-use sales,” BDSA wrote. “Adult-use sales are expected to bring in ~$650 million in 2023, bringing total sales for the year to ~$958 million. BDSA forecasts Missouri to join the ‘billion-dollar cannabis market’ club in 2024, with total sales expected to reach ~$1.1 billion and grow to ~$1.4 billion by 2026.”

Other trends are beginning to change in cannabis this year with some cannabis companies offering April 20 as a paid holiday. “4/20 is a day to show appreciation, love and respect for cannabis and its power to help amplify the health and happiness that people experience in their daily lives,” said the Director of Retail and Customer Engagement, Sian Leininger, from the Massachusetts-based retailer Temescal Wellness. “For us, it’s a day to celebrate our employees, whose passion, knowledge and true dedication inspires their unparalleled service to our customers and our community all of the other days of the year.”

Another study from Leafly shows that 39% of consumers are planning on taking time off to celebrate the holiday in some capacity as well. In addition to that, 70% of consumers said that they are interested in trying infused beverages or beverage-enhancers this year, and 73% said that they would be consuming after 5 pm because April 20 lands on a Thursday.

April 20 celebrations and events are in full swing now, and there are more unique products, collaborations, and more happening in honor of the holiday. The monthly dog subscription known as Bark Box is offering a 420-themed box with toys that look like cannabis paraphernalia. Publicity stunts like the cannabis edibles company Zen Cannabis made a 420-pound chocolate bar that measures nine feet by four feet. A giveaway for a Huracán Evo Purple Lamborghini in Las Vegas invites consumers to buy more than $200 in exotic cannabis to enter.

Last year, the free gathering in San Francisco for 4/20 Hippie Hill was a huge success as the first 4/20 celebration with legal cannabis sales. This year it continues to grow, with Grammy award-winning musician Erykah Badu hosting the event.

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A recent report released by AYR Wellness discovered shifting trends and popularity of cannabis consumption activities on 4/20. More than 900 cannabis consumer participants, ranging in age between 21-74 years old, were asked a variety of questions between February and March.

According to AYR Wellness President and CEO David Goubert, the study sheds some new light on cannabis continuing to grow in popularity. “Our 4/20 survey proves that the unofficial cannabis holiday continues to hold a special place in the hearts of consumers, with nearly 40% planning to take off work to celebrate,” Goubert said, according to Forbes. “The data also uncovered some compelling findings around how people prefer to consume cannabis—from who they consume with to formats they prefer consuming with—that AYR can use to create more meaningful engagements with our customers.”

Goubert referred to the statistic that 39% of participants stating that they were planning on taking time off for 4/20. Additionally, 31% of participants said that 4/20 is a “special occasion” (and specifically 42% of medical cannabis consumers also believe that 420 is a “special day”).

However, 71% of participants said that their consumption habits won’t change on 4/20, while 23% said that they plan to consume more cannabis than they usually do.

For those who admitted that they plan to celebrate, 70% of them said that they were interested in trying beverages or beverage enhancers. For those who prefer flower, the study also found that 61% of participants choose to break up their flower with their hands rather than use a grinder (an answer shared by 73% of those between the ages of 55-74).

April falls on a Thursday this year, and because it lands on a weekday, 73% of consumers said they’ll be consuming after 5pm (and 47% will consume later in the evening after 10pm). While 78% of consumers intend to consume on their own, 43% are “somewhat comfortable” spending time with others while using cannabis, 45% said they are “somewhat comfortable” being under the influence in public, and 44% are “somewhat comfortable” consuming at a social gathering where cannabis is not being consumed by everyone involved.

A new trend is also beginning to rise for some cannabis companies who have opted to give their employees paid time off to celebrate the holiday, such as Massachusetts-based Temescal Wellness. “4/20 is a day to show appreciation, love and respect for cannabis and its power to help amplify the health and happiness that people experience in their daily lives,” said Temescal Wellness Director of Retail and Customer Engagement Sian Leininger. “For us, it’s a day to celebrate our employees, whose passion, knowledge and true dedication inspires their unparalleled service to our customers and our community all of the other days of the year.”

Likewise, Sacramento-based Conception Nurseries announced on April 6 that April 20 would be a paid holiday as well. “The paid holiday is the company’s way of showing gratitude for the hard work and dedication of our employees,” said Conception Nurseries founder and CEO, Kevin Brooks. “Taking the day also gives us a chance to reflect on what our hard work in this industry is for—where we have come from and where we are going.”

April 20 events are returning in full swing this year now that the dangers of the pandemic have subsided, and sales are expected to break more records. Last year, $485.3 million in cannabis sales was collected over the entire time frame between Friday, April 15 and Wednesday, April 20, according to data collected by Akerna. A recent report from Fortune projects that the cannabis industry as a whole could reach up to $35.5 billion by the end of the year, and approximately $57 billion by 2028.

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Nike and Adidas put out special marijuana-themed shoes every year to mark 4/20. Here’s how it happened.

The post Weedy kicks: How marijuana-themed sneakers became a 4/20 tradition appeared first on Leafly.

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