Cannabis Profits Millions on 4/20
Flower continues to dominate sales, followed by vape pens and the unexpected rise of beverages. Those are some of the highlights from this year's 4/20 in business.
Every year on April 20th legal cannabis shops break new records in terms of how much weed they sell. This year was no different. While there were reports of certain technical glitches with the point-of-sale software used by dispensaries, which caused some operators to lose profits, the earnings overall remained high. In some states, record high.
The U.S. cannabis sector performed exceptionally well on 4/20 and the week leading up to it, based on sales data from Flowhub, Treez, and Jane Technologies.
Flowhub dispensary clients reported over $83 million in sales on the day of the unofficial marijuana holiday in 22 states plus Canada, selling more than 6 million cannabis products, according to reports.
It was the first legal 4/20 in states like New York and Maryland, and it was the first time for dispensaries in these states to tailor significant discounts for customers. But, the best discounts were in Oregon and Florida, according to a special 4/20 sales report from data analysis firm Headset.
Beverage turned out to be the breakout category for 2024, according to the same report. Beverage had the biggest growth in units sold, selling three times more units than last year.
“While still an overall small category, beverages are seeing increased adoption in both the regulated adult-use cannabis channels as well as hemp-derived THC,” the report from Headset says.
Edibles were one of the most discounted products, however, sales for this category somewhat faltered this year.
Unsurprisingly, flower dominated sales on the special day. Forty percent of all sold cannabis products during the unofficial marijuana holiday were flower, followed by vape pens at 23%, one of the fastest growing product categories in the nation. Although, it was expected that vapor pens will perform even better than that.
Looking at individual state markets, things worked out particularly well for New Jersey and Massachusetts.
New Jersey Made New Sale Records for 4/20
During the 4/20 weekend, New Jersey cannabis shops reportedly generated over $5.2 million in profits. Nevertheless, the Garden State has had a stellar start of the year. Legal weed retailers have sold a record $201 million worth of cannabis in the first quarter of 2024, according to state regulators.
On April 19, New Jersey weed users spent $4,028,365 on recreational weed products, a record that only lasted for a day. On the day of 4/20, expenditure rose to $5,219,294. By the end of the weekend, cannabis dispensaries were richer for $12.5 million, a sum generated from both recreational and medicinal cannabis product sales.
According to the New Jersey Cannabis Regulatory Commission (CRC), first quarter sales from January and March were up 38% compared to the same quarter last year. It’s estimated that by the end of 2024, New Jersey’s annual weed sales will surpass one billion.
Massachusetts Grossed Over $8 Million for the Holy Day
The Bay State also broke records for the unofficial marijuana holiday. Four Twenty was a lucky day for Massachusetts legal retailers, bringing them around $8.5 million in profits, according to the state’s Cannabis Control Commission. The bounce in sales helped local marijuana operators to surpass the $6 billion figure in gross sales last April.
Cannabis businesses in Massachusetts reportedly took less than eight months to reach the $6 billion number after hitting $5 billion, making the in-between period the shortest so far for state operators to generate a billion in gross sales.
So, certainly, Four Twenty is about good things in business, reaching new milestones, and hitting record-breaking sales.
“I continue to be encouraged by these sales milestones because they show that the industry is strong and efficiently regulated, both spurring economic development and critical tax revenue for the Commonwealth and providing safe, tested products for consumers and patients alike,” said in a statement Massachusetts’ Acting Chair Ava Callender Concepcion.
Also read on Soft Secrets:
- Nearly 450,000 Work Full-Time in Cannabis
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Stephen Andrews
