Once a cryptic codeword for smoking marijuana, 420 is perhaps one of the most well-known (and well-worn) phrases in the stoner lexicon. But April 20, or 4/20, has become a counter-culture holiday in North America, where people gather to celebrate and consume cannabis. In places were adult use of cannabis is legal, 4/20 has become a legitimate holiday. And that’s exactly why analysts are predicting that weed shops in the US will set sales records this April.
On Monday April 20, 2015, Colorado weed shops sold $4.8 million of recreational and medical cannabis. At the time, that was the state’s highest daily tally. The previous weekend’s numbers were also legit — $4 million in cannabis sales on April 17, $4.6 million on April 18 and $3.7 million on April 19.
“4/20 serves as a stimulus for the industry to start thinking about the rest of the year, making sure they have the right inventory levels but also thinking about the growth they’ll see throughout the rest of the year,” said Roy Bingham, founder of Boulder-based BDS Analytics.
In Colorado, statewide marijuana sales will top $5 million daily between Friday April 15 and Wednesday April 20 — with at least one of those days topping $6 million in marijuana sales, says BDS.
By the end of 2015, April 20 was actually the state’s third-highest day for pot sales. The Number 1 spot goes to Sept. 16, when due to a constitutional quirk retail taxes were waved. Coming in second place was, you might have guessed it, Dec. 31, when reefer revelers were preparing for a long weekend of New Year’s fun.
Over in the Pacific Northwest, Washington also say a 4/20 sales spike. There, 2016’s 4/20 week is expected to tripe or quadruple the state’s daily average from April 2015, which was $621,000.
4/20 means good things to the young legal cannabis business. For dispensary owners, there’s no doubt feelings of excitement and fun to see so much consumer traffic and the kind of volume that businesses can move.
But the boom in sales also represents the bigger picture: 4/20 is a celebration of cannabis and what it means to different people. And that kind of celebratory atmosphere gets everyone in the industry psyched.
(Photo Credit: Nextshark)