Looming inflation across the country isn’t hurting the cannabis industry, according to Brendan Mitchell-Chesebro, a BDSA analyst at cannabis data firm. “While inflation has been an issue over the past year, the legal cannabis market has seen significant price compression since late 2021.” Mitchell Chesebro said“BDSA’s retail sales tracking data show that comparable average retail prices across mature markets fell by about 26% between January 2022 and January 2023, so inflation has hit consumers hard. It may be taking a toll, but legal cannabis is only becoming more affordable.”
according to forbesBDSA predicts that early cannabis markets such as Arizona, Florida, Illinois, Maryland, Missouri, New Jersey and Pennsylvania will all see significant increases in total dollar sales.
The BDSA also suggests that 420 falls on Thursday, so that Thursday will clearly see the biggest cannabis sales.In 2022, data collected by Akerna showed April 20 as the day with the biggest sales. However, the second largest day was actually the Friday before the holiday.
“BDSA’s seasonality data shows a consistent increase in 420 sales.” Mitchell Chesebro said“The importance of dates in cannabis culture has naturally led to increased retail traffic and sales at 420, and retailers’ efforts to profit through advertising, promotions and discounts have fueled innate consumer enthusiasm. raise it.”
The BDSA suggests that the already modest drop in retail prices seen over the past year compared to newer cannabis markets will likely see bigger discounts in more mature markets. It can be the biggest discount.
BDSA recently analyzed data from Missouri Although it has a smaller population than most other legal states, especially earlier this year, it is expanding rapidly. “The ‘Show Me’ state will begin adult sales in February 2023, his second shortest timeline from legalization to the start of adult sales.” BDSA wrote“Adult sales are expected to reach $650 million in 2023, bringing annual total sales to $958 million. Joined the ‘Dollar Cannabis Market’ club with total sales of $1.1 billion and forecast to reach $1.4 billion by 2026. ”
Other trends in cannabis this year are starting to change, with some cannabis companies offering April 20th as a paid vacation. It’s a day to show appreciation, love and respect for its power to help amplify happiness,” said Sian Leininger, Massachusetts Director of Retail and Customer Engagement. based retailer Temescal Wellness. “For us, this is a day to celebrate our employees, whose passion, knowledge and genuine dedication provide unparalleled service to our customers and communities throughout the year.”
another study from leafy 39% of consumers indicated that they also plan to take time off to celebrate the holidays. In addition, 70% of consumers said they would be interested in trying an infused beverage or beverage enhancer this year, and 73% said they would consume it after 5 p.m. said.
April 20th celebration and events are now in full swing with more unique products, collaborations and more in honor of the holidays. Bark Box offers 420 themed boxes With toys like cannabis paraphernalia.Publicity stunts like cannabis food company Zen Cannabis created a 9-foot-by-4-foot, 420-pound chocolate bar. Huracán Evo Purple Lamborghini in Las Vegas invites consumers to enter with a $200+ purchase of exotic cannabis.
A free get-together in San Francisco last year 4/20 Hippie Hill It was a huge success as the first 4/20 celebration with legal cannabis sales. The event continues to grow this year, with Grammy-winning musician Erykah Badu hosting the event.