Last-minute bargain hunters win the day at dispensaries on the cannabis holiday 420. A new report from the marijuana market data company Headset found that cannabis consumers like to do their 420 shopping when the festivities begin and not in advance. Then they get caught up in the fun and throw lots of new products in their baskets, but at the same time enjoy a discount.
420 is being called “the cannabis industry’s Black Friday” as sales spike and new customers join loyal dispensary fans. This is notable given that 420 has yet to fall on a weekend since any state has legalized adult-use marijuana. Next year, it will actually be on a Friday and in 2019 on a Saturday, so there’s no doubt the events and sales will continue to grow.
Marijuana software company MJ Freeway predicts that sales will exceed $45 million, a 20% increase compared to last year. They also forecast that dispensaries and delivery services will reach on average $50,000 in retail sales from April 18 to April 20.
Headset has analyzed the dispensary sales over the past couple of 420’s and found some distinct shopping patterns. Smart retailers are learning from these patterns and capitalizing on it by tailoring promotions to promote new products and entice shoppers to splurge on more expensive items.
First, it seems no one plans ahead. This crowd either procrastinates or just waits until the excitement of the festivities begin. The bulk of the sales increases at dispensaries happen on the 20th. There is a slight uptick on the 19th, but even in 2015 when 420 fell on a Monday, most sales did