April 20 is synonymous with the cannabis community, and it should come as no surprise that the famed holiday reaps some of the biggest retail profits for the entire year.
This year was no different—in fact, it was one of the most profitable years to date, as the average U.S. cannabis dispensary experienced a 148 percent increase in sales compared to the previous four Wednesdays leading up to the holiday.
Which Cannabis Products Sold on 4/20?
In 2022, there are a seemingly endless variety of options when it comes to cannabis-infused products. That being said, consumers have more of a chance today than ever before to find a product that works for them, and retailers are able to reach their sales goals with more ease.
This is particularly helpful on 4/20, when a wider net of consumers are likely to pop into their local dispensary and try something new—whether they’re already regular customers or not.
As mentioned, this year’s holiday was one of the best for the industry. According to cannabis data company Flowhub, 4/20/2022 was the highest U.S. cannabis sales day the team has seen in the past four years.
But what were consumers gravitating toward?
According to cannabis data and analytics company Headset, the top-performing 4/20 product in both the U.S. and Canada were cannabis-infused beverages, growing by 176 percent in the States and 110 percent in Canada.
This speaks to the democratization and destigmatization of cannabis. Although the industry still has quite a ways to go before it can be considered mainstream, the fact that beverages sold so well indicates it wasn’t just devout stoners pulling up to the dispensary on Wednesday.
Cannabis-infused beverages are more likely to be dosed in a manner that allows consumers to experience the plant’s effects at a steady and manageable pace, and they’re also a great way to introduce new customers to cannabis without the intimidating aspect that comes along with smoking flower.
In fact, flower sales saw the lowest increase this 4/20, falling behind pre-roll sales, which increased by 150 percent in the U.S., and concentrate sales, which grew by 155 percent.
Are Consumers More Likely to Order Cannabis Online Today?
Another interesting trend from this year’s 4/20 data reports was the significant shift from in-person sales to online—undoubtedly a consequence of the online-only pandemic period, and the fact that quite a few states legalized the plant in the midst of strict lockdowns.
According to data company Jane Technologies, cannabis retailers saw an 11 percent increase in online sales, both in 2021 and 2022. Jane also reported a 34 percent increase in edible sales and a 43 percent increase in vape sales from 2021 to 2022.
Cannabis marketing platform Springbig reported a similar increase in online sales, claiming text message orders went from 12,280,220 in 2021 to 14,529,639 in 2022, marking an 18.32 percent shift in the consumer ordering process.
People appear to be more at ease with how they order cannabis than ever before, boldly ordering the plant to their home and experiencing a wider variety of products that work for every type of consumer.
Consumer preferences will continue to shift year after year, especially as more people become familiarized and comfortable with the plant and its numerous benefits.
Responsible retailers will take notes from these data points, adjusting their buying trends to meet today’s consumer needs and ultimately casting a wider net for target audiences to prepare for 420 next year.
Although e-commerce cannabis sales have undeniably gone up, storefronts remain the most successful form of cannabis retail, and retailers must ensure their locations reflect their surrounding demographic in an inviting, educational, and helpful manner.