Every year on April 20, cannabis connoisseurs descend upon the nation’s licensed dispensaries to stock up on green treats. 

It’s on this day that the 4/20 holiday takes place — an annual holiday that Headset analysts believe will contribute to a 100 percent rise in cannabis product sales.

The data and market intelligence company published a report on March 15th, titled, “Understanding 4/20 cannabis holiday & consumer purchasing trends.”

About Headset’s 4/20-focused cannabis report

As per findings of Headset’s 4/20-focused cannabis report, which analyzed real-time sales data from participating licensed retailers, 2022 will serve as one of the biggest holidays so far this year in terms of amplifying cannabis sales. 

*April 20 has been the largest single day of retail cannabis sales each year since legalization (with one notable exception), so we understand that it’s a pretty darn significant day,” reads an excerpt from the report’s introduction. “We also know that there are some consistent patterns on 4/20 each year: sales surge, customers enjoy massive discounts, and certain categories are more popular than others.”

The report pulls data from retailers spread across Arizona, California, Colorado, Illinois, Massachusetts, Maryland, Michigan, Nevada, Oregon and Washington, in addition to a handful of Canadian provinces including Alberta, Ontario, British Columbia and Saskatchewan. 

Researchers gathered their data from the final four weeks preceding April 20, 2021 — the weeks of March 23, March 30, April 6 and April 13.

Between March 2021 and February 2022, flower market share sank from 46 percent to 41 percent. On the other hand, Headset analysts noticed a 25 percent rise in market share for pre-rolls, 14 percent for vape pens and 11.9 percent for cannabis edibles. 

“Pre-roll market share has been slightly more volatile, rising quickly through most of 2021, only to decrease during the end of the year and then increase again in the opening months of 2022. This is a great example of how much can change during a year of cannabis sales!” 

Headset’s 4/20-focused cannabis report: Which product categories saw the most growth?

Between the years 2020 and 2021, the “Capsules,” “Concentrates,” “Flower,” “Edible,” “Pre-Roll” and “Vapor Pens” product categories saw the greatest rise in percentage.

It should be noted that “Tincture & Sublingual” and “Topical” decreased by four percent and 33 percent. 

Beverages, on the other hand, maintained a constant momentum, demonstrating a 4/20 sales surge in 2020 at 184 percent and 183 percent in 2021.

The past year also saw a shift in cannabis consumer age and gender, with Headset analysts sharing that younger customers were more keen to indulge on 4/20 than older age groups.

Moreover, female customer sales surged 140 percent four weeks before 4/20. Conversely, male cannabis customers “had a slightly lower response” at 107 percent. 

“Sales to the Generation Z group came pretty close to tripling on 4/20 last year, while sales to the Gen X and Baby Boomer groups didn’t even double. It would make sense that the continued caution of COVID may have influenced this trend,” the report explained. 

“Younger customers may have been more willing than older customers to risk exposure to the virus in order to celebrate 4/20 at a dispensary. However in our sales data we see a similar trend in 2019, which is before any of us had heard the word ‘coronavirus.’”

Conclusion

Analysts summarized the findings of Headset’s 4/20-focused cannabis report by advising cannabis business owners to do their research in order to reap the financial rewards of the forthcoming 4/20 holiday. 

“Make sure you understand what your customers want and keep your shelves stocked appropriately, or you could risk losing loyal customers to the competition,” the report recommended. 

“You also want to make sure your strategy considers the potential of turning new or infrequent shoppers into loyalists and more frequent customers since the day sees significant lift in transaction volume by various customer groups.”