Opinions expressed by Entrepreneur contributors are their own.
There’s no denying that April 20 is the biggest day for cannabis sales — and consumption — across the U.S. Every year sees an increase in revenue, especially legalization continues to sweep across the country. And 2022 was no exception.
Matteo Guedia | Getty Images
RELATED: 4/20 Cannabis Sales Expected to Jump Higher Than Ever This Year
A look at the numbers
According to cannabis software and POS company Cova, sales across the country hit an estimated $128 million on 420. Data company Headset reports that the average U.S. cannabis store experienced 148% higher sales on 420 than the previous four Wednesdays. Fellow data company Flowhub concurs, reporting that this year’s “high holiday” exceeded sales from the last four years.
Trends across the board include flower being less popular this year, with more customers jumping to edibles and beverages; the latter increased 176%, according to Headset. Pre-rolls did well, as did concentrates, which increased by 155% this year. While in-store purchases still make up the bulk of cannabis sales, online ordering increased across the board.
RELATED: Welcome to the Party, New Mexico: Recreational Sales Begin Today
Big sales in every state
Cova reports that 647 new stores celebrated their first 420 in 2022, which is slightly higher than 2021. The average sale was $15.2 in the U.S., and the average spend per transaction was $68. Every state, legacy or not, saw an increase in sales, including Colorado (103%), Massachusetts (234%), Missouri (233%), and Oklahoma (170%).
With this being the first legal 420 holiday in New Mexico — adult-use retail sales began on April 1 — there’s little but a few weeks to compare the numbers to. According to The Cannabis Control Division of the Regulation and Licensing Department (NMRLD), more than $2.2 million in cannabis products were sold throughout the state on April 20, nearly double a typical Wednesday, and an 85 percent increase from the week before.
For its third 420 in history, Michiganers purchased $15.5 million in marijuana products, according to Michigan’s Cannabis Regulatory Agency (CRA), a new state record. Retailers sold more than 4,600 pounds of flower this year’s 420, which is a 142% increase from 2021.
Will the trend continue?
In a word: Yes. By all accounts, with more states now allowing adult-use cannabis sales, including big population states like New Jersey and New York, and possible federal legalization on the horizon, sales will continue to increase. Some have projected that sales could surpass $30 billion by the end of 2022 in the U.S. alone.
New Jersey sales began on 4/21, a day after the big green holiday, which was on purpose. The state was worried that the mad rush for legalized cannabis plus 420 would be too much for the state’s industry all at once — mostly a supply and demand issue.
