TREEZ offers cannabis retailers insight ahead of projected national record-breaking 420
As 420 approaches, the cannabis industry is buzzing with anticipation for what is traditionally the biggest sales day of the year nationally.
According to recent data from Treez, a leading provider of cannabis retail and analytics solutions, this year’s 420 is expected to outdo previous records, particularly because the holiday falls over a weekend for the first time since 2019.
On April 20, 2023, dispensaries saw an unprecedented influx of customers, with shopper numbers more than doubling —123% higher than any other day of the year. With the weekend timing in 2024, Treez forecasts an even more significant surge, predicting sales to be almost 2.5 times larger than on any typical day.
The trend towards cashless transactions is also notable, with 28% of customers opting for this payment method in 2023, marking a 65% increase from 2022. Despite the enthusiasm for discounts, with an average reduction of 32.42% noted last 420, Treez advises caution to operators.
Yang suggests that while discounts can attract customers, they don’t necessarily lead to higher profits. Instead, he recommends targeted discounts on specific products to better understand consumer preferences.
In addition to product-specific discounts, Yang and Treez advocate for promotions that encourage behaviors beneficial to retailers, such as online ordering, loyalty program enrollment, and the use of cashless payments. These strategies not only enhance customer experience but also significantly boost retailer profits.
Despite the growing popularity of other cannabis-centric holidays like Green Wednesday and 710, which have seen a 13% decline since 2020, 420 remains unparalleled in its appeal. Customer turnout on April 20th has increased by 25% since 2020, underscoring its enduring significance as a key date for cannabis consumption and purchase.
For customers, this 420 presents an excellent opportunity to explore new products and enjoy substantial savings on favorites. “Shoppers can take advantage of the savings by exploring new products and stocking up on their tried-and-true favorites. Treez recommends keeping your eyes peeled for those irresistible buy-one-get-one (BOGO) deals and any extra discounts waiting to be discovered. Expect more perks and deeper discount incentives for those who sign up for a loyalty rewards program or opt to pay with a cashless payment option,” Yang continued.
Treez and the broader cannabis industry are preparing for a record-breaking day of sales, reflecting a perfect storm of growing consumer interest, the evolving landscape of cannabis retail, and a well-timed holiday to boost interest and drive traffic.
