News | 04.28.2022

U.S. Cannabis Industry To Bring In $400M On 4/20 Week

The United States is expected to bring home $400 million in cannabis sales through the week of 420, equivalent to Iowa's liquor revenue throughout last year.

It’s finally here. Today, we’re celebrating the worldwide weed holiday 420. In honor of reaching another happy and healthy cannabis holiday, leading enterprise software company and developer Akerna released a flash report regarding the drastic increase in sales revenue year after year on 420.

The report’s most interesting fact shared that the United States’ cannabis space is projected to bring in the same revenue during the week of 420 as Iowa did throughout the entire year in liquor sales.

That’s right; from April 15, when businesses started slashing prices for weed holiday deals, to today, April 20, the American cannabis industry should bring home a whopping $400 million, the same amount as Iowa’s liquor sales throughout 2021.

We’re still not sure if the U.S. has reached the expected sale revenue, considering the day isn’t over yet. That said, Akerna’s flash report also notes that solely today, April 20, the U.S. is projected to bring in $130 million from cannabis sales.

 

Photo by
Los Muertos Crew / Pexels

The report also notes that last year, the United States broke its record for most cannabis-oriented revenue in one day, which was last 420, and saw around $112 million.

If we were to reach the current $130 million revenue estimate, the report shares this would mean a 16% growth in just one year. This is likely due to more states legalizing recreational and/or medicinal weed.

In the report, James Ahrendt, Business Intelligence Architect at Akerna, mentioned how “We are approaching the biggest day for our industry, making it critical for dispensaries to plan promotions, staff, and space for these large upticks in traffic.”

Ahrendt explained that Akerna is helping relieve the burden of all the traffic by letting retailers use the company’s MJ Retail POS Solution, which can “leverage the platform’s kiosk mode.”

“In kiosk mode, the budtender gives the MJ Retail tablet to the customer, who can then shop the store’s offerings on the device, similar to how they would in an online order, allowing stores to serve more customers and ultimately complete more sales per hour,” Ahrendt concluded.

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