The 4/20 cannabis celebrations of 2024 not only highlighted the spike in consumer interest but also underscored the indispensable role of technology in grasping the underlying dynamics of this surge. A notable observation was the surge in sales during 4/20 week, showing a threefold increase in both sales revenue and units sold compared to an average week.
Treez, a provider of point-of-sale services, disclosed a significant surge in sales on 4/20, experiencing a remarkable 120% increase from the previous year, with an even more striking 200% surge in sales the day prior. This trend suggests a growing anticipation and preparation among consumers leading up to the festivities. In tandem, Jane Technologies, a prominent digital provider for cannabis dispensaries, handled over 500,000 transactions amounting to nearly $24 million in sales, showcasing the robust market activity during this period.
Despite a minor 8% dip in sales compared to the previous year's 4/20, the combined sales figures for 4/19 and 4/20 reached a record high of over $45 million, marking a 14.32% increase from the previous highest two-day total. Notably, Illinois emerged as the top state in terms of sales with over $4.4 million, although slightly lower than the previous year. California and Colorado also demonstrated significant market activity, with California recording over $2.2 million in 4/20 sales and Colorado bringing in around $671,000 in revenue.
Weedmaps' pricing data for 4/20 in 2024 revealed significant shifts in product pricing trends, with the average price of vape pens dropping by 16% since 2021 while edibles saw a 21% decrease. On the other hand, the average price of cannabis flowers saw a 5% year-over-year increase from 2023, although it remained below 2021 levels by 10%. The preference for convenience was evident, with pre-rolls and flowers each capturing 25% of total sales, indicating a shift towards ready-to-use options during major cannabis holidays.