According to the latest flash report from Akerna (NASDAQ:KERN), it is predicted that today's 420 holiday will be the biggest ever single day for sales of legal cannabis. Akerna predicts that U.S. cannabis buyers will spend nearly $130 million on legal cannabis today. Year-over-year growth is expected to continue with all of the developments at the state level. Compared to last year, this year's 420 holiday is expected to bring in 16% more in legal cannabis sales.
The 420 holiday existed way before legalized cannabis. We asked the marijuana industry experts to tell us more about the significance of 420 to cannabis culture and cannabis businesses. Here's what they had to say:
“While I’ve always celebrated 420, pre-legalization, it was a bit more about being defiant and celebrating the righteousness of legalization. Now that I live in a legal country, it’s an opportunity to celebrate cannabis culture and keep the authentic spirit of cannabis alive.” - Andy Palalas, CRO of retail-focused cannabis company High Tide Inc. (NASDAQ:HITI)
"Historically 4/20 has been a time to celebrate cannabis. Recently, 4/20 has evolved from just a celebration to a time to push sales and works similar to holiday for us. We offer discounts, promotions, and unique 4/20 holiday products, and throw events all month long. As a result, April is usually one of our highest sales months of the year. We typically see a similar uptick in cannabis sales during the traditional holiday season in November and December, similar to non-cannabis consumer brands. Additionally, Papa & Barkley and other industry folks are pushing to make 7/10 a similar holiday vibe. 7/10 (or OIL upside down) is considered a holiday for consuming cannabis oil products and we see an increase in concentrate sales for 7/10." - Guy Rocourt, CEO of Papa & Barkley
“Reepher was conceived on 4/20. Really! While celebrating 4/20 with some friends we were talking about how awesome it is that we, in some states, have such easy access to pure, safe plant medicine. During that same conversation we also talked about people being charged and jailed for simple possession or consumption. And how many of those people end up in the arrest, release, repeat cycle because they can’t afford effective legal counsel. For this conversation reepher came to be.” - Justin Kahn, Founder and CEO of insurance company for cannabis users, Reepher
“420 is simultaneously about everything and nothing at the same time. This lack of clarity makes it an inclusive holiday and celebration - one that can be embraced and rewritten without offending anyone.” - Laurel (Lo) Friesen, Founder and CEO of cannabis extract company Heylo Cannabis
“It would be great if more people used 420 to learn about the history of cannabis and the legacy markets that predate widespread legal markets." - Oliver Summers, Los Angeles Medical Cannabis advocate/Dispensary operator
“I've been fortunate to live most of my life in communities without much stigma around cannabis or being a stoner…I'm also a pretty stereotypical stoner of a certain kind - shaggy hair, tie-dye, Grateful Dead, Phish - and I'm aware of my privilege to be a stoner with little consequence because I'm a white guy from an upper-middle-class background. I just want everyone to be able to be whatever kind of stoner they want to be without judgment.” - James Eichner, CSO and Co-Founder of sustainable packaging brand Sana Packaging
“As the industry celebrates 4/20, it’s important for us to examine the history of how we got here and where we’re going. What once was a unifying goal of ending the criminalization for possession of a plant has turned into a fragmented multibillion-dollar industry. Industrial hemp is working to distance itself from psychoactive consumables, and there are competing narratives on whether cannabis is a medicine or a staple consumer good.” - Gretchen Schmidt, Faculty Program Director for the Graduate Certificate in Cannabis Control at Excelsior College
“This holiday has come to symbolize an entire industry, it was not always used in relevant case.” - Evgeny Boukreev, Head of Marketing at innovative autoflower breeder Fast Buds
“With cannabis still being widely disregarded by lawmakers and politicians, the plant and its derivatives are still surrounded by myths and misconceptions. And many of those misconceptions are spread by people who know little about cannabis, or twist the facts about cannabis for whatever agenda they’re after.” - Mikhail Heifitz, COO of premium CBD brand, Unabis
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.