After The 4/20 Smoke Clears: What Do The Billions Spent On Cannabis Say About Sales In Key States?
Portfolio Pulse from Nicolás Jose Rodriguez
The 4/20 cannabis celebrations this year saw a significant increase in sales and consumer demand, with technology playing a key role in understanding this surge. Sales during the week of 4/20 were three times the average, with Treez reporting a 120% increase in sales on 4/20 compared to the previous year. Jane Technologies processed over half a million transactions, totaling nearly $24 million in sales. Despite a minor decrease from 2023, the combined total for 4/19 and 4/20 set a new record. Illinois, California, and Colorado led state sales. Weedmaps data showed changes in pricing trends and consumer preferences, with a notable shift towards pre-rolls and brand-verified products. Promotions and discounts played a significant role in driving sales, with Weedmaps recording a 130% increase in deal redemptions during the week of 4/20.
April 23, 2024 | 9:31 pm
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Weedmaps, listed as MAPS, reported notable changes in pricing trends and a significant increase in deal redemptions during the 4/20 week, indicating strong consumer engagement and preference for recognized brands.
The reported increase in deal redemptions and the shift in consumer preferences towards brand-verified products directly relate to Weedmaps' platform, suggesting a positive impact on its visibility and potentially its revenue. The data indicates a growing consumer base and increased transaction volumes, which could lead to higher usage of Weedmaps' services and an uptick in its stock price in the short term.
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