While some billed 4/20/2020 as possibly stoking a month-long weed party, COVID-19 crushed 2020 celebration plans and hurt sales in the process.
That’s according to Cova, a Colorado cannabis software company whose retail platform is used in over 20,000 pot shops in the U.S. and Canada.
In a statement released Wednesday, the company said average store sales across North America on 4/20 were US$8,000 — down 50 per cent compared to April 20, 2019 revenues.
Average store traffic dropped 50 per cent in both countries, pushing average gross profit down 54 per cent to US$3,200.
But like toilet paper, shoppers were stocking up on cannabis with the average basket size up 17 per cent to US$61.
In Canada, the average spend was $54 in Canadian dollars, versus US$70 spent on average in America. Store sales in the Great White North on average were US$3,700 lower than in the U.S., while the average gross profit came in at 31 per cent versus 41 per cent stateside.
The overall 50 per cent drop in 4/20 revenue lines up with data firm Headset’s April 20 prediction that stores would not see the remarkable sales spikes that are typical on weed’s biggest day.
“Rather, we predicted that sales throughout the week leading up to 4/20 would see increases as consumers planned ahead to avoid lines and honor social distancing guidance,” Headset said.
While the company hasn’t posted any new 4/20 sales data yet, they said Washington state saw a 32 per cent jump in revenue this year for the six days leading up April 20 compared to the same period in 2019.
Despite restrictions and challenges, Cova also noted that average daily sales in April were up year-over-year, probably due to stockpiling that “likely contributed to lower-than-expected sales on the big day.”
Top photo by Hector Vasquez