Marijuana business owners across the country are gearing up for the industry’s biggest sales event of the year: 4/20.
Dispensaries can generate three to four times their daily revenue totals on April 20 – the cannabis equivalent of Black Friday for traditional retailers – and the days leading up to it, while marijuana stores in the new recreational market of Colorado stand to see a similar surge in sales.
Cannabis businesses are employing differing strategies to capitalize on the sales rush, from launching 4/20-specific marketing campaigns and offering special promotions to hiring extra workers and stockpiling edibles. Some focus on attracting new long-term customers, while other look to sell off distressed inventory at discounted prices and try out new or exotic products that carry a higher sticker price.
Regardless of the goal, preparing well in advance is key to making the most of the cannabis holiday and avoiding the operational pitfalls that can ensnare a business when demand ramps up suddenly.
“I’ve doubled our inventory” in anticipation of April 20, said Nate Johnson, owner of the Queen Anne Cannabis Club in Seattle. “We’re going way over what we’ve ever had.”
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