Cannabis companies look to ‘4/20’ to light up sales

From cannabis-infused flowers to edible weed gummies, marijuana companies are pulling out all the stops as they eye bumper sales on April 20 – a day referred to as “4/20” in weed culture.

Industry insiders expect highest single-day sales ever for the cannabis sector on Thursday even as the industry faces increased scrutiny from lawmakers in the United States.

4/20, derived from a trope for smoking marijuana, typically sees cannabis companies such as High Tide, Canopy Growth (WEED.TO), and Trulieve Cannabis Corp (TRUL.CD) amp up promotions, throwing in exclusive deals and discounts to lure customers.

Wholesale cannabis platform Leaflink expects sales of infused flowers and pre-rolled joints to jump 500%-1,000% compared to 2022.

“4/20 continues to gain recognition with state-by-state legalization,” said Curaleaf (CURA.CD) CEO Matt Darin.

Recreational use of marijuana is legal in only 21 U.S. states along with Washington, D.C. and Guam. Four of those states approved legalization only last year.

This report’s information was first seen on REUTERS; to read more, click this link.