How Retail Has Embraced 420

As 4/20 comes around again it feels a little different this year. The annual day for sparking up turns 50 and retailers can’t turn their noses away from the sent, the sent of money that is. In 2020 marijuana has almost tripled in its overall consumption. Some online surveys show that 1 in every 20 Americans smoke weed on a regular basis. Right now 15 states sell recreational weed and soon New York, New Mexico, and Minnesota will be finalizing laws that will dramatically change the retail landscape.

New York alone is expected to grow into a $10 billion dollar industry. Medical marijuana is sold now in 48 out of 50 states grossing almost 19 billion in a pandemic! With the numbers being that staggering and legalization being all but a waiting game of state politics, what retailer can say no to the opportunity now dropped at their doorsteps.

When we talk retail we tend to automatically turn our attention to dispensaries, but what about all the other markets. The opportunities are endless. Let’s take a look at some now.

TRADITONAL

  1. HEMP- One of the fastest growing plants on the planet, hemp has been used for textiles, building, food, paper, and jewelry. It is sustainable and on the rise. Those that have been in this industry for years only continue to see green in their future.
  2. Health and Wellness- Such as CBD for humans and pets, CBD is also been used as a cafe trend. We have also seen a rise in Nutritionist focused on weed based diets.
  3. Consultant-Weed has taken off to say the very least over the last decade. For the average American it can be hard to keep up. Let’s say you want to start a business , or maybe invest, where would you begin. Just like starting your own small business you might want to seek advice in a consultant. Don’t believe me. Check out a guy by the name of Andrew Deangelo

NON TRADITONAL

  1. Cannabis Tourism-If you think trip advisor is going to miss out on this your nuts. Here is some idea’s brought to you by Seeker
  2. Cannabis Florist- Late last year I came across this story written by Thrillist about a business named Lovepot. This is not your traditional business or your traditional florist. These arrangement start at $100 and can go as high as you want (the pun was defiantly intended).

RETAILERS WITH 420 SALES IN 2021

  1. Fatburger- THE OG fatburger is on sale for $4.20 with free online order delivery
  2. Buffalo wild wings- Buy one get one special on traditional wings
  3. Shake Shack- $4 off a purchase of $20
  4. Krispy Kreme (all year) will give you a free dounut when you so your covid-19 vaccine card
  5. #420 on instagram for endless deals on clothes, CBD products, Hemp oils, and more.
  6. Companies like Reebok, Pac-sun, Hot topic and more have sold or are currently selling weed fashion lines.

Reach out to us on twitter @relativebiz and let us know how high you think this industry can go!