4/20 is a common code for marijuana. April 20th is celebrated as the cannabis holiday. However, the marijuana industry, which was once booming, had come to an economic crash with the COVID-19 crisis. The day might have been a great way to kickstart another amazing Marijuana week but the reduced spending and the enforced quarantine are affecting the industry.
Generally, there would be vast smoking outdoors and partying to mark the legalization of cannabis in certain states. However, this year, it might have to be replaced by virtual video chats. It is said that this day marks as a celebration after a Northern California group of high school students used 4/20 as a code for marijuana smoking back in the 1970s.
In normal years, April 20th marks a day when their sales surge high. However, this time, the sales are low. According to the IMF, the coronavirus might lead the world into a state of recession that mimics the 1930s Great Depression.
Jordan Lams, the CEO of Pure CA which specializes in producing marijuana extracts, mentions that “there’s a somber feeling to this one.”
The uncertainty of the future is hitting all market sectors. Even retail sales dropped in the USA by 9%.