Marijuana Dispensaries Expect Increased 4/20 Foot Traffic Amid Industry Pricing Pressures

Marijuana dispensaries are preparing for increased foot traffic and exploring ways to keep business strong as warm weather, tax refund season and the industry's 4/20 holiday are approaching. Dispensaries in Colorado and Washington, surveyed by ConvergeX analysts Nicholas Colas and Jessica Rabe, say they average 100 to 400 people a day, but believe they could see well north of 500 customers come April 20. Stores have been stocking up in preparation, according to ConvergeX. Last year, marijuana sales on April 20 reached record highs. While dispensaries prepare for an increase in customers, they are also reporting downward pricing pressure as competition intensifies. Stores have had to run multiple discounts and promotions, with some telling ConvergeX in order to compete with mass producers they have to provide better quality. In Colorado and Washington, dispensaries are also running local ads to help attract more customers.