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April 20th, a day marked by a variety of celebrations ranging from Look Alike Day to Husband Appreciation Day, is predominantly associated with one thing by a considerable segment of the populace – cannabis.
On 4/20, individuals around the world come together to partake in the consumption of weed or marijuana edibles, reflecting on the ongoing effort to legalize the plant.
In the United States, recreational marijuana is legal in 24 states, with more states legalizing it for medical purposes. However, cannabis remains illegal at the federal level, although there are current initiatives from the Biden Administration and Congress to address this issue.
While many are celebrating their affection for cannabis this 4/20, the cannabis industry has additional reasons to rejoice, beyond an upsurge in sales. The DEA and Justice Department are currently evaluating a proposal from HHS to reclassify marijuana from a Schedule I controlled substance to Schedule III. This would mark a pivotal step towards federal legalization.
In a complementary move, the potential passage of marijuana banking legislation, the SAFER Act, could offer further support to marijuana businesses if approved by both chambers of Congress.
Although the largest 4/20 celebration is held in Denver according to the Mile High 420 Festival organizers, some mainstream companies are also taking note of the day. Let’s take a look at how a few of them are joining in the festivities.
KFC, the popular fried chicken chain under Yum! Brands (NYSE:YUM), recently teased their new line of Saucy Nuggets in an advertisement, with a tongue-in-cheek reference to 4/20 that alludes to the euphoria often associated with marijuana consumption.
Ben and Jerry’s, the well-known ice cream brand owned by Unilever (NYSE:UL), made a public statement advocating for cannabis decriminalization and endorsed calls for state governors to grant clemency to individuals convicted of minor drug offenses. Their focus this 4/20 revolves around the theme: “Legalization without justice is half baked.”
Rockstar Games, a subsidiary of Take-Two Interactive Software (NASDAQ:TTWO), is offering 420-themed in-game bonuses to players of their popular Grand Theft Auto video game until April 24 as part of their 4/20 celebrations.
Popeye’s Louisiana Kitchen, a subsidiary of Restaurant Brands International (QSR), has priced their famous fried chicken sandwich at $4.20 for today, exclusively through their app.
Wingstop (WING) is enticing customers with their Wingstop Hot Box, featuring the tantalizing new T.H.C. (The Hot Chili) Rub, from April 18-21. The company clarified that while the wings are inspired by cannabis culture, they do not contain any actual cannabis or THC.
For those looking for a beverage to pair with their cannabis experience, SweetWater Brewing Company’s 420 Extra Pale Ale is a fitting choice. Although the beer does not contain cannabis, the company emphasizes its creation on April 20. Notably, SweetWater is owned by Tilray Brands (NASDAQ:TLRY), a prominent player in the cannabis cultivation and distribution sector.
Some of the key players in the cannabis industry include multi-state operators like Ascend Wellness (OTCQX:AAWH), Curaleaf Holdings (OTCPK:CURLF), Cresco Labs (OTCQX:CRLBF), Green Thumb Industries (OTCQX:GTBIF), Trulieve Cannabis (OTCQX:TCNNF), Ayr Wellness (OTCQX:ATRWF), Verano Holdings (OTCQX:VRNOF), and Jushi Holdings (OTCQX:JUSHF).
Cannabis enthusiasts can also explore various Cannabis ETFs such as the AdvisorShares Pure Cannabis ETF (YOLO), ETFMG Alternative Harvest ETF (MJ), and Amplify Seymour Cannabis ETF (CNBS) to diversify their investments in the flourishing sector.
