DENVER, Aug. 25, 2021 /PRNewswire/ -- Business
intelligence from Akerna (Nasdaq: KERN), an enterprise software,
leading compliance technology provider, and developer of the
cannabis industry's first seed-to-sale enterprise resource planning
(ERP) software technology (MJ Platform®), predicts that the
upcoming Labor Day weekend, September
3 – September 6, will bring in
over $240,000,000 in legal national
cannabis sales.
Friday, September 3, will be the
largest sales day of the weekend, with a predicted $90,000,000 in sales, up 62% from daily average
sales. This would be the second-highest sales day of 2021, falling
after 4/20, the unofficial cannabis consumption holiday.
"When holidays fall on weekends, the Friday of that weekend sees
the largest spikes in spending, which has held up for Valentine's
Day, Memorial Day, and the Fourth of
July this year," said James
Ahrendt, Business Intelligence Architect at Akerna. "With
increases in spending comes increases in traffic, making it crucial
for dispensaries to plan inventory and staffing ahead of the long
weekend."
Saturday, September 4, is
predicted to bring in another $69,000,000 in sales, while Sunday, September 5, should see approximately
$39,000,000. Monday, September 6, Labor Day, is expected to
bring in another $42,000,000.
Other predictions for the holiday weekend (9/03 - 9/06):
- Average order total
- About $9 more - up $112 from $102.48
(2021 average to date)
- Average basket size
- 3.7 products per purchase
- Category sales:
- Flower – 48%
- Cartridge/Pens – 32%
- Concentrates – 10%
- Infused Edibles – 9%
- Other – 1%
- Demographics:
- 62% male
- 38% female
- Sales by age groups: which was led by the 30-40-year-old age
group
- Under 30 – 28%
- 30-40 –31%
- 40-50 – 20%
- 50-60 –12%
- Over 60 – 9%
About MJ Freeway
MJ Freeway is more than software as a service. Its flagship
solution, MJ Platform, includes Platform Insights. Now operators,
investors, and regulators can access the industry's largest and
most statistically relevant database to drive data-driven business
decisions.
Platform Insights provides:
- The greatest statistical relevance across countries
- Normalized data (not farmed from various disparate POS
platforms)
- Full cannabis supply chain data
- Business insights founded in category management
methodology
Platform Insights can eliminate the guesswork and provide
answers to questions like:
- What is the gross margin return on inventory?
- What SKUs should be carried?
- How do basket adjacencies influence discounting and retention
strategies?
- What does a medical market look like a year or five years after
decriminalizing cannabis?
Click here for more information about MJ Platform.
About Akerna:
Akerna (Nasdaq: KERN) is an enterprise software company focused
on compliantly serving the cannabis, hemp, and CBD industry. First
launched in 2010, Akerna has tracked more than $20 billion in cannabis sales to date and is the
first cannabis software company listed on Nasdaq. The company's
cornerstone technology, MJ Platform, the world's leading
infrastructure as a service platform, powers retailers,
manufacturers, brands, distributors, and cultivators.
For more information, visit https://www.akerna.com/.
About the Akerna Flash Report:
Flash Report is a look at buying trends in the cannabis market
as captured by Akerna's MJ Freeway subsidiary.
MJ Freeway provides operators with MJ Platform, the
industry-leading solution for regulatory compliance technology,
from seed-to-sale-to-self. Some instances of the flash report may
include business intelligence derived from Akerna's family of
companies, including Ample Organics, Leaf Data Systems, solo
sciences, Trellis, and Viridian Sciences.
Data is derived from MJ Platform, the leading provider of
cannabis compliance software for the marijuana industry. Sales
projections are based on market adjustment calculations and
represent the entire US market as an aggregate.
Reporting Data is obtained from operators using Akerna's MJ
Platform solutions. Akerna has one of the largest seed-to-sale
footprints in the cannabis industry, operating in 15 countries and
23 U.S. states, including Pennsylvania, Oklahoma, Puerto
Rico, Arizona, California, Utah, Michigan, Colorado, Montana, Nevada, Maine, Vermont, New
Mexico, Missouri,
Texas, Ohio, Maryland, Washington
D.C., Kansas, Arkansas, New
York.
Increases are relative to the prior period. Additional business
intelligence data sources may include proprietary tools used by
Akerna's family of companies.
Forward-Looking Statements:
Certain statements made in this release are "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
When used in this press release, the words "estimates,"
"projected," "expects," "anticipates," "forecasts," "plans,"
"intends," "believes," "seeks," "may," "will," "should," "future,"
"propose" and variations of these words or similar expressions (or
the negative versions of such terms or expressions) are intended to
identify forward-looking statements. Such forward-looking
statements include but are not limited to statements regarding the
ability of the MJ Platform team to help operators make decisions
through analytics and reporting. These forward-looking statements
are not guarantees of future performance, conditions or results,
and involve a number of significant known and unknown risks,
uncertainties, assumptions, and other important factors, many of
which are outside Akerna's control, that could cause actual results
or outcomes to differ materially from those discussed in the
forward-looking statements. Important factors, among others that
may affect actual results or outcomes, include (i) Akerna's ability
to maintain relationships with customers and suppliers and retain
its management and key employees, (ii) changes in applicable laws
or regulations, (iii) changes in the market place due to the
coronavirus pandemic or other market factors, (iv) and other risks
and uncertainties disclosed from time to time in Akerna's filings
with the U.S. Securities and Exchange Commission, including those
under "Risk Factors" therein. You are cautioned not to place undue
reliance on forward-looking statements. All information herein
speaks only as of the date hereof, in the case of information about
Akerna, or the date of such information, in the case of information
from persons other than Akerna. Akerna undertakes no duty to update
or revise the information contained herein. Forecasts and estimates
regarding Akerna's industry and end markets are based on sources
believed to be reliable; however, there can be no assurance these
forecasts and estimates will prove accurate in whole or in
part.
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SOURCE Akerna