DENVER, May 20, 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 Memorial
Day weekend will be high grossing for the marijuana retail
industry, with approximately $238,000,000 in adult-use and medical sales over
the four days (Friday 5/28 – Monday 5/31), with consumers and
patients in the under 40 age group driving 61% of sales.
Historical data shows that Friday, the first day of the holiday
weekend, will bring in the highest sales, with a predicted
$85,000,000 this May 28th, up 55% from average Friday
sales.
"Memorial Day weekend has typically been one of the top 10 sales
days each year, making planning inventory and staffing for the
weekend critical for dispensary and retailer success," said
James Ahrendt, Business Intelligence
Architect at Akerna. "We correctly predicted a $370+ million
value for this year's 420, a testament to the power of our
data analytics, which is based on over a decade of legal cannabis
sales and are confident in our values for this upcoming holiday as
well. Through leveraging data-driven insights, cannabis businesses
can make strategic predictions and decisions for their
businesses."
Saturday, May 29th will be another
busy sales day for the holiday, with a predicted $67,000,000 in revenue, and Sunday, May 30th is expected to bring in another
$42,000,000. This is an uptick for
Sunday, which is historically the lowest sales day of an average
week.
Monday, May 31st, Memorial Day, is
predicted to gross $44,000,000, a 9%
drop from average Monday sales. Monday is expected to be the
slowest day of the holiday weekend, likely due to consumers
shopping ahead and enjoying the day off, as well as some store
closures.
Other predictions for the holiday weekend (5/28 -
5/31):
- The average order total will be approximately $7 more than the average order totals for all
other days this year.
- Products per purchase will have a 22% increase, with a
predicted 3.6 products per purchase.
- Category sales:
- Flower – 48%
- Cartridge/Pens – 31%
- Concentrates – 11%
- Infused Edibles – 9%
- Other – 1%
- Demographics:
- 61% male
- 39% female
- Sales by age groups:
- Under 30 – 30%
- 30-40 –31%
- 40-50 – 19%
- 50-60 –12%
- Over 60 – 8%
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