Akerna Flash Report: US shoppers expected to spend $373 million on cannabis in preparation for Christmas and New Year's celebrations
Christmas and New Year's Eve are projected to be in the top five sales days of the year, falling just behind 4/20, the unofficial cannabis consumption holiday
DENVER, Dec. 22, 2021 /PRNewswire/ -- Business intelligence from Akerna (Nasdaq: KERN), a leading enterprise software company and the developer of the most comprehensive technology infrastructure, ecosystem, and compliance engine powering the global cannabis industry, predicts that shoppers will spend $373 million on cannabis products as they prepare for the Christmas and New Year's holidays.
For pre-Christmas shopping, consumers are predicted to spend approximately $87 million on Thursday, December 23rd, and another $97 million on Christmas Eve, Friday, December 24th, totaling about $184 million for Christmas preparations. Christmas Eve is predicted to be one of the top five sales days of the year.
For pre-New Year's shopping, Thursday, December 30th, is projected to gross $89 million. New Year's Eve, Friday, December 31st, is predicted to bring in $100 million in cannabis sales, becoming the second-largest cannabis sales day of 2021 and bringing the total sales for the two days to $189 million. The largest day for cannabis sales in 2021 was 4/20, the unofficial cannabis consumption holiday.
"The days leading up to Christmas and New Year's have historically been two of the top five cannabis sales days, and I expect to see this trend continue," said James Ahrendt, Business Intelligence Architect at Akerna. "As holiday gift shopping continues to face supply chain and shipping issues, shopping at your local cannabis retailer is a terrific way to avoid slowdowns while supporting a local business."
With both official holidays falling on Saturday, stores will likely be closed those days.
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
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Platform Insights can eliminate the guesswork and provide answers to questions like:
- What is the gross margin return on inventory?
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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, Viridian Sciences, and 365 Cannabis.
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.
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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Released December 22, 2021