Akerna Flash Report: Fourth of July Weekend Cannabis Sales Total $255.5 Million
At $106.7 million in sales, Friday, July 1st, became the second-highest cannabis sales day this year
DENVER, July 06, 2022 (GLOBE NEWSWIRE) -- Business intelligence from Akerna (Nasdaq: KERN), a leading enterprise software company and the developer of one of the most comprehensive technology infrastructures, ecosystems, and compliance engines powering the global cannabis industry, today announced that US cannabis shoppers spent a total of $255.5 million on adult-use and medical cannabis products during the Fourth of July weekend.
US National Retail Cannabis Sales (Millions):
|Friday (7/1/22)||$106.7 M|
|Saturday (7/2/22)||$68.1 M|
|Sunday (7/3/22)||$45.2 M|
|Monday (7/4/22)||$35.5 M|
The Friday ahead of the holiday brought in $106.7 million in sales, becoming the second-highest grossing sales day for the industry in 2022. The Friday ahead of last year’s Fourth of July weekend brought in a total of $89,600,000 in sales, signifying a 19.1% year-over-year increase in sales this year.
"Holiday after holiday, our data indicates Americans are choosing to celebrate with cannabis. As more markets legalize cannabis and more people gain access to the plant, we expect these year-over-year increases to continue," said James Ahrendt, Business Intelligence Architect at Akerna.
Monday, July 4th, likely saw lower sales due to store closures for the holiday.
About the Akerna Flash Report:
Flash Report looks at buying trends in the cannabis market as captured by Akerna's flagship solution, MJ Platform. MJ Platform includes MJ Analytics, allowing operators, investors, and regulators to access the industry's largest and most statistically relevant database to drive data-driven business decisions.
MJ Analytics provides:
- The most significant statistical relevance across countries
- Normalized data (not farmed from various disparate POS platforms)
- Complete cannabis supply chain data
- Business insights founded in category management methodology
MJ Analytics 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 and MJ Analytics.
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. Sales projections are based on market adjustment calculations and aggregate the entire US market.
Akerna has one of the largest seed-to-sale footprints in the cannabis industry, operating in 15 countries and 23 US states, including Pennsylvania, Oklahoma, Puerto Rico, Arizona, California, Utah, Michigan, Colorado, Montana, Nevada, Maine, Vermont, New Mexico, Missouri, Texas, Ohio, Maryland, Washington DC, 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.
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 $30 billion in cannabis sales to date and is the first cannabis software company listed on Nasdaq. Using connected data and information to propel the cannabis industry forward, Akerna empowers businesses, governments, patients, and consumers to make smart decisions.
The Company's cornerstone technology, MJ Platform, one of the world's leading cannabis infrastructure as a service platform, powers retailers, manufacturers, brands, distributors, and cultivators. Akerna also offers a complete suite of professional consulting services and data analytics for businesses as well as solo sciences, Leaf Data Systems, Trellis, Ample Organics, Viridian Sciences and 365 Cannabis.
For more information, visit https://www.akerna.com/.
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 July 6, 2022