Akerna Flash Report: The Cannabis Industry is Thriving During The Pandemic
Cannabis Sales see a Surge, Increasing 19.2%
DENVER, March 20, 2020 (GLOBE NEWSWIRE) -- Business intelligence from Akerna (Nasdaq: KERN), a leading compliance technology provider and developer of the cannabis industry’s first seed-to-sale enterprise resource planning (ERP) software technology (MJ Platform®) shows cannabis sales are thriving during the COVID-19 pandemic.
*The numbers March 11 - March 18:
- Medical cannabis sales: Up 20.8%
- Recreational cannabis sales: Up 11.6%
- Flower sales: Up 22.6%
- Vape sales: Up 9.7%
- Edible sales: Up 12.4%
“Cannabis operators are running an essential business,” said Ostap Rapeyko, business intelligence analyst, Akerna. “On March 11, when major news of the potential impact of COVID-19 indicated changes in lifestyle, buying patterns were at normal rates. However, a week later, on March 18, sales increased by 19.2% overall.”
With demand at an all-time high, the MJ Platform team is available to help operators make smarter business decisions through analytics and reporting. MJ Platform can help with:
- Inventory Management: Know what you have on hand, know what you can promote, and know where things are limited.
- Run Rates: Know what your sales velocity is and get a handle on daily run rates, trends, and spikes.
- Ordering: Know what to order, not just based on demand, but on historical sales and what’s hot during this time of high demand.
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.
Akerna is a global regulatory compliance technology company. Akerna’s service offerings include MJ Platform®, Leaf Data Systems®, and solo sciences tech platform. Since its establishment in 2010, Akerna has tracked more than $18 billion in cannabis sales. Akerna is based in Denver. For more information, please visit www.akerna.com and follow us on Twitter @AkernaCorp.
*Data is derived from MJ Platform, the leading provider of cannabis compliance software for the marijuana industry. Reporting data is derived from operators using Akerna’s MJ Platform solutions. Increases are relative to the prior period.
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 words or expressions) are intended to identify forward-looking statements. Such forward-looking statements include but are not limited to statements regarding sustained increases in demand for cannabis and 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.
Akerna Media Relations
D. Nikki Wheeler
Akerna Investor Relations
Released March 20, 2020