Akerna Flash Report: Consumers spend more per person on cannabis than Halloween costumes and candy

Rhea-AI Summary

Akerna's Flash Report reveals adult-use cannabis consumers spent an average of $77.17 on cannabis products during Halloween weekend, significantly outpacing the $63.99 spent on candy and costumes. Total sales for the weekend reached $182.7 million, showing an 8.2% year-over-year growth. Friday, October 29, recorded the highest sales of $81.5 million, marking it as the ninth-largest sales day in 2021. Notably, 48% of sales were from flower products, with a demographic breakdown showing a majority of male consumers.

Positive

• Total Halloween weekend sales reached $182.7 million, an 8.2% increase year-over-year.
• Average spending per person on cannabis exceeded that of candy and costumes, indicating strong consumer interest.
• Friday, October 29, recorded $81.5 million in sales, ranking among the top sales days for 2021.

Negative

• None.

DENVER, Nov. 4, 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 gateway powering the global cannabis industry, shows that over Halloween weekend adult-use cannabis consumers spent an average of $77.17 per person on cannabis products. According to the National Retail Federation (NRF), the average American spent about $30.40 on Halloween candy and $33.59 on costumes this year, totaling $63.99.

Halloween weekend (10/29-10/31) brought in a total of $182.7 million in total adult-use and medical sales, an 8.2% growth for the holiday weekend year over year.

Friday, October 29th, was the largest day in sales volume with a total of $81.5 million in consumer spending, becoming the ninth largest sales day for the industry so far in 2021.

"Once again, our data shows that when holidays fall on a weekend, dispensaries and retailers will receive the highest numbers of sales and traffic the Friday of that weekend," said James Ahrendt, Business Intelligence Architect at Akerna. "From the year over year increases in spending to the costume and candy comparison, it's clear that Americans are choosing to celebrate holidays with cannabis." 

Saturday, October 30th brought in $62.2 million in sales, and Sunday, October 31st brought in $39 million.

Other values for the holiday weekend (10/29 – 10/31):

1. Category sales:

a. Flower – 48%
b. Cartridge/Pens – 32.5%
c. Concentrates – 10%
d. Infused Edibles – 8%
e. Other – 1.5%

2. Demographics:

a. 62% male
b. 38% female

3. Sales by age group:

f. Under 30 – 28%
g. 30-40 –31%
h. 40-50 – 20%
i. 50-60 –12%
j. Over 60 – 9%

4. Average order total

k. Medical – $118.16
l. Recreational – $77.17

5. Average basket size

m. Medical – 2.95 products
n. Adult-use – 3.05 products

 About MJ Freeway

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• The greatest statistical relevance across countries
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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, 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.

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

FAQ

What were the cannabis sales during Halloween weekend for KERN?

Akerna reported total cannabis sales of $182.7 million during Halloween weekend, with an 8.2% increase from the previous year.

How much did consumers spend on cannabis per person during Halloween for KERN?

Consumers spent an average of $77.17 per person on cannabis products during Halloween weekend.

What trends were observed in cannabis purchasing for KERN?

The Flash Report indicated that more consumers spent on cannabis than on Halloween costumes and candy, with significant sales occurring on Friday, October 29.

What was the demographic breakdown of cannabis consumers during Halloween for KERN?

The demographic breakdown showed 62% male and 38% female consumers, with varying spending by age groups.