Cannabis Sales Expected to Reach Approximately $270M Over Thanksgiving Weekend

Rhea-AI Summary

Akerna (Nasdaq: KERN) anticipates a 78% increase in average daily cannabis sales over Thanksgiving weekend, predicting total sales around $270 million from November 25 to 28, 2020. The average order is projected to be $82.30 for adult-use and $128.46 for medical customers, up by $13 compared to regular days. Sales are expected to be dominated by flower (42%) and cartridges (37%). Gender demographics show male consumers at 64%. This report reflects Akerna's continued growth and the rising demand in the cannabis market.

Positive

• Projected Thanksgiving weekend sales of $270 million indicate strong market performance.
• Average order values are increasing, suggesting higher consumer spending.

Negative

• None.

DENVER, Nov. 19, 2020 /PRNewswire/ -- New 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®), anticipates a 78% increase over average daily sales for 2020 during the Thanksgiving weekend (11/25 – 11/28), totaling approximately $270 million.

"On average, Thanksgiving tends to be one of the Top 5 sales holidays of the year, and we expect that trend to continue this year," said James Ahrendt, Business Intelligence Architect, Akerna. "In the past, we've seen huge spikes in sales on Wednesday and Friday since most dispensaries are closed on Thursdays."

Akerna anticipates that the average order total will be around $82.30 for adult-use customers and $128.46 for medical consumers, representing an increase of approximately $13 compared to the average order total on any other given day of the year.

Additional Thanksgiving Holiday Predictions:

Sales by product type:

• Flower – 42%
• Cartridge/Pens – 37%
• Concentrates – 11%
• Infused Edibles – 8%
• Other – 2%

Sales by Gender

• Male – 64%
• Female – 36%

Sales by age group:

• Under 30 – 28%
• 30-40 –30%
• 40-50 – 19%
• 50-60 –12%
• Over 60 – 11%

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, and Trellis.

**Data is derived from MJ Platform, the leading provider of cannabis compliance software for the marijuana industry. Reporting Data is obtained from operators using Akerna's MJ Platform solutions. 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 words 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 are Akerna's sales predictions for Thanksgiving weekend 2020?

Akerna predicts approximately $270 million in cannabis sales over Thanksgiving weekend, a 78% increase in average daily sales.

What is the expected average order value for cannabis customers during Thanksgiving 2020?

The average order value is projected to be $82.30 for adult-use customers and $128.46 for medical consumers.

What product type is expected to have the highest sales during Thanksgiving weekend?

Flower is expected to constitute 42% of the sales during Thanksgiving weekend.

What percentage of cannabis sales during Thanksgiving weekend is anticipated from male customers?

Sales are expected to be 64% from male customers during Thanksgiving weekend.

How does Akerna's sales data for Thanksgiving compare to regular days?

The average order total during Thanksgiving is predicted to increase by approximately $13 compared to regular days.