Pass the Pre-Rolls, Please: Thanksgiving Holiday Cannabis Sales See Double-Digit Year-Over-Year Growth

Rhea-AI Summary

Akerna (Nasdaq: KERN) reported a remarkable 12.7% year-over-year growth in cannabis sales during the Thanksgiving weekend, totaling over $289 million. Key sales days include Green Wednesday, achieving $116.4 million in sales, and Black Friday, nearing $115 million. Green Wednesday sales climbed 16% year-over-year, while Black Friday sales increased by 14%. The sales growth reflects the cannabis industry's integration into holiday shopping traditions and emphasizes the importance of brand differentiation.

Positive

• Green Wednesday sales reached $116.4 million, a 16% YoY increase.
• Black Friday sales totaled nearly $115 million, a 14% YoY increase.
• Total sales during the Thanksgiving weekend surpassed $289 million, up 12.7% YoY.
• Cannabis sales were highlighted as an integral part of the Thanksgiving shopping tradition.

Negative

• None.

Cannabis sales for the Thanksgiving holiday were up 12% YoY, Green Wednesday on track to become the second highest cannabis sales day of 2022 with a staggering $116.4M in single day sales, showing 16% increase YOY

DENVER, Nov. 29, 2022 (GLOBE NEWSWIRE) -- 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, delivered data showing that Green Wednesday and Black Friday are on track yet again to become the second- and third-highest grossing sale days for regulated cannabis in the U.S. for 2022. These holiday sales days are only trumped by the record-setting sales that took place on 420, the day marking the societal celebration of cannabis. From November 23 through November 26, the Thanksgiving holiday weekend delivered over $289 million in sales, collectively up 12.7% year over year.

The cannabis industry saw double-digit growth for two of the top sales days year-to-date: Green Wednesday and Black Friday. Green Wednesday, the day before Thanksgiving, was the most fruitful sales day for cannabis, raking in over $116 million in sales, showing a 16% increase year-over-year. Naturally, as many retailers were closed on Thanksgiving Day, Thursday’s sales were low, but picked back up for Black Friday closing in on over $115 million in sales, a 14% increase year-over-year.

“Cannabis has become an integral element of the Thanksgiving holiday shopping tradition,” says Jessica Billingsley, Akerna CEO. “Visibility and participation in the holiday shopping season is a perfect opportunity for operators and brands looking to cement their place in the hearts and minds of their customers. For operators and brands to effectively participate and increase their visibility, it is critical to focus on differentiation and producing efficiently at scale.”

Additional sales data over the holiday weekend (November 23 – November 26, 2022):

• Category sales
  
  
  • Flower: 48.7%
  • Cartridge/Pens: 32.3%
  • Concentrates: 11.6%
  • Infused Edibles: 5.8%
  • Other: 1.6%
• Purchaser demographics - gender
  
  
  • 60.4% men
  • 39.6% women
• Purchaser demographics - age
  
  
  • Under 30 years old: 26.6%
  • 30-40 years old: 31%
  • 40-50 years old: 21.3%
  • 50-60 years old: 11.8%
  • Over 60 years old: 9.3%
• Average order total (average dollar spend per purchase)
  
  
  • Medical: $111.77
  • Recreational: $68.60
• Average basket size (average number of items purchased per order)
  
  
  • Medical: 3.55 items
  • Recreational: 3.53 items
    

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 $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, the world's leading 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/.

Forward-Looking Statements
Certain statements made in this release and any accompanying statements by management 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 participation in the conference, Akerna's future business plans, Akerna's potential business strengths in the market and any other statements expressing the views of Akerna's management on future business results or strategy. 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 (including, without limitation, the results of Akerna's contracts, strategic initiatives, and business plans as described herein) 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 recognize the anticipated benefits of being a public company, (ii) competition, (iii) Akerna's ability to grow and manage growth profitably, (iv) Akerna's ability to maintain relationships with customers and suppliers and retain its management and key employees, (v) costs related to being a public company, (vi) changes in applicable laws or regulations, (vii) Akerna's ability to identify, complete and integrate acquisitions, including Viridian, and achieve expected synergies and operating efficiencies in connection with acquired businesses, (viii) and other risks and uncertainties disclosed from time to time in Akerna's filings with the US Securities and Exchange Commission, including those under "Risk Factors" therein. Actual results, performance, or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those vary from forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial and other information, are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond Akerna's control. 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.

Media Contact
Meghan Shine
pr@akerna.com

FAQ

What were the cannabis sales figures for Green Wednesday 2022?

Green Wednesday generated over $116.4 million in sales, marking a 16% increase year-over-year.

How did Black Friday 2022 perform in terms of cannabis sales?

Black Friday sales approached $115 million, reflecting a 14% increase year-over-year.

What was the total cannabis sales for the Thanksgiving holiday weekend 2022?

The Thanksgiving holiday weekend saw over $289 million in cannabis sales, up 12.7% from the previous year.

How significant is cannabis sales growth during holidays according to Akerna?

Akerna reports that Green Wednesday and Black Friday are among the highest grossing sales days for cannabis, indicating strong growth during the holiday period.