Thanksgiving Cannabis Sales Top $238 Million, Mark Biggest Sales Day of the Year

Rhea-AI Summary

Akerna (Nasdaq: KERN) reports that cannabis consumers spent approximately $238 million during the 2020 Thanksgiving weekend (11/25 – 11/28). Medical consumers averaged $122.64 per basket, up by 5%, while adult-use consumers spent $78.14, marking a 12% increase. Notably, Green Wednesday emerged as the biggest sales day of 2020, with 80% sales growth, surpassing Black Friday's 75% increase. The sales data reveals strong trends among demographics, with notable purchases across various product categories, indicating a robust cannabis market amid the ongoing pandemic.

Positive

• Cannabis consumers spent approximately $238 million during Thanksgiving weekend, indicating strong demand.
• Green Wednesday marked the biggest sales day of 2020 with an 80% increase.
• Medical consumer basket size increased by 5% to $122.64, while adult-use consumer spending rose 12% to $78.14.
• Sales data showcases significant growth in the cannabis market, despite the pandemic.

Negative

• None.

DENVER, Dec. 2, 2020 /PRNewswire/ -- 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®), finds that cannabis consumers spent approximately $238 million during the 2020 Thanksgiving weekend (11/25 – 11/28).

The average basket size for medical consumers was $122.64, representing a 5% increase over the daily average. Adult-use consumers spent, on average, $78.14, which is an increase of approximately 12%.

Green Wednesday, the Wednesday preceding Thanksgiving, was the single biggest sales day of 2020 with an 80% increase in daily sales. This also marks the first time in four years that Green Wednesday has beat out Black Friday, which also saw a 75% increase in sales.

"Once again, Thanksgiving ranks in the top 5 cannabis sales days of the year," said James Ahrendt, Business Intelligence Architect, Akerna. "As we have noted throughout the year, daily sales averages have increased over the last year as a result of COVID. Since average days show such notable year-over-year growth, the percentage of growth during the holidays doesn't seem as large. However, this is because more people, in general, are purchasing cannabis."

Additional Insights

Sales by Product Category

• Flower – 46.8%
• Cartridge/Pens – 30.2%
• Concentrates – 13.9%
• Infused Edibles – 7.4%
• Other – 1.7%

Sales by Age Group

• Under 30 – 29.2%
• 30-40 –30.6%
• 50 – 19.3%
• 50-60 –11.9%
• Over 60 – 9%

Sales by Gender

• Female – 36.7%
• Male – 63.3%

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 were the cannabis sales figures during the 2020 Thanksgiving weekend for KERN?

Cannabis consumers spent approximately $238 million from November 25 to November 28, 2020.

Which day had the highest cannabis sales in 2020 according to KERN?

Green Wednesday was the highest sales day of 2020, with an 80% increase in sales.

How much did medical consumers spend on average during Thanksgiving weekend for KERN?

Medical consumers averaged $122.64 per basket, a 5% increase over the daily average.

What was the increase in average spending for adult-use consumers during the Thanksgiving weekend for KERN?

Adult-use consumers spent an average of $78.14, reflecting a 12% increase.

How does Akerna's data reflect consumer trends in the cannabis market?

Akerna's data indicates robust spending growth, with significant increases across various demographics and product categories.