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

DENVER – Business intelligence from Akerna (Nasdaq: KERN), an 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

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.

(This information is primarily sourced from Akerna.  Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).