Akerna predicts Labor Day weekend expected to bring in over $240 million in national retail cannabis sales
DENVER— Business intelligence from Akerna (Nasdaq: KERN), an enterprise software, compliance technology provider, and developer of the cannabis industry’s first seed-to-sale enterprise resource planning (ERP) software technology (MJ Platform®), predicts that the upcoming Labor Day weekend, September 3 – September 6, will bring in over $240,000,000 in legal national cannabis sales.
Friday, September 3, will be the largest sales day of the weekend, with a predicted $90,000,000 in sales, up 62% from daily average sales. This would be the second-highest sales day of 2021, falling after 4/20, the unofficial cannabis consumption holiday.
“When holidays fall on weekends, the Friday of that weekend sees the largest spikes in spending, which has held up for Valentine’s Day, Memorial Day, and the Fourth of July this year,” said James Ahrendt, Business Intelligence Architect at Akerna. “With increases in spending comes increases in traffic, making it crucial for dispensaries to plan inventory and staffing ahead of the long weekend.”
Saturday, September 4, is predicted to bring in another $69,000,000 in sales, while Sunday, September 5, should see approximately $39,000,000. Monday, September 6, Labor Day, is expected to bring in another $42,000,000.
Other predictions for the holiday weekend (9/03 – 9/06):
- Average order total
- About $9 more – up $112 from $102.48 (2021 average to date)
- Average basket size
- 3.7 products per purchase
- Category sales:
- Flower – 48%
- Cartridge/Pens – 32%
- Concentrates – 10%
- Infused Edibles – 9%
- Other – 1%
- 62% male
- 38% female
- Sales by age groups: which was led by the 30-40-year-old age group
- Under 30 – 28%
- 30-40 –31%
- 40-50 – 20%
- 50-60 –12%
- Over 60 – 9%
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).
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