Cannabis Concentrate Sales Rose 50% On 710 Cannabis Oil Day

1.1 min readPublished On: July 20th, 2021By
DENVER–Business intelligence from Akerna (Nasdaq: KERN), an enterprise software, leading compliance technology provider, shows that concentrate sales were up 50% on Saturday, July 10th also known as “710 Day”, as inverting the value 710 spells OIL, another word for cannabis concentrates.

 

The top-selling concentrate categories for this year’s 710 were:

710 Concentrate Sales Ranking by Subcategory

  1. Live Resin
  2. Budder
  3. Oil
  4. Shatter
  5. Rosin

In comparing 710 day to 2021 averages, Akerna data uncovered some interesting shifts in consumer behavior. Where the 30-40 age group have had the largest share of spending this year, the under 30 age group took the lead for 710 day:

710 Day Spending by Age

  1. Under 30 – 37%
  2. 30-40 –34%
  3. 40-50 – 16%
  4. 50-60 –8%
  5. Over 60 – 5%

Another interesting concentrate trend in year-to-date 2021 data shows a shift in female product preferences, with concentrates overtaking edibles in popularity for the first half of the year:

Female Product Spending Market Share (2021 year to date)

  1. Flower – 44%
  2. Cartridges & Pens – 34%
  3. Concentrates – 10.2%
  4. Edibles – 8.9%
  5. Other – 2.9%

“While 420 remains the top-grossing cannabis culture holiday, we’ve seen year-over-year increases in concentrate spending on 710,” said James Ahrendt, Business Intelligence Architect at Akerna. “What really caught my attention in this report was that for the first time, females are spending more on concentrates over edibles in 2021. Edibles have long been perceived as the easiest way to dose your marijuana, but as the stigma around use decreases and availability of cannabis increases, consumers are changing how they consume cannabis.”

About the Author: News Team

Newsteam at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.

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