Cannabis Sales Predicted to Reach $370M For 4/20

3.5 min readPublished On: April 16th, 2021By
DENVER– Business intelligence from Akerna (Nasdaq: KERN), an enterprise software, compliance technology provider, predicts that Tuesday, April 20th, a widely-popular yet unofficial “holiday” celebrating cannabis consumption, will gross $95,000,000 in legal cannabis retail sales nationally, with the following predictions for the day:
  • Top product: Flower will be the most purchased product on 4/20, claiming 49% of all legal sales, up 4% from the 2021 daily average.
  • Order total: The average order total will be up about $10, with the average spend per customer coming in at $105.00, compared to the 2021 average of $93.48.
  • Basket size: Customers will buy an average of 3.69 products, up 30% from the 2021 average basket size, 2.83 products.

“Elevated sales mean traffic will be at a high, making it critical for retailers to prepare their inventory, staff, and space for these upticks,” said James Ahrendt, Business Intelligence Architect at Akerna. “To help with preparations, we have created a guide for dispensaries on 4/20, complete with recommendations on how to create the most seamless and enjoyable customer experience.”

With 4/20 landing on a Tuesday this year, Akerna predictive data is showing that consumers planning to celebrate will shop ahead of the date, with the weekend ahead of 4/20 being the most significant weekend sales of the year and the 5-day period (4/16-4/20) sales totals exceeding $370,000,000 nationally, with the following predicted breakdown per day:

  • Friday, 4/16: There will be a 50% growth in daily average sales, the second largest sales day for the period with a predicted total industry sales figure of $85,000,000. Fridays are typically the highest traffic days for cannabis retailers.
  • Saturday, 4/17: This will be another busy sales day in preparation for the holiday, with predicted sales reaching $78,000,000.
  • Sunday, 4/18: Anticipated to be the slowest day, but still elevated for Sundays, with a predicted spend of $50,000,000. Historically, Sundays are the lowest cannabis sales days.
  • Monday, 4/19: Sales will pick back up from the slower Sunday, totaling $65,000,000.

Other predictions for the “holiday” period (4/16 – 4/20):

  • Category sales:
    • Flower – 49%
    • Cartridge/Pens – 31%
    • Concentrates – 11%
    • Infused Edibles – 8%
    • Other – 1%
  • Sales percentage by Demographics:
    • Gender
      • 62% male
      • 38% female sales
    • Age
      • Under 30 – 29%
      • 30-40 –31%
      • 40-50 – 20%
      • 50-60 –12%
      • Over 60 – 8%

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.

Image: Unsplash

 

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

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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