Akerna: 2019 Independence Week U.S. Cannabis Sales to Approach $500 Million
June 27 2019 - 8:30AM
Akerna Corp. (NASDAQ: KERN) (“Akerna” or the “Company”), a
regulatory compliance technology company in the state-legal
cannabis space, announced today it expects Americans will spend
more on cannabis this Fourth of July than chicken for their BBQs.
According to Akerna, Fourth of July-week (June 28 – July 4)
cannabis sales are expected to increase by 80% compared with an
average week, ringing in approximately $450 million in total sales
nationally. At the current growth rate, Americans are poised by
2020 to spend more money on cannabis than wine on the Fourth of
July.
Akerna expects 2019 Independence week holiday sales will start
to increase on Friday, June 28, realizing double the sales of an
average Friday. Increased sales should continue throughout the week
with Independence Day itself closing as the busiest Wednesday of
2019.
Akerna’s retail sales data figures are compiled through a
statistically relevant analysis of the cannabis retail market
analyzing data tracked in MJ Platform® across 20 states, Puerto
Rico and Washington D.C.
July 4th by the numbers:
- The order total on average will be $3.43 more than the average
daily order total of $97.57.
- Average basket count for 2019 is 2.64. 4th of July week will
ring in an average basket count of 3.12.
- Cartridge/Pens are expected to take a category share increase
of 5%, as the second most popular category purchased June 28-July
4.
- In states where flower is legal, flower will be the largest
sales category with 40% of all sales for retailers.
“Utilizing the largest data set in the cannabis industry, we are
able to provide unique insight into market peaks and trends to
anticipate and prepare for their busiest days,” said Jessica
Billingsley, Akerna’s CEO. “Cannabis sales rival the sales of
traditional holiday staples. It’s time to stop looking at this
industry as niche or marginal. The growth of consumer adoption is
explosive as legalization of cannabis expands and Americans across
all demographic segments are incorporating cannabis into their
everyday lives.”
About Akerna Corp.Akerna is a regulatory
compliance technology company in the cannabis space. The
cornerstones of Akerna’s service offerings are MJ Platform® and
Leaf Data Systems®, which are highly-versatile platforms that
provide clients and government entities with a central data
management system for tracking regulated cannabis products—from
seed to product to shelf to customer—through the complete supply
chain. Since establishment in 2010, the Company has tracked more
than $15 billion in cannabis sales. As part of its business
strategy, Akerna intends to grow through targeted, strategic
acquisitions that are complementary to its current business and
organically by accelerating its product development efforts. Akerna
is based in Denver.
Akerna Media Contact Jon Goldberg / McKenna
Miller KCSA Strategic Communications (212) 896-1282
/ (347) 487-6197jgoldberg@kcsa.com /
mmiller@kcsa.comInvestor ContactPhil Carlson /
Scott EcksteinKCSA Strategic Communications(212) 896-1233 / (212)
896-210pcarlson@kcsa.com / seckstein@kcsa.com
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