Akerna Flash Report: In Q1 2020 Women Outspent Men on Cannabis
April 03 2020 - 1:46PM
Business intelligence from Akerna (Nasdaq: KERN), a leading
compliance technology provider and developer of the cannabis
industry’s first seed-to-sale enterprise resource planning (ERP)
software technology (MJ Platform®) shows women, across all age
groups 18-55+ drove cannabis sales in the first quarter, 2020. The
average amount spent by women increased by 50% in March.
*The Numbers, Q1 2020 :
Total cannabis sales increased in Q1 2020 by 16% over Q4 2019.
The top products purchased in Q1 in each category:
- Concentrates: 8% of
purchases for women and 12% of purchases for men
- Edibles:
12% of purchases for women and 8% of purchases for men
-
Flower:
40% of purchases for women and 45% of purchases for men
- Vape:
39% of purchases for women and 35% of purchases for men
“March saw huge changes in the market, sometimes even day to
day, breaking the regular cycles. Repeat buyers are
consistently spending much more per visit, with the size of women’s
shopping carts growing even more than men,” said Aryeh Primus, vice
president of analytics, Akerna. “In March, the average basket size
for women hit an all time high above $105, while for men basket
size was below that for March 2019.”
Since the height of the vape issue in 2019, Akerna’s business
intelligence team has been evaluating vape sales and consumer
preference related to the category. In general, vape sales have
remained steady nationwide. Data shows:
- Vape sales in August 2019, at the height of the issue, had 31%
of market share based on total sales, today, vape has 36% of the
market share based on total sales.
- In Sept. 2019, our data shows, vape sales declined 7%. However,
in September, sales across the industry dipped. By October, vape
sales were up over 9% and sustained steady growth for the balance
of the year.
- Overall, vape sales have continued to slowly gain market share
by a couple of percentage points each month since October
2019.
- As Pertains to COVID-19: vape sales were up, even during the
pandemic, over 9%.
“The sustained trend in vape sales is interesting. It seems once
consumers realized the products with the potential to threaten
their health were those purchased on the illicit market, sales of
legal products resumed an upward trend,” said Primus.
With demand at an all-time high, the MJ Platform team is
available to help operators make smarter business decisions through
analytics and reporting. MJ Platform can help with:
- Inventory Management: Know what you have on
hand, know what you can promote, and know where things are
limited.
- Run Rates: Know what your sales velocity is
and get a handle on daily run rates, trends, and spikes.
- Ordering: Know what to order, not just based
on demand, but on historical sales and what’s hot during this time
of high demand.
Current clients can learn more click here.New to MJ Platform?
Click here to request a demo today.
About The Akerna Flash Report
Flash Report is a look at buying trends in the cannabis market
as captured by Akerna’s MJ Freeway subsidiary. MJ Freeway provides
operators with MJ Platform, the industry-leading solution for
regulatory compliance technology, from seed-to-sale-to-self.
About Akerna
Akerna is a global regulatory compliance technology company.
Akerna’s service offerings include MJ Platform®, Leaf Data
Systems®, and solo sciences tech platform. Since its establishment
in 2010, Akerna has tracked more than $18 billion in cannabis
sales. Akerna is based in Denver. For more information, please
visit www.akerna.com and follow us on Twitter @AkernaCorp.
*Data is derived from MJ Platform, the leading provider of
cannabis compliance software for the marijuana industry. Reporting
data is derived from operators using Akerna’s MJ Platform
solutions. Increases are relative to the prior period.
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 words 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.
Akerna Media RelationsD. Nikki Wheeler
Nikki.Wheeler@Akerna.com 303-514-2012 |
Akerna Investor Relations Jason Assad
JAssad@akerna.com 678-570-6791 |
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