DENVER, July 3, 2020 /PRNewswire/ -- 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®), anticipates a 87% increase in cannabis sales over
daily averages.
"For the first time in the past five years the 4th of
July falls on a Saturday," said James
Ahrendt, Business Intelligence Architect, Akerna. "We
anticipate sales will start to increase Thursday, July 2, with an 80% increase over daily
averages culminating in an 87% increase over average daily
sales over the holiday weekend."
In 2019, when the 4th of July fell on a Thursday,
there was a spike in sales the preceding Friday and Saturday, as
well as the day leading up to Independence Day. However, not much
change in sales the day of.
Sales expectations for the 4th of July. We
anticipate:
- An 87% increase over average daily sales 7/2-7/4
- Sales will start to increase July
2, with 80% (1.8X) increase on daily average sales for
2020
- Friday, July 3, will
be the highest grossing day of the year surpassing 4/20, which fell
on a Monday. Modeling shows July 3
sales will be 100% (2X) increase on daily average sales for
2020.
- Saturday, July 4, will see
elevated sales, similar to Thursday, with 80% (1.8X) increase on
daily average sales for 2020
Top Sellers for the 4th of July:
- Flower 45% of sales
- Cartridges / Pens 35%
- Concentrates 11%
- Edibles 9%
Spending:
The National Retail Federation expects
76% of consumers plan to celebrate Independence Day. Those who do
have plans for the holiday expect to spend $76.00 on average in celebration of the
4th of July. The average cannabis order total will be
close to $100 and increase of
$11 than the avg order total for all
other days this year, which range in the area of $87.12 nationally.
On the Grill:
Historically people spend more than
$371 million on chicken during the
two weeks leading up to the July 4
weekend, which amounts to about $37
million a day. Cannabis sales are expected to reach over
$260 million in three days, which is
about $86 million a day.
Historic July 4th
Meat Sales:
- Chicken $371 million
- Pork $271 million
- Shrimp $85 million
- Salmon $48 million
MJ Freeway is more than software as a service. Its flagship
solution, MJ Platform now includes Platform Insights. Now
operators, investors, and regulators can access the industry's
largest, and most statistically relevant database to drive
data-driven business decisions.
Platform Insights provides:
- The greatest statistical relevance across countries
- Normalized data (not farmed from various disparate POS
platforms)
- Full cannabis supply chain data
- Business insights founded in category management
methodology
Platform Insights can eliminate the guesswork and provide
answers to questions like:
- What is the gross margin return on inventory?
- What SKUs should be carried?
- How do basket adjacencies influence discounting and retention
strategies?
- What does a medical market look like a year or five years after
decriminalizing cannabis?
Click here for more information about Platform
Insights.
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.
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. Some instances of the flash report may
include business intelligence derived from Akerna's family of
companies, including Ample Organics, Leaf Data Systems, solo
sciences, and Trellis.
**Data is derived from MJ Platform, the leading provider of
cannabis compliance software for the marijuana industry. Reporting
Data is obtained from operators using Akerna's MJ Platform
solutions. Increases are relative to the prior period. Additional
business intelligence data sources may include proprietary tools
used by Akerna's family of companies.
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 anticipated increases
in cannabis sales in relation to the July
4th weekend, sustained increases in demand for
cannabis and 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/akerna-flash-report-americans-expected-to-spend-more-on-cannabis-than-cookouts-301087930.html
SOURCE Akerna