Now the Biggest Cannabis Sales Week of the Year; On Pace to Outsell Wine by 2020
DENVER – June 27, 2019 – 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.