Back to School: Cannabis Sales Increase in College Towns
DENVER, Sept. 9, 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®), shows that cannabis retailers located in towns with a population of at least 1,000 college students or more saw an 8% rise in transactions between the months of July and August as schools began their fall semesters.
Month-over-month, transactions for consumers under the age of 30 grew by 10% and accounted for 29% of all sales in August. However, although the under 30 age group accounted for more transactions, their average basket size was the smallest among the other age groups.
The average basket size for consumers under the age of 30 was around 2.63 products with an average total of approximately $101.73. In contrast, adults over the age of 60 spent around $119.09 per transaction with an average basket size of 3.16 products. This would seem to indicate that while consumers under 30 frequent cannabis retailers more than their counterparts, they spend less and purchase fewer products.
"Overall, I would say there are strong enough data points to say there is a 'back to school' influence in the cannabis industry," said [PERSON], Business Intelligence Engineer for Akerna. "With students going back to school, and some moving to campus, dispensaries near campus are seeing an increase in foot traffic for the under 30 age group."
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**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.
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