Cannabis Industry Has Blockbuster Summer in Sales
DENVER, Sept. 22, 2020 /PRNewswire/ -- Business intelligence from Akerna (Nasdaq: KERN) ("Akerna" or the "Company"), an enterprise software, leading compliance technology provider, and developer of the cannabis industry's first seed-to-sale enterprise resource planning (ERP) software technology (MJ Platform®),finds that the cannabis industry had a blockbuster summer in sales.
Between the months of June and August, overall monthly cannabis sales increased by 19%. Though the increase was smaller than in previous years, that was mainly attributed to the sustained and stable growth of cannabis sales throughout the year brought on by the COVID-19 outbreak.
"Over the last few years, Summer has some of the most profitable months of the year for cannabis, and despite the uncertainty of the year, this trend continued," says Ryan Ballman, Business Intelligence Analyst, Akerna. "If anything, because of COVID, we have seen sustained and stable growth of cannabis sales throughout the year."
Throughout the summer, holiday weekends such as the 4th of July and Labor Day saw significant jumps in cannabis sales, leading to two of the highest grossing sales days of 2020 so far.
4th of July
Thursday saw a 74% increase in average daily sales, while Friday saw a 101% increase, and Saturday only saw a modest bump of 10% in sales.
While this year did not see as large an increase of sales as in previous years, due primarily to strong and sustained sales throughout the summer, the Labor Day weekend (September 4th – September 7th) still saw a 23% increase in overall daily sales, bringing in approximately $245 million nationally. September 4th (Friday) saw the biggest increase and ranks in the Top 3 Cannabis Sales Days of 2020.
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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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