Enterprise software company Akerna (Nasdaq: KERN) just released a Flash Report tracking buying trends related to this year’s 4/20 cannabis consumption holiday, and the news for the industry is favorable. The weekend preceding 4/20, which lands on a Tuesday this year, is pegged by Akerna’s predictive data as the most significant sales weekend of the year. On Friday, April 16, the Flash Report anticipates a 50% growth in daily sales from its 2021 average, with a total industry sales figure of $85,000,000. Saturday through Monday look strong as well, with figures ranging from $50,000,000 (on Sunday, historically the lowest cannabis sales days) to $78,000,000 on Saturday. By the time Tuesday hits, the daily retail sale of legal cannabis is expected to gross $95,000,000 nationally, bringing total 4/20-related sales to $370,000,000 in the U.S. if Akerna’s data proves accurate.
The Flash Report offers a breakdown of category sales and sales percentage by demographics such as gender (using a male and female binary) and age. Flower is forecast to top products sales in the five days of 4/20 spending, constituting 49% of sales (up 4% from the 2021 daily average). Cartridge pens are predicted to come in at 31% while Concentrates and Infused Edibles sit in third and fourth place at 11% and 8%. Men are likely to lead women in purchasing, with 63% of males stocking up to ring “Weed Day” over 38% of females.
According to Akerna’s numbers, 30-40 year-olds will make up 31% of consumers during this period, with under 30’s coming in at 29%, 40-50 year-old’s at 20%, 50-60 year-olds at 12%, and just 8% of folks over 60 hitting the dispensaries, shops and online retailers. The average order total will likely be up about $10, boosting the average spend per customer from $93.48 to around $105.00. The number of products purchased is predicted to go up as well, with a 30% increase from 2021.
The data used to inform Akerna’s Flash Reports is derived from MJ Platform , a provider of cannabis compliance software for the marijuana industry. Sales projections are based on market adjustment calculations and represent the entire US market as an aggregate. In a previous Flash Report , Akerna noted that the St. Patrick’s Day stimulus check drop led to the largest cannabis sales day of the year, which may contribute to the projected boost in 4/20 sales as well. Expanding legalization measures, a competitive retail market, and creative product development to reach a broader demographic of consumers may also contribute to the uptick. Whatever the main drivers may be, Akerna’s sales predictions herald a very happy 4/20 for the cannabis industry.