Akerna Flash Report: Dispensary Sales Up 140% Ahead of Closure Threat
March 24 2020 - 2:19PM
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 cannabis sales in Colorado
increased 140% on Monday, March 23, after Denver Mayor Michael
Hancock ordered all rec dispensaries, within the city limits, to
stay closed until April 10. The order was reversed. Dispensaries
are considered essential businesses.
In Colorado on March 23 compared to previous Monday’s:
- Dispensary orders increased 54%
- The number of products ordered increased 101%
- Total sales increased 140%
In Denver on March 23 compared to previous Monday’s:
- Recreational dispensary orders increased 174%
- The number of recreational products ordered increased 280%
- Total recreational sales increased 310%
Overall, in markets with heavier restrictions like California,
Colorado and Michigan, where people are being asked to stay at home
to reduce the spread of COVID-19, recreational sales are up 20% or
more for the period of March 11-23,compared to previous three years
of sales, with an average basket price over $100. Oklahoma, a state
not under a stay at home order, only saw a 5% in increase in its
average basket price.
On Friday, March 13, Akerna Business Intelligence found from
*March 11 - March 18:
- Medical cannabis sales: Up 20.8%
- Recreational cannabis sales: Up 11.6%
- Flower sales: Up 22.6%
- Vape sales: Up 9.7%
- Edible sales: Up 12.4%
“Cannabis operators are running an essential business,” said
Ostap Rapeyko, business intelligence analyst, Akerna. “On March 11,
when major news of the potential impact of COVID-19 indicated
changes in lifestyle, buying patterns were at normal rates.
However, a week later, on March 18, sales increased by 19.2%
overall. Now, with reduction in access, in certain markets, we’re
seeing an increase in sales and the amount being spent.”
With demand at an all-time high, the MJ Platform team is
available to help operators make smarter business decisions through
analytics and reporting. MJ Platform can help with:
- Inventory Management: Know what you have on
hand, know what you can promote, and know where things are
limited.
- Run Rates: Know what your sales velocity is
and get a handle on daily run rates, trends, and spikes.
- Ordering: Know what to order, not just based
on demand, but on historical sales and what’s hot during this time
of high demand.
Current clients can learn more click here.New to MJ Platform?
Click here to request a demo today.
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. The size of the data
set can vary by market. MJ Freeway provides operators with MJ
Platform, the industry-leading solution for regulatory compliance
technology, from seed-to-sale-to-self.
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.
*Data is derived from MJ Platform, the leading provider of
cannabis compliance software for the marijuana industry. Reporting
data is derived from operators using Akerna’s MJ Platform
solutions. Increases are relative to the prior period.
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 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.
Akerna Media
RelationsD. Nikki Wheeler Nikki.Wheeler@Akerna.com
303-514-2012 |
Akerna Investor
Relations Jason Assad JAssad@akerna.com 678-570-6791 |
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