July 4th: More Than Just Fireworks Lighting Up, Akerna Tells Pot Shops To Stock Up As Sales Could Hit $206M

Cannabis software firm Akerna Corp (NASDAQ: KERN) says weed sales this week could generate more than $206 million across the country as we prepare to celebrate a non-quarantined Independence Day and long weekend. 

Based on data from previous years, the Friday ahead of the July 4 weekend normally experiences an increase in sales. This Friday, July 2, is predicted to generate almost $91 million - 60% higher than an average Friday.

The Denver-based company also noted that Friday could be the second-highest sales day this year, after 420 of course when both the medical and adult-use sales hit $111.8 million.

"Year over year, we've seen a 23% increase in the number of products consumers and patients are purchasing for the 4th of July holiday weekend," said James Ahrendt, business intelligence architect at Akerna. "With the holiday falling on a Sunday this year, dispensaries should be evaluating staffing and preparing inventory ahead of the weekend to ensure they are ready to accommodate these increases in both traffic and sales."

The report further noted that this Saturday, July 3, could yield $72 million in cannabis sales, while the big day, July 4, is expected to see another $43 million. Sundays are generally and historically the lowest sales day of the week, this year will likely see that change. 

Key Prediction Highlights For The July 4 Weekend 

• An average order will total $109 compared to this year’s average of $101;
• An average basket size will be filled with 3.6 products per purchase;
• Breakdown by categories – cannabis flower should account for most of the sales or 49%, followed by cartridge/pens accounting for 31% and concentrates and edibles accounting for 10% and 9%, respectively;
• Most of the shoppers are expected to be males, that is: 61%, men and 39% women;
• Breakdown by age groups reveals that those between 30-40 will shop the most, accounting for 31% of the purchases, while younger folks will closely follow making up for 29% of the last-minute weed shopping.
• Photo Public Domain, Pixabay

Price Action 

Akerna’s shares were trading 2.48% higher at $4.13 per share at the time of writing.