Business intelligence from Akerna KERN revealed that US cannabis shoppers spent a total of $255.5 million on adult-use and medical cannabis products during the Fourth of July weekend.
The Friday ahead of the holiday brought in $106.7 million in sales, becoming the second-highest grossing sales day for the industry in 2022. The Friday ahead of last year’s Fourth of July weekend brought in a total of $89.6 million in sales, signifying a 19.1% year-over-year increase in sales this year.
"Holiday after holiday, our data indicates Americans are choosing to celebrate with cannabis. As more markets legalize cannabis and more people gain access to the plant, we expect these year-over-year increases to continue," stated James Ahrendt, business intelligence architect at Akerna.
Monday, July 4th, likely saw lower sales due to store closures for the holiday.
About the Akerna Flash Report
Flash Report looks at buying trends in the cannabis market as captured by Akerna's flagship solution, MJ Platform. MJ Platform includes MJ Analytics, allowing operators, investors, and regulators to access the industry's largest and most statistically relevant database to drive data-driven business decisions.
MJ Analytics provides:
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The most significant statistical relevance across countries
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Normalized data
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Complete cannabis supply chain data
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Business insights founded in category management methodology
MJ Analytics can eliminate the guesswork and provide answers to questions like:
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What is the gross margin return on inventory?
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What SKUs should be carried?
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How do basket adjacencies influence discounting and retention strategies?
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What does a medical market look like a year or five years after decriminalizing cannabis?
Some instances of the flash report may include business intelligence derived from Akerna's family of companies, including Ample Organics, Leaf Data Systems, solo sciences, Trellis, Viridian Sciences, and 365 Cannabis. Sales projections are based on market adjustment calculations and aggregate the entire US market.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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