Akerna: 420 2021 Set Single-Day Record For Cannabis Sales

The April 20 cannabis holiday brought $111.8 million in medical and recreational sales in 2021, according to a new report Wednesday from cannabis software firm Akerna Corp KERN

The Data Behind The Clouds On 420 

This is the highest single sales day for cannabis sales ever recorded, according to Akerna.

In the five days around the holiday, April 16-20, sales reached more than $373.79 million.  

"Akerna's 420 data showed large increases in purchasing and consumption. Americans are increasingly turning to cannabis, which we predict will only increase with federal cannabis reform," Akerna CEO Jessica Billingsley said in a statement.

Interestingly, last year’s holiday didn’t show any upticks in sales. April 20, 2020 wasn’t even one of the top five sales days that year.

This year’s figures could be attributed to changes in the retail industry shopping services in the pandemic era — online ordering, curbside pickup, and delivery — legalization trends across the states and federal cannabis reform “on the horizon.”

Just the day before the holiday, the U.S. House of Representatives passed the SAFE Banking Act with bipartisan support. 

"Earlier this month, we released predictions for this year's 420, derived from MJ Platform, which correctly predicted the $373-million-plus value," said James Ahrendt, business intelligence architect at Akerna. 

"This is a testament to the power of our data analytics, which is based on over a decade of legal cannabis sales. By leveraging data-driven insights, cannabis businesses can make strategic predictions and decisions for their businesses."

Key Highlights For The 5-Day 420 Purchasing Period

  • Average order totaled $131.56;
  • Flower was the most sought-after category, accounting for 48.08% of the sales, followed by cartridges/pens (30.38%), concentrates (11.63%) and edibles (8.1%);
  • Male consumers purchased more than females, making up for 60.91% of sales;
  • Those under the age of 30 and those between 30-40 years old were the most frequent shoppers, accounting for 30.49% and 30.66% of sales, respectively. 

KERN Price Action: Akerna’s shares were trading 5.75% higher at $4.60 per share at the time of writing.

Photo by Add Weed on Unsplash.

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Posted In: CannabisNewsRetail SalesTop StoriesMarketsMoversTrading Ideas420James AhrendtJessica Billingsley
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