Akerna (NASDAQ:KERN) revealed that consumer cannabis spending over Labor Day weekend was roughly flat over the same time period last year, with this year showing a total of $229.8 million in sales.

Compared to last year’s Labor Day weekend spend, this year’s holiday weekend showed a 2% decrease in consumer spend, with both fewer shoppers making purchases and shoppers purchasing smaller basket sizes. As the macroeconomic climate continues to shift and consumers tighten their spending habits in other discretionary industries, it’s clear that although cannabis is recession-resilient, it is certainly not immune.

“Although nobody can say for sure what the future holds, it’s clear cannabis brands must focus on differentiating themselves and producing efficiently at scale,” stated Jessica Billingsley, CEO of Akerna. “Having a firm understanding of consumer profiles and paying attention to price points will become increasingly important.”

Photo: Benzinga; Sources: courtesy of Kindel Media via Pexels

Labor Day 2022 Cannabis Spending Trends