4th weekend of July to hit 420 cannabis sales

Cannabis software and information company Akerna (NASDAQ: KERN) released a new Flash report this morning forecasting July 4, 2021 to bring in over $ 206,000,000 in legal cannabis sales in the United States.

With Connecticut being the youngest state to be legalized, 38 states now have laws allowing adult use and / or the medical cannabis program. Since not everyone has pharmacies in operation, these data do not reflect sales in all 38 constitutional states.

Photo by Paul Weaver via Unsplash

Sales forecasts for July 4, 2021

According to the Flash report, historical data shows that typically on the weekend leading up to July 4th and Friday, July 2nd, cannabis sales are expected to grow nearly $ 91,000,000 in retail stores – a 60% increase over an average Friday. The report predicts July 2nd will be the second highest sales day of the year, just after April 20th. Cannabis sales are expected to generate $ 72,000,000 on Saturday, July 3, and $ 43,000,000 is expected on Sunday, July 4. Typically, if you look at historical data, Sundays are the busiest day of the week, but pharmacies are still seeing more sales than normal as it is a holiday.

RELATED: Why Cannabis Operators Expect a Record 420 Despite Coronavirus Concerns

“We saw the number of products consumers and patients purchase for the July 4th holiday weekend increase by 23% year-over-year,” said James Ahrendt, business intelligence architect at Akerna. “With the holiday falling on a Sunday this year, pharmacies should assess staffing levels and prepare inventory before the weekend to ensure they can handle this surge in both traffic and sales.”

RELATED: Cannabis sales are projected to hit $ 370 million in the days leading up to $ 420

Some other sales forecasts for the Independence Day weekend (February 7th-April 7th):

Product categories

• Average order total is $ 8 more than normal: $ 109 versus $ 101
• Each shopping cart contains an average of 3.6 products per transaction
• Flowers make up 49% of sales
• Cartridges / pens account for 31% of sales
• Concentrates make up 10% of sales
• Infused edibles account for 9% of sales
• Other products account for 1% of sales

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Demographics

• 61% of consumers will be male
• 39% of consumers will be female
• 29% of consumers will be under 30 years of age
• 30 to 40 year olds make up 31% of consumers
• 20% of consumers will be between 40 and 50 years old
• 50 to 60 year olds will make up 11% of consumers
• Consumers over 60 will account for 9% of sales

Akerna regularly publishes Flash reports. Last year’s July 4th report expected sales to increase 87% over the July 4th weekend, with Americans likely to spend more on cannabis than grilled meat. Historically, consumers spent more than $ 371 million on chicken in the two weeks leading up to July 4th, which is about $ 37 million a day. Akerna forecast that cannabis sales will hit over $ 260 million in just three days, generating about $ 86 million a day.

The data for Akerna’s Flash reports is provided by MJ Platform, a cannabis regulatory compliance technology company.

This article originally appeared in the Green Market Report and was republished with permission.