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Akerna (Nasdaq: KERN) has enhanced its integration with Dutchie, leading to improved online cannabis sales experiences. This partnership aims to streamline operations for cannabis businesses, particularly amidst the COVID-19 pandemic, which has accelerated the need for e-commerce. Akerna's MJ Platform will allow better inventory synchronization and reduce manual errors. Dutchie powers 10% of all legal cannabis sales in the U.S. and Canada, servicing 25% of dispensaries. This collaboration aims to optimize operations and expand safe access to cannabis.
Akerna (Nasdaq: KERN) reports a recovery in Nevada's cannabis sales following a significant decline due to COVID-19 lockdowns. Sales dropped 74% on average from January/February but rebounded as restrictions eased, with a 52% increase in sales noted in May. As casinos reopened in June, cannabis sales returned to pre-COVID levels, with a 26% increase compared to May. Despite a slower recovery compared to other industries, Akerna remains optimistic about the cannabis market's overall trajectory.
Akerna (Nasdaq: KERN) has announced the release of a new eBook titled Technology in the Cannabis Industry. This publication emphasizes the necessity for cannabis operators to adopt advanced software solutions like Akerna's MJ Platform to navigate the industry's complexities. The eBook highlights essential software features such as compliance tracking, high data integrity, and system reliability. Akerna, a compliance technology provider, has tracked over $18 billion in cannabis sales since 2010, aiming to enhance operational efficiency and regulatory adherence in the market.
Akerna (KERN) reported its financial results for the fourth quarter and full year ending June 30, 2020. Software revenue increased by 36% year-over-year to $2.8 million, constituting 94% of total revenue, which decreased by 17% to $3 million due to COVID-related delays. The company experienced a GAAP loss from operations of $6.2 million in Q4. For the full year, total revenue reached $12.6 million, up 16%, while GAAP losses totaled $17.3 million. Akerna highlighted significant growth in platform usage, with transaction volume up 70% year-over-year.
Akerna (Nasdaq: KERN) reports significant cannabis sales growth during summer 2020, with a 19% increase compared to prior years. The sales spike is attributed to stable demand due to COVID-19. Notable sales days include the 4th of July, generating over $206 million, and Labor Day, with approximately $245 million in sales. The report highlights that 83% of sales were in-store and 93% of purchases came from repeat customers. The company continues to enhance its MJ Platform and leverage data analytics to drive business decisions.
Akerna (Nasdaq: KERN) will report its financial results for the fourth quarter and fiscal year ending June 30, 2020, on September 24, 2020. A conference call is scheduled for 8:30 AM ET to discuss the results, followed by a Q&A session. Akerna, a leader in compliance technology and seed-to-sale ERP software for the cannabis industry, has tracked over $18 billion in cannabis sales since its inception in 2010. A replay of the call will be accessible until October 8, 2020.
Akerna (Nasdaq: KERN) reports that cannabis sales over Labor Day weekend (Sept. 4-7) reached $245 million, a 23% year-over-year increase. Notably, adult-use sales surged by 35%. Friday and Saturday saw a 36% increase, while Sunday peaked at 43%. However, Labor Day itself experienced an 8% decline from last year. Akerna attributes the slower growth to increased cannabis purchases throughout the year due to COVID-19. The report analyzed sales by product category and age group, highlighting the ongoing expansion of the cannabis market despite recent challenges.
Akerna (Nasdaq: KERN) reports an 8% increase in cannabis transactions in college towns during July and August. Consumers under 30 saw a 10% rise in transactions, comprising 29% of total sales, though their average spend was lower at $101.73 compared to $119.09 for those over 60. In-store sales dropped slightly from 88% to 85%, indicating a rise in pick-up and delivery options. Concentrates accounted for 15% of sales among the under-30 demographic in August.
Akerna (Nasdaq: KERN) projects a 60% increase in average daily sales during the Labor Day weekend, totaling approximately $315 million nationally. Friday, September 4, is expected to see a 79% surge in sales compared to 2020 averages, with the average consumer spending around $80.25. Sales distribution will include 42% Flower, 35% Cartridges/Pens, 10% Concentrates, and 10% Infused Edibles. These expectations reflect the cannabis industry's resilience amidst challenges posed by the Covid-19 pandemic.
Akerna (Nasdaq: KERN) has successfully exercised its option to acquire the remaining 20% of solo sciences inc., aiming for full ownership. This decision followed shareholder approval in June 2020. The acquisition is expected to close around July 31, 2020, pending regulatory approvals. Akerna's CEO, Jessica Billingsley, highlighted the milestone of over one million solo*CODEs sold, which strengthens their commitment to consumer safety against counterfeiting. The integration of solo sciences' technology with Akerna's MJ Platform ERP is set to enhance product authenticity verification.