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Akerna (KERN) reported strong cannabis sales data around the Thanksgiving period, with $254.7 million in total sales from November 24 to 27, 2021. Green Wednesday generated $98.2 million, and Black Friday saw $99 million in sales. In contrast to a 28.3% decline in overall retail traffic, cannabis sales on Black Friday increased by 20%. The company’s predictions were nearly accurate, with only a 1.5% difference from expected sales. The data reflects a robust demand for cannabis, affirming its growing market presence.
Akerna (Nasdaq: KERN) forecasts that US cannabis shoppers will spend $251 million during Thanksgiving weekend, marking a 60% increase over daily average sales.
Green Wednesday (11/24) is expected to generate $90 million, a 78% spike, while Black Friday is projected to earn $88 million, up 71%. Thanksgiving day will be lower due to shortened hours, with $4.6 million in sales expected. Categories driving sales include Flower (48%) and Cartridges/Pens (32%). Akerna continues to serve the cannabis industry with insights from its MJ Platform.
Akerna (KERN) announced its third-quarter 2021 financial results, showcasing strong revenue growth of 38% year-over-year, reaching $5.1 million. Software revenue increased 37% to $4.6 million, with gross profit up 60% at $3.2 million. The net loss improved by 68% to $1.3 million, and adjusted EBITDA loss decreased by 49% year-over-year. Key metrics include total SaaS ARR rising 25% to $16.5 million and significant transaction volume growth of 28%.
The acquisition of 365 Cannabis further strengthens Akerna's position in the cannabis software market.
Akerna's Flash Report reveals adult-use cannabis consumers spent an average of $77.17 on cannabis products during Halloween weekend, significantly outpacing the $63.99 spent on candy and costumes. Total sales for the weekend reached $182.7 million, showing an 8.2% year-over-year growth. Friday, October 29, recorded the highest sales of $81.5 million, marking it as the ninth-largest sales day in 2021. Notably, 48% of sales were from flower products, with a demographic breakdown showing a majority of male consumers.
Akerna (Nasdaq: KERN) will report its financial results for Q3 2021 on November 8, 2021. The company, known for its cannabis technology infrastructure, will host a conference call on November 9, 2021, at 8:00 a.m. ET to discuss the results and key business highlights. Interested parties can listen by dialing the provided numbers or via webcast on Akerna's Investor Relations webpage. Akerna aims to promote transparency in the cannabis industry through its MJ Platform, connecting data across the supply chain.
Akerna (Nasdaq: KERN), a leader in cannabis technology, will report its third-quarter financial results for the period ending September 30, 2021, on November 8, 2021. A conference call is scheduled for November 9, 2021, at 8:00 a.m. ET, to discuss these results. Akerna focuses on providing enterprise software solutions for the cannabis industry, aiming to enhance compliance, data connectivity, and operational transparency across the supply chain. The company's technology, including MJ Platform, supports various stakeholders in the cannabis market.
Akerna (Nasdaq: KERN) highlighted that consumers under 30 accounted for 28.13% of all legal cannabis sales in 2021, spending over $4.4 billion. This demographic tends to spend more on concentrates than edibles, showing a higher cannabis knowledge level. Male users prefer flower and concentrates, while female users favor cartridges and edibles. The average order total in this age group was $102.32, with an average basket size of 2.63 products. Akerna remains a leader in cannabis data analytics, having tracked over $20 billion in sales since 2010.
Akerna (KERN) released a report revealing that the 30-40 age group accounted for 30.2% of all legal cannabis sales in 2021, totaling over $4.7 billion. This demographic, known as older millennials, shows distinct purchasing patterns, favoring flower products at 49%, while males prefer it at 51% compared to 46% for females. Additionally, the average order total for this group is $116.36, with an average basket size of 2.87 products. Akerna emphasizes the importance of tailoring products to meet the preferences of this key consumer segment.
Akerna Corp. (KERN) announced a new $20 million convertible debt financing agreement with existing institutional investors. The funds will support ongoing growth initiatives and technology investments. The new senior secured convertible notes will convert at a price of $4.05 per share and mature on October 5, 2024. The expected net proceeds are approximately $14.6 million, after deducting previous convertible note payments and expenses, which will leave a proforma cash balance of about $19.8 million post-issuance.
Akerna (Nasdaq: KERN) has completed its acquisition of 365 Cannabis for $17 million. This strategic move aims to integrate the most robust cannabis-compliant ERP solution, enhancing Akerna's technology offerings for cannabis operators. With this acquisition, Akerna will provide a seamless compliance gateway, access to its extensive product suite, and support for over 85 existing customers of 365 Cannabis. This acquisition positions Akerna to capitalize on the growing cannabis market and strengthen its foothold in the industry as federal reforms loom.