Business intelligence from Akerna, an enterprise software, leading compliance technology provider, and developer of the cannabis industry’s first seed-to-sale enterprise resource planning (ERP) software technology (MJ Platform®), predicts that Memorial Day weekend will be high grossing for the cannabis retail industry, with approximately $238,000,000 in adult-use and medical sales over the four days (Friday 5/28 – Monday 5/31), with consumers and patients in the under 40 age group driving 61% of sales.
Historical data shows that Friday, the first day of the holiday weekend, will bring in the highest sales, with a predicted $85,000,000 this May 28th, up 55% from average Friday sales.
“Memorial Day weekend has typically been one of the top 10 sales days each year, making planning inventory and staffing for the weekend critical for dispensary and retailer success,” said James Ahrendt, Business Intelligence Architect at Akerna. “We correctly predicted a $370+ million value for this year’s 420, a testament to the power of our data analytics, which is based on over a decade of legal cannabis sales and are confident in our values for this upcoming holiday as well. Through leveraging data-driven insights, cannabis businesses can make strategic predictions and decisions for their businesses.”
Saturday, May 29th will be another busy sales day for the holiday, with a predicted $67,000,000 in revenue, and Sunday, May 30th is expected to bring in another $42,000,000. This is an uptick for Sunday, which is historically the lowest sales day of an average week.
Monday, May 31st, Memorial Day, is predicted to gross $44,000,000, a 9% drop from average Monday sales. Monday is expected to be the slowest day of the holiday weekend, likely due to consumers shopping ahead and enjoying the day off, as well as some store closures.
Other predictions for the holiday weekend (5/28 – 5/31):
The average order total will be approximately $7 more than the average order totals for all other days this year.
Products per purchase will have a 22% increase, with a predicted 3.6 products per purchase.