DENVER, October 14, 2021 / PRNewswire / – Business Intelligence from Akerna (Nasdaq: KERN), a leading enterprise software company and developer of the most comprehensive technology infrastructure, ecosystem and compliance gateway for the global cannabis industry, analyzed the age group of cannabis consumers between 30 and 40 years of age , a demographic that was consistently ranked # 1 among cannabis product buyers in 2021. The data shows that the 30-40 age group, often referred to as older millennials, accounted for 30.2% of all legal cannabis sales that year. with more than $ 4.7 billion spent on cannabis products.
(PRNewsfoto / Akerna)
Older millennials top spending in many categories, and their impact and preferences will have a huge impact on the cannabis industry.
When it comes to product preferences within the age group, the 30 to 40-year-old demographics consistently buy the most at 49%, but that’s different when you look at gender. Flower accounts for over 51% of sales for male product preferences , but only 46% for women compared to other products. The 5% difference in revenue sharing can be seen in the cartridges / pens category, where men spend 30% of their money and women 35% of their money.
Looking at product preferences in relation to other age groups, the 30-40 demographic is more concentrated than older age groups. Conversely, the same group buy fewer edibles than older consumers.
“The 30-40 age group has consistently led cannabis users when buying cannabis,” said James Ahrendt, Business Intelligence Architect at Akerna. “Pharmacies and brands should pay special attention to this demographic group.
Other values for the age group 30-40:
1. Average order amount
A. $ 116.36
2. Average basket size
A. 2.87 products per purchase
3. Category sale:
A. Flower – 49%
B. Cartridge / Pens – 32%
C. Concentrates – 12%
D. Infused edibles – 6%
e. Other – 1%
A. 63.6% male
B. 36.4% female
Via MJ Freeway
MJ Freeway is more than software as a service. The flagship solution, MJ Platform, includes Platform Insights. Now operators, investors and regulators can access the largest and most statistically relevant database in the industry to make data-driven business decisions.
Platform Insights offers:
- The greatest statistical relevance across countries
- Normalized data (not bred from various different POS platforms)
- Complete data on the cannabis supply chain
- Business insights based on the category management methodology
Platform Insights can remove the guesswork and provide answers to questions like:
- What is the gross margin on inventory?
- Which SKUs should be carried?
- How do shopping basket adjoinings influence discounting and retention strategies?
- What does a medical market look like a year or five after cannabis was decriminalized?
Click here for more information on the MJ platform.
Akerna (Nasdaq: KERN) is an enterprise software company focused on serving the cannabis, hemp, and CBD industries in compliance with the law. Akerna was first launched in 2010 and has more than $ 20 billion in cannabis sales to date and is the first cannabis software company to be listed on the Nasdaq. The company’s cornerstone technology, MJ Platform, the world’s leading Infrastructure-as-a-Service platform, supports retailers, manufacturers, brands, distributors and growers.
Further information can be found at https://www.akerna.com/.
About the Akerna Flash report:
Flash Report is a look at buying trends in the cannabis market as captured by Akerna’s MJ Freeway subsidiary.
MJ Freeway offers operators the MJ Platform, the industry-leading solution for regulatory compliance technology, from seed-to-sale-to-self. Some examples of the Flash report may include business intelligence derived from the Akerna family of companies, including Ample Organics, Leaf Data Systems, Solo Sciences, Trellis, Viridian Sciences, and 365 Cannabis.
The data comes from MJ Platform, the leading provider of cannabis compliance software for the marijuana industry. Sales forecasts are based on market adjustment calculations and represent the entire US market as an aggregate.
Reporting data is obtained from operators using Akerna’s MJ Platform solutions. Akerna has one of the largest seed-to-sale presences in the cannabis industry, operating in 15 countries and 23 states, including Pennsylvania, Oklahoma, Puerto Rico, Arizona, California, Utah, Michigan, Colorado, Montana, Nevada, Maine, Vermont, New Mexico, Missouri, Texas, Ohio, Maryland, Washington, DC, Kansas, Arkansas, new York.
Increases relate to the previous period. Additional business intelligence data sources may include proprietary tools used by the Akerna family of companies.
Certain statements in this press release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. In this press release, the words “estimates,” “projected,” ““ expects, ”are used. “Anticipates”, “predicts”, “planet”, “intends”, “believes”, “aims”, “may”, “will”, “should”, “future”, “propose” and variations of these words or similar expressions (or the negative versions of any such phrase or phrase) are intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, statements about the ability of the MJ Platform team to provide analysis and reporting to assist operators in making decisions. These forward-looking statements are not guarantees of future performance, conditions, or results and involve a number of significant known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond Akerna’s control and which could result in actual results or results being materially different that are discussed in the forward-looking statements. Important factors that could affect actual results or results, among other things, include (i) Akerna’s ability to maintain relationships with customers and suppliers and to retain its management and key employees, (ii) changes in applicable laws or regulations, (iii) changes in the coronavirus pandemic or other market factors, (iv) and other risks and uncertainties disclosed from time to time in Akerna’s filings with the Securities and Exchange Commission, including those set out under “Risk Factors” therein . You are cautioned not to place undue reliance on forward-looking statements. All information contained herein applies only as of the date of this information in the case of information about Akerna or the date of this information in the case of information from persons other than Akerna. Akerna assumes no obligation to update or revise the information contained herein. Projections and estimates regarding Akerna’s industry and end markets are based on sources believed to be reliable; However, no guarantee can be given that these forecasts and estimates will prove to be correct in whole or in part.
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