Valentine's Day Big Business for Cannabis

Akerna Cannabis
Akerna

Akerna is an enterprise software company focused on the cannabis industry. Since 2010, the company has tracked more than $20 billion in cannabis sales via its MJ Platform, an infrastructure as a service platform used by retailers, manufacturers, brands, distributors and cultivators.

The company recently tapped into MJ Platform, its seed-to-sale enterprise resource planning (ERP) software technology, to gain a little insight on Valentin's Day consumers and it found that cannabis consumer demographic continues to trend towards women.

Data from the 2021 Valentine's Day weekend (2/12-2/14) shows a 3% year over year shift towards female purchasers, with females making up over 38% of sales in 2021, growing from 35% in 2020.

Cannabis flower was a popular product for the 2021 Valentine's Day weekend, accounting for 48% of all sales, with a 3% gain in average market share over the other categories (flower, cartridges, pens, concentrates, infused edibles). This rise was likely driven by the increase in female purchases of flower. In 2020, women spent 35% of their cannabis dollars on flower, but in 2021 that number has increased to 45%.

In total, Cannabis consumers spent approximately $170 million during the 2021 Valentine's Day weekend (2/12-2/14), with Friday (2/12) sales taking 46% of that sum, a 1.46x increase of daily average sales, marking it the 3rd highest-grossing day of 2021.

Takeaways from the holiday week (2/8 - 2/14):

Category sales:

  • Flower – 48%
  • Cartridge/Pens – 31%
  • Concentrates – 12%
  • Infused Edibles – 7.6%
  • Other – 1.4%

Sales by age groups: which was led by the 30-40-year-old age group

  • 30-40 –30%
  • Under 30 – 27%
  • 40-50 – 19%
  • 50-60 –12%
  • Over 60 – 12%

Demographics:

  • 61.8% male
  • 38.2% female sales

According to James Ahrendt, Business Intelligence Architect at Akerna, women are the fastest-growing consumer segment in the cannabis industry.

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