New Report Finds Women Continuing To Gain Market Share Of Cannabis Sales
The international cannabis consumer base is evolving with every passing day. As the legal cannabis industry continues to spread across the globe and access to various cannabis products increases, new consumers are coming on board and people that have taken a long break from cannabis are coming back to it.
As demographic shifts occur in the cannabis industry over time it will be important for cannabis companies to take note. A clear demographic shift is occurring in the United States where data company Akerna has determined that women are gaining a larger market share of cannabis sales. While the data involved is from the United States, it still provides insight globally as the U.S. market is maturing in a manner that many other countries will likely also experience. Below is more information about Akerna’s data report via a press release from the company:
DENVER, March 3, 2022 /PRNewswire/ – Akerna (Nasdaq: KERN), a leading enterprise software company and the developer of the most comprehensive technology infrastructure, ecosystem, and compliance engine powering the global cannabis industry, released a data report on women’s cannabis shopping habits as the demographic group continues to gain market share, up 3.3% since 2019.
When considering the millions of US cannabis consumers, these year over year shifts are quite sizeable and could have a significant impact on future product development:
Market Share – Women
“Cannabis has plenty of stigmas and stereotypes, but the data doesn’t lie – it has a broad appeal to people of all ages, sexes, and socioeconomic statuses,” said Jessica Billingsley, Akerna Chief Executive Officer. “I expect to see more and more brands targeting their products and marketing towards women in the coming years. Otherwise, they will risk losing participation in this growing market to the competition who does.”
Regarding women’s current product preferences, flower and cartridges are top choices, with concentrates coming in third – a category that recently overtook edibles for the first time, which moved down to the fourth most popular category for women.
Sales Percentage – Women
Data showed direct correlations between age and product sales. The youngest age groups of women are most likely to buy concentrates, with product share gradually declining as age goes up. On the contrary, the more mature groups spend the most significant amounts on infused edibles, a value which decreases gradually with each younger age group.
“Concentrates are perceived as an advanced cannabis consumption method, which could be why they appeal the most to younger populations which have grown up with the legalization of cannabis,” said James Ahrendt, Business Intelligence Architect at Akerna. “On the other hand, edibles provide a discreet form of cannabis consumption with easy dosing, which is likely why they appeal to more mature populations.”
Other values for women cannabis shoppers:
- Average products per order
- Medical: 2.98 products
- Adult-use: 3.12 products
- Average spent per order
- Medical: $123.41
- Adult-use: $76.80
- Sales by age groups:
- Under 30 – 27.3%
- 30-40 – 29.3%
- 40-50 – 19.2%
- 50-60 -13.6%
- Over 60 – 10.6%
About the Akerna Flash Report:
Flash Report looks at buying trends in the cannabis market as captured by Akerna’s flagship solution, MJ Platform. MJ Platform includes MJ Analytics, allowing operators, investors, and regulators to access the industry’s largest and most statistically relevant database to drive data-driven business decisions.
MJ Analytics provides:
- The most significant statistical relevance across countries
- Normalized data (not farmed from various disparate POS platforms)
- Complete cannabis supply chain data
- Business insights founded in category management methodology
MJ Analytics can eliminate the guesswork and provide answers to questions like:
- What is the gross margin return on inventory?
- What SKUs should be carried?
- How do basket adjacencies influence discounting and retention strategies?
- What does a medical market look like a year or five years after decriminalizing cannabis?
Click here for more information about MJ Platform and MJ Analytics.
Some instances of the flash report may include business intelligence derived from Akerna’s family of companies, including Ample Organics, Leaf Data Systems, solo sciences, Trellis, Viridian Sciences, and 365 Cannabis. Sales projections are based on market adjustment calculations and aggregate the entire US market.
Akerna has one of the largest seed-to-sale footprints in the cannabis industry, operating in 15 countries and 23 US 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 are relative to the prior period. Additional business intelligence data sources may include proprietary tools used by Akerna’s family of companies.
Akerna (Nasdaq: KERN) is an enterprise software company focused on compliantly serving the cannabis, hemp, and CBD industry. First launched in 2010, Akerna was the first cannabis software company listed on Nasdaq. The company’s cornerstone technology, MJ Platform, the world’s leading infrastructure as a service platform, powers retailers, manufacturers, brands, distributors, and cultivators.
For more information, visit https://www.akerna.com/.
Certain statements made in this release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such terms or expressions) are intended to identify forward-looking statements. Such forward-looking statements include but are not limited to statements regarding the ability of the MJ Platform team to help operators make decisions through analytics and reporting. 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 outside Akerna’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others that may affect actual results or outcomes, include (i) Akerna’s ability to maintain relationships with customers and suppliers and retain its management and key employees, (ii) changes in applicable laws or regulations, (iii) changes in the market place due to the coronavirus pandemic or other market factors, (iv) and other risks and uncertainties disclosed from time to time in Akerna’s filings with the U.S. Securities and Exchange Commission, including those under “Risk Factors” therein. You are cautioned not to place undue reliance on forward-looking statements. All information herein speaks only as of the date hereof, in the case of information about Akerna, or the date of such information, in the case of information from persons other than Akerna. Akerna undertakes no duty to update or revise the information contained herein. Forecasts and estimates regarding Akerna’s industry and end markets are based on sources believed to be reliable; however, there can be no assurance these forecasts and estimates will prove accurate in whole or in part.