Akerna Flash Report: Cannabis concentrate sales rose 50% on Saturday, 7/10, as consumers celebrated 710 Oil Day – The Grand Junction Daily Sentinel

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DENVER, July 16, 2021 /PRNewswire/ — Business intelligence from Akerna (Nasdaq: KERN), 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®), shows that concentrate sales were up 50% on Saturday, July 10th also known as “710 Day”, as inverting the value 710 spells OIL, another word for cannabis concentrates. 

The top-selling concentrate categories for this year’s 710 were:

710 Concentrate Sales Ranking by Subcategory

Live ResinBudderOilShatterRosin

In comparing 710 day to 2021 averages, Akerna data uncovered some interesting shifts in consumer behavior. Where the 30-40 age group have had the largest share of spending this year, the under 30 age group took the lead for 710 day:

710 Day Spending by Age

Under 30 – 37%30-40 –34%40-50 – 16%50-60 –8%Over 60 – 5%

Another interesting concentrate trend in year-to-date 2021 data shows a shift in female product preferences, with concentrates overtaking edibles in popularity for the first half of the year:

 Female Product Spending Market Share (2021 year to date)

Flower – 44%Cartridges & Pens – 34%Concentrates – 10.2%Edibles – 8.9%Other – 2.9%

“While 420 remains the top-grossing cannabis culture holiday, we’ve seen year-over-year increases in concentrate spending on 710,” said James Ahrendt, Business Intelligence Architect at Akerna. “What really caught my attention in this report was that for the first time, females are spending more on concentrates over edibles in 2021. Edibles have long been perceived as the easiest way to dose your marijuana, but as the stigma around use decreases and availability of cannabis increases, consumers are changing how they consume cannabis.”

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