DENVER, Sept. 29, 2020 /PRNewswire/ — According to 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®), suggests that Nevada cannabis sales are finally on the path to recovery.
For retailers in the state using the MJ Platform, cannabis sales first started to decline around March 21, following the implementation of lock down restrictions put in place by the state and local government. Average daily total sales declined by 74% when compared to January/February averages.
Though average daily sales declined, that was due to adult-use customers opting to stock up on cannabis rather than make multiple trips to retail stores. When compared to January/February averages, there was a 65% increase in average ticket size at $79.72 and a 34% increase in average basket size.
In May, cannabis sales started to recover, which could be attributed to the reopening of restaurants and shops. Adult use sales experienced a 52% increase in average daily sales when compared to April. It is estimated that cannabis retailers experienced a 35% potential loss in total sales between March 21 and May 31, when compared to January and February averages.
As the state’s casinos began to open back up in June, daily average cannabis sales returned to pre-COVID numbers. Adult-use retailers experienced a 26% in average daily sales when compared to May. Since June, adult-use cannabis sales increased by approximately 14%, representing 54% less growth than the rest of the industry.
“Sales have rebounded past pre-COVID numbers,” said Ryan Ballman, Business Intelligence Engineer, Akerna. “Though the state’s economic rebound has been a bit slower than the rest of the country, Nevada’s cannabis industry is still well on its way to making a full recovery.”
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