Akerna (KERN), a cannabis technology company focusing to connect data points in the global cannabis supply chain and developer of the cannabis industry’s first seed-to-sale enterprise resource planning software, confirmed Tuesday, April 20, had the highest sales of retail cannabis ever recorded with almost $111,815,824 worth of cannabis sold for medical and recreational use. The 5-day period surrounding the unofficial ‘holiday’ (4/16 – 4/20), produced $373,787,685 worth of sales. KERN stock surged adjacent to the news.
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Akerna Corp. (KERN) shares were rising 5.97% to trade at $4.61 in the current market at the last check. Shares of the company were fluctuating between $4.03 and $4.36. The stock recorded a trading volume of 3.52 million shares, which is below the average daily trading volume published for the last 50 days of 1.6 million shares. In the past 12 months, the company’s stock has retreated -51.67%.
Akerna has tracked cannabis sales worth more than $20B to date and specializes in serving the cannabis, hemp, and CBD industry. Furthermore, it is the first cannabis software company to be listed on Nasdaq. The company’s technology, MJ Platform, is a service platform which powers various retailers, producers, brands, distribution networks, and cultivators.
420 in the previous years didn’t see any substantial increase in sales depicting the cannabis retail market had to adapt to new customer orientation and changing needs of customers. After cannabis dispensaries began offering several shopping options such as online ordering, curbside pickup, and delivery, cannabis sales saw a rise in sales.
“Earlier this month, we released predictions for this year’s 420, derived from MJ Platform, which correctly predicted the $373+ million value,” said James Ahrendt, Business Intelligence Architect at Akerna, emphasizing the significance and accuracy of data analytics by leveraging data-driven insights.
The record-breaking cannabis sale can be accounted for 420 celebrations and state policies legalizing cannabis for both medicinal and adult use. Federal cannabis reform has seen support from various congresspeople however the cannabis industry still relies on state by state legislation.
Cannabis is a Class I controlled substance and the industry can not access traditional banking services such as loans, however, the Senate bill is expected to work on broader cannabis reforms that include decriminalization and federal regulation.
Increasing consumer demand of cannabis combined with potential policies favoring cannabis sales has peaked investor interest for the company. Furthermore, high accuracy in data analytics and a network of retailers, manufacturers, and various brands has been extremely significant for Akerna, with stock price surging immensely.