The Silver State is seeing gold with its cannabis industry
After several difficult months for the cannabis industry in Nevada, a report from Akerna claims that sales are finally recovering. According to the reports from the enterprise software and leading compliance technology provider, and developer of the cannabis industry’s first seed-to-sale enterprise resource planning (ERP) software technology, a recent increase in cannabis sales in the Silver State is beginning to show the benefit the market has to Nevada’s growth.
Sales first started to decrease on March 21 after restrictions were put in place by the local government in response to the coronavirus pandemic. This is valid for the companies currently using the MJ platform. Compared to the first two months of the year, sales declined 74% on average, but it was mainly because customers were buying with less frequency but more volume.
Later in May, sales started to recover, which might be related to the fact that restaurants and shops began to open again. Recreational sales reported a 52% increase in average daily sales when compared to April – a month that had all nonessential businesses closed for the entire month. It was estimated that, between March 21 and May 31, retailers experienced a 35% loss in total sales if compared to January and February figures.
In June, when casinos and other gambling venues were allowed to reopen for business, cannabis sales quickly returned to what they were before the pandemic started. Dispensaries focused on adult-sales reported a 26% increase in average daily sales when compared to May. “Sales have rebounded past pre-COVID numbers,” said Ryan Ballman, Akerna’s Business Intelligence Engineer. “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.”