US millennials under 30 have spent $4.4 billion on cannabis in 2021

DENVER – Business intelligence from Akerna (Nasdaq: KERN), an enterprise software company analyzed the under 30 age range of cannabis consumers, a demographic that has consistently been ranked as the #2 purchasers of cannabis products in 2021. Data shows that this age range of younger millennial cannabis consumers accounted for 28.13% of all legal adult-use and medical cannabis sales this year, with over $4.4 billion spent on cannabis products.

“In comparison to other age groups, younger millennials spend the largest share of their cannabis dollars on concentrates and the smallest share on edibles,” said James Ahrendt, Business Intelligence Architect at Akerna. “Edibles are a simple way to dose your marijuana and consume discreetly, while concentrates require more education, tools, and preparation, exemplifying the higher levels of cannabis knowledge and use in this younger millennial age range.”

While cannabis flower is the most popular product choice for younger millennials, it accounts for the least percent of their spending compared to all other age groups. This means that even though flower is the top purchased product for younger millennials, they spend a smaller percentage of their money on it than any other age group.

When comparing genders in the younger millennial category, women spend more on cartridges/pens and edibles, while men spend more on flower and concentrates.

Male:

• Category sales:
  • Flower – 48%
  • Cartridge/Pens – 31%
  • Concentrates – 16%
  • Infused Edibles – 4%
  • Other – 1%

Female:

• Category sales:
• • Flower – 44%
  • Cartridge/Pens – 35%
  • Concentrates – 14%
  • Infused Edibles – 6%
  • Other – 1%

Older millennials in the 30-40 range have consistently been the age demographic leading the highest volumes of cannabis purchasing. You can check out Akerna’s data snapshot on older millennials here.

Other values for the under 30 age range:

1. Average order total
   • $102.32
2. Average basket size
   • 2.63 products per purchase
3. Category sales:
   • Flower – 47%
   • Cartridge/Pens – 32%
   • Concentrates – 15%
   • Infused Edibles – 5%
   • Other – 1%
4. Demographics:
   • 63% male
   • 37% female

Forward-Looking Statements:

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(This information is primarily sourced from Akerna.  Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).