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

3.2 min readPublished On: October 26th, 2021By

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:

Certain statements made in this release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such terms or expressions) are intended to identify forward-looking statements. Such forward-looking statements include but are not limited to statements regarding the ability of the MJ Platform team to help operators make decisions through analytics and reporting. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of significant known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside Akerna’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others that may affect actual results or outcomes, include (i) Akerna’s ability to maintain relationships with customers and suppliers and retain its management and key employees, (ii) changes in applicable laws or regulations, (iii) changes in the market place due to the coronavirus pandemic or other market factors, (iv) and other risks and uncertainties disclosed from time to time in Akerna’s filings with the U.S. Securities and Exchange Commission, including those under “Risk Factors” therein. You are cautioned not to place undue reliance on forward-looking statements. All information herein speaks only as of the date hereof, in the case of information about Akerna, or the date of such information, in the case of information from persons other than Akerna. Akerna undertakes no duty to update or revise the information contained herein. Forecasts and estimates regarding Akerna’s industry and end markets are based on sources believed to be reliable; however, there can be no assurance these forecasts and estimates will prove accurate in whole or in part.

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

About the Author: News Team

Newsteam at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.

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