According to data from New Frontier Data, half of millennials who purchase cannabis spend $50 to $200 per transaction.
Gary Allen, the company’s CEO, says attitudes and policies around cannabis changed when the group came of age.
The company recently released a new report titled, “Millennials as Cannabis Consumers: Attitudes & Behaviors of America’s Largest Generation.”
There are about 72 million Millennials in the U.S., according to a press release from the company. Members of this group were born between 1981 and 1996, and many of them have children and are in the workforce.
“Millennials came of age when cannabis-related social attitudes and policies were changing rapidly,” Gary Allen, New Frontier Data’s CEO, stated in a release. “As young adults, they watched the normalization of cannabis use mitigate negative stereotypes, and they have played a leading role in the emergence of the legal cannabis economy, both as participants in the market and as champions for change.”
The report also found that Millennials choose cannabis over sleep medication compared with other age groups and recognize what New Frontier Data calls “sleep-related minor cannabinoids” such as CBN and THCP.
Sixty-six percent of Millennials state that cultivar identification is a key determination when making purchasing decisions, with that percentage being more than 20% higher than the share of Gen X consumers that do the same.