What Does a Stable and Mature Cannabis Market Look Like? Ask the Millenials

Millennials are trendsetters in many different ways. This age group (born between 1981-1996) ushered in the internet age and was the first cohort to grow up with the internet and social media playing a key role in their day-to-day lives.  Millennials are generally believed to be civic-minded, choosing to focus more on societal rather than personal needs and goals. Coincidentally, they also happen to be the generation that ushered in mainstream acceptance of cannabis. This cohort grew up at a time when the cannabis prohibition era was coming to an end and was, therefore, the first to witness the wave of legalization sweep across the US as well as a few other countries. This also happens to be the largest generation in America, accounting for about 72 million adults in the U.S.

Needless to say, millenials perception and use of cannabis are very different from that of previous generations and represent what a mature and stable cannabis market will look like.

New Frontier Data recently released a report detailing attitudes and cannabis consumption trends among millennials. The report which was released two weeks ago was titled, “Millennials as Cannabis Consumers: Attitudes & Behaviours of America's Largest Generation.” Below are some of the key findings that were highlighted in the report:

• At least 49% spend between $50 and $200 on cannabis per transaction
• 39% use cannabis several times each day
• Millennials use cannabis as a sleep aid and are also conversant with sleep-promoting minor cannabinoids such as CBN and THCP
• A majority (66%) of millennials consider the type of strain important when purchasing a marijuana product which implies that they are sophisticated consumers. Potency and effects are also key considerations.
• A majority, being young parents prefer to consume cannabis away from home, this includes at someone else’s residence or while on vacation

New Frontier Data is a leading data analytics and technology firm that provides business intelligence to the global cannabis industry. Speaking to My Cannabis, the CEO Gary Allen highlighted the significance of this cohort as a representation of the future of cannabis.

“Millennials are the first cohort to grow up without the strong stigma against cannabis use, so we are getting a glimpse at what the future of stable, mature cannabis use might look like. They care more about labels, cannabinoids, and terpenes, prefer to purchase from brick-and-mortar stores, and are open to cannabis-infused activities and events. They are a “canary in the coal mine” so to speak about what the future cannabis consumer will look like.”

Millennials are currently in their late 20s to early 40s and most have young families. Other than experiencing first-hand rapid changes in technology, this demographic cohort has witnessed seismic changes in the social and economic arenas as well. Cannabis use among millennials increased by about 25% during the pandemic. Because they are more knowledgeable about cannabis, they can choose products based on terpene profiles and minor cannabinoids such as CBN and THCP. Most of what was revealed in this report was not surprising.