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Millennials, the largest generational group in the U.S., are shaping spending habits across industries, including marijuana. According to a recent survey, this age group, ranging from 28 to 43 years old, has become a dominant force in the joint market, making up 45% of the $3 billion industry.
Harrison Bard, the CEO and co-founder of Custom Cones U.S., noted that millennials occupy a unique position. “They have more disposable income and greater freedom compared to younger generations,” Bard explained, adding that the generation grew up during a time when cannabis was becoming more normalized.
The study, conducted by Custom Cones U.S. in collaboration with the marijuana analytics company Headset, involved survey data from over 900 marijuana users across the country. It provided detailed insights into purchasing habits and preferences within the pre-roll market.
Headset’s analysis revealed that the average price of a pre-roll is $6.44 for a gram—a figure that has steadily declined over recent years, dropping from $8.13 in Sep. 2022.
Millennials remain the dominant spenders on pre-rolls at $103.9 million, making up 44.6% of total expenditures. Generation X accounts for $56.7 million (24.3%), Gen Z at $43.2 million (18.5%), while baby Boomers spend about $29.2 million, or 12.5%.
While vape pens are favored by Gen Z, they are less popular among older buyers who often opt for edibles. Pre-rolls, however, appear to transcend these generational divides. For users purchasing flower, rolling it remains the most popular way to consume it. Other methods include using a vaporizer, bong, or bowl.
The pre-roll market has seen remarkable growth, with 82% of users purchasing them and sales increasing by over 450% in the past five years. Retailers report that full-size, 1-gram pre-rolls outsell smaller, half-gram options typically sold in multipacks. Bard suggests that these larger pre-rolls are often bought for immediate use. “People seem to pick up a pre-roll along with their main purchase to enjoy right away,” he said.
The study also explored the disconnect between what marijuana businesses assume consumers want and what buyers prioritize. While businesses often view price as the primary factor, consumers tend to focus on potency. This preference explains the growing popularity of infused joints, known for their higher THC content.
Over the last two years, California-based Jeeter has led the market, accounting for 8.8% of pre-roll sales and generating $504.2 million in revenue. Other top brands include Stiizy, with $320.9 million in sales from over 43.4 million joints, and Dogwalkers, which pioneered mini pre-rolls, achieving $141.6 million in sales with 6.1 million units.
While men are responsible for the majority of the purchases across all generations, this does not necessarily mean they are the sole consumers. Bard suggests that men often take on the role of purchasing marijuana on behalf of households, even though women typically make the majority of everyday purchasing decisions.
These findings could give industry actors like Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) valuable insights to consider when planning how to deepen their reach within the markets in which they operate.
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