College students are keeping the existential dread at bay with the help of a sizable stash according to new figures on cannabis sales. Many U.S. college students returned to campus for the fall semester, others have begun their online courses, while some have been sent packing after campus wide COVID-19 outbreaks. In the midst of a job eating virus and a recession, a few measly dime bags aren’t cutting it for today’s undergrads.
Denver-based compliance technology provider Akerna revealed that cannabis sales jumped eight percent from July to August as fall semesters began in towns with at least 1,000 college students. Additionally, cannabis customers under 30 rose ten percent from July and made up 29 percent of all sales in August.
Cannabis was classified as an essential business at the onset of COVID-19. As most other industries suffer, cannabis continues to thrive, setting sales records across the United States.
The younger crowd isn’t spending as much per dispensary haul when compared to their older counterparts. This comes as no surprise, given the average college student’s willingness to down a beer bong full of natty light (a beer that’s been deemed the worst in the world according to experts at RateBeer.com). On average, cannabis consumers under the age of 30 spend $102 per transaction. The over 60 crowd spends about $119 per dispensary run. However, the younger crowd is making more frequent trips to their favorite cannabis retailers.
Consumers under 30 are also buying more concentrates than any other age group. The group’s concentrate purchases jumped 4 percentage points from July, and now makes up 15 percent of their transactions. Good old-fashioned flower prevails, flower sales for this group remained at 49 percent through July and August for those under 30.
“Overall, I would say there are strong enough data points to say there is a ‘back to school’ influence in the cannabis industry,” Business Intelligence Engineer for Akerna James Ahrendt said. “With students going back to school, and some moving to campus, dispensaries near campus are seeing an increase in foot traffic for the under 30 age group.”