It's also the economy. Everything is expensive. Young people are less successful than ever before (at no fault of their own). When it costs $10 a beer with tax and tip, most young people simply can't afford to do that with any regularity.
It's also also competition. In 1970, your option was to stay home and watch one of three TV channels and that's it. Now, your options are literally to watch any movie ever made, watch any TV show ever made, or play any game ever made... all connected with your friends online.
It is a part of it, but it's not just weed. I would argue the economy is the most impactful factor here.