Nevada Cannabis Sales

May, 2024
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Cannabis Market Data

Overview

The cannabis market in Nevada has experienced a notable fluctuation in sales and pricing over the past two years. As of May 2024, the total sales reached approximately $60.81 million, reflecting a slight month-over-month growth of 0.5% but a significant year-over-year decline of 13.8%. This trend indicates a challenging period for the market, with average item prices decreasing from $21.01 in April 2024 to $20.63 in May 2024. The market's dynamics are influenced by various factors including regulatory changes, consumer preferences, and economic conditions.

Despite these challenges, Nevada's cannabis market continues to evolve, with varying performance across different categories. The state has seen a general decline in average item prices, which could be attributed to increased competition and scale efficiencies among cannabis producers. This price adjustment seems to be a strategic response to stimulate consumption and cope with the market's downward pressure on sales.

$60.81M

May, 2024

Sales

-13.8 %

Year Over Year

Growth

Data Snapshot Jun 03, 2024

Market Comparison

When comparing Nevada to other states such as California and Colorado, it's evident that Nevada's market is relatively smaller but exhibits unique trends. For instance, California reported sales of $356.47 million in May 2024, significantly higher than Nevada's $60.81 million. However, both states experienced a decline in year-over-year sales, with California seeing a decrease of 5.3%.

Nevada Weed Prices

Product
May, 2024
YoY
Flower (Gram)
$11.31
Flower (Eighth)
$22.57
Edible (10mg)
$20.01
Concentrate (Gram)
$23.01
Top Strain
Runtz
| State | Total Sales (Millions) | MoM Sales Growth | YoY Sales Growth | |-------|------------------------|------------------|------------------| | NV | $60.81 | 0.5% | -13.8% | | CA | $356.47 | -0.6% | -5.3% | | CO | $101.36 | -2.9% | -8.7% |
Data Snapshot Jun 03, 2024

Category Performance

Category
May, 2024
YoY
$
25.08
M
-18.5
%
$
15.46
M
-6.1
%
$
9.28
M
-9.2
%
$
6.51
M
-15.7
%
$
2.79
M
-16.0
%
$
0.84
M
-9.7
%
$
0.31
M
-22.5
%
$
0.31
M
-6.1
%

The Flower category in Nevada stands out with its significant sales volume yet facing a notable decline. In May 2024, Flower sales amounted to approximately $25.08 million with 919,699 units sold. The average item price saw a decrease to $27.27, down from $28.55 in April 2024. This category experienced a month-over-month sales growth of 0.7% and a unit growth of 5.4%, yet it faced an 18.5% drop in sales and a 10.4% decrease in units sold year-over-year.

| Segment | Total Sales (Millions) | Average Price | YoY Sales Growth | |---------|------------------------|---------------|------------------| | Sativa | $10.2 | $28.50 | -15% | | Indica | $9.8 | $26.80 | -20% | | Hybrid | $5.1 | $27.00 | -12% |
Data Snapshot Jun 03, 2024

Top Cannabis Brands in Nevada

Market Trends

Product Category Market Share In Nevada

Monthly Cannabis Sales

Historical Cannabis Sales In Nevada

Nevada Cannabis Reports

Report
January 12, 2023

A deep dive of the Nevada cannabis market

This report is created in partnership with Dai Truong of Arlington Capital Advisors. Please read more about him and his work covering the cannabis space at the bottom of the report.

Nevada Cannabis News

Blog
April 21, 2023

A look at last year's 4/20

A recap of last year's 4/20 sales trends across US and Canada.
Blog
July 8, 2021

A dab of data: A look at cannabis concentrates

To celebrate 7/10, we put together a brief overview of some popular types of dabs and some price points of the top brands.
User rating
NV
Legacy

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