Nevada Cannabis Sales

Jan, 2024
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Cannabis Market Data

Overview

Nevada's cannabis market has been navigating through a dynamic landscape with fluctuating prices and sales volumes. As of January 2024, the average item price has seen a slight dip to $21.83, compared to $22.11 in December 2023. Despite this decrease in price, total sales have reached $57.85 million, with over 2.65 million units sold. The market, however, is experiencing a contraction, with a month-over-month decline of 8.1% and a more pronounced year-over-year decline of 13.9%.

The state's cannabis industry has shown resilience in the face of these challenges, maintaining a diverse product offering and a competitive market for consumers. Brands and retailers are adapting to consumer price sensitivities, and while some categories are experiencing slower growth, others continue to innovate and attract consumer interest.

$57.85M

Jan, 2024

Sales

-13.9 %

Year Over Year

Growth

Data Snapshot Feb 10, 2024

Market Comparison

When compared with other markets in the USA, Nevada's cannabis market size is moderate. For instance, California's market size towers with $332.43 million in sales, while Washington's sales stand at $95.98 million. Nevada's growth rates are currently lagging, with a year-over-year decline of 13.9%, while markets like Illinois and Massachusetts are showing more stability in pricing and sales volumes.

For a more comprehensive understanding of the cannabis market dynamics in Nevada and how they compare to other states, Headset Insights offers an in-depth analysis, including consumer behavior patterns and emerging trends.

Note: All sales figures are represented in millions of dollars.

Average Item Prices
Product
Jan, 2024
YoY
Flower (Gram)
$12.30
Flower (Eighth)
$25.83
Edible (10mg)
$22.81
Concentrate (Gram)
$22.79
Top Strain
Lemon Cherry Gelato
| State | Total Sales (Million $) | MoM Growth (%) | YoY Growth (%) | Avg. Item Price ($) | |-------|-------------------------|----------------|----------------|---------------------| | [NV](https://www.headset.io/markets/nevada) | 57.85 | -8.1 | -13.9 | 21.83 | | [CA](https://www.headset.io/markets/california) | 332.43 | N/A | N/A | 21.43 | | [WA](https://www.headset.io/markets/washington) | 95.98 | N/A | N/A | 13.02 | | [IL](https://www.headset.io/markets/illinois) | 161.64 | N/A | N/A | 32.92 | *Table 2: Comparative market data for January 2024.*
Data Snapshot Feb 10, 2024

Category Performance

Category
Jan, 2024
YoY
$
24.24
M
-16.0
%
$
14.71
M
-9.9
%
$
8.11
M
-8.3
%
$
6.14
M
-19.6
%
$
3
M
-18.9
%
$
0.73
M
-2.7
%
$
0.33
M
-5.7
%
$
0.27
M
-22.9
%

Focusing on the Flower category, it is evident that this segment is not immune to the overall market trends. The average item price for Flower in January 2024 was $30.02, with total sales amounting to $24.24 million from 807,445 units. Within this category, the Hybrid segment stands out, with total sales of $16.54 million and an average item price of $28.39, indicating a strong consumer preference.

| Brand | Total Sales (Million $) | Total Units | Average Item Price ($) | |-------|-------------------------|-------------|------------------------| | [Curaleaf](https://www.headset.io/brands/curaleaf) | 1.82 | 49,709 | 36.59 | | [Rythm](https://www.headset.io/brands/rythm) | 0.89 | 25,626 | 34.86 | | [Shango](https://www.headset.io/brands/shango) | 0.75 | 28,172 | 26.65 | | [Remedy](https://www.headset.io/brands/remedy) | 0.63 | 23,039 | 27.48 | | [Good Green](https://www.headset.io/brands/good-green) | 0.62 | 23,675 | 26.12 | *Table 1: Top brands in the Hybrid Flower segment in Nevada for January 2023.*
Data Snapshot Feb 15, 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.
Blog
December 30, 2020

Noteworthy cannabis brands to watch in 2021

We're recognizing nine brands that had a successful year in their respective markets.
User rating
NV
Legacy

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