Nevada Cannabis Sales

Sep, 2024

Cannabis Market Data

Overview

Nevada's cannabis market has shown a fluctuating trend over the past two years, with recent months indicating a downturn in both sales and unit growth. As of September 2024, the average item price in Nevada was $21.35, a slight increase from August's $21.13, yet the total sales dropped by 6.6% month-over-month to $55.18 million. This decline is part of a broader trend observed over the year, with a year-over-year sales decrease of 12.5%. The market's performance suggests a cooling off from previous highs, possibly influenced by market saturation or regulatory changes affecting consumer behavior.

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$55.17M

Sep, 2024

Sales

-12.5 %

Year Over Year

Growth

Data Snapshot Oct 03, 2024

Market Comparison

When comparing Nevada to other major markets like California and Colorado, Nevada's market size is smaller with total sales of $55.18 million in September 2024, compared to California's $334.22 million and Colorado's $104.77 million. The growth rates also differ significantly; while Nevada experienced a year-over-year sales decline of 12.5%, California and Colorado saw declines of 7.7% and 7.4%, respectively. This indicates that Nevada's market is contracting faster than some other states. Pricing in Nevada remains competitive, with average item prices close to those in Colorado but significantly lower than in California and New York, suggesting a different consumer price sensitivity or market maturity level.

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Nevada Weed Prices

Flower (Gram)

$12.99

4.20%

Flower (Eighth)

$25.34

4.20%

Edible (10mg)

$18.30

4.20%

Concentrate (Gram)

$22.96

4.20%

Top Strain

Lemon Cherry Gelato

| State | Avg. Item Price (Aug 2024) | Total Sales (Aug 2024, $M) | YoY Sales Growth | |-------|---------------------------|----------------------------|-----------------| | NV | $20.72 | 58.35 | -11.0% | | CA | $19.49 | 343.30 | -7.7% | | CO | $16.79 | 100.91 | -13.6% |

Data Snapshot Oct 03, 2024

Category Performance

Flower

23.11

-13.2

Vapor Pens

14.05

-7.3

Pre-Roll

8.34

-13.3

Edible

5.53

-18.1

Concentrates

2.65

-13.7

Beverage

0.76

-8.4

Capsules

0.28

-22.2

Topical

0.26

-21.2

Tincture & Sublingual

0.19

-40.6

The Flower category, a significant segment in Nevada's cannabis market, mirrors the overall market's declining trend but at a varied pace. In September 2024, Flower sales reached approximately $23.11 million, with an average item price of $29.26, slightly up from August's $29.06. Despite this minor price increase, both sales and unit numbers have decreased by 7.3% and 7.9% month-over-month, respectively. This suggests a decrease in consumer demand or purchasing power within this category, which could be due to a variety of factors including increased competition or shifts in consumer preferences towards other categories.

| Segment | Average Price | Total Sales | Total Units Sold | |---------|---------------|-------------|-----------------| | Sativa | $30.50 | $5.5M | 180,000 | | Indica | $28.80 | $10.2M | 354,000 | | Hybrid | $29.00 | $7.4M | 255,000 |

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Data Snapshot Oct 03, 2024

Top Cannabis Brands in Nevada

STIIIZY

Wyld

Rythm

Select

&Shine

Rove

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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.

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