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Nevada Cannabis Sales
Apr, 2024
Overview
Nevada's cannabis market has been experiencing a notable fluctuation in sales and pricing over the past two years. In April 2024, the average item price across all categories settled at $20.92, a slight decrease from the previous month, and a more pronounced 14.7% year-over-year decline. Total sales for the same month reached $60.5 million, with a month-over-month decrease of 2.5% and a significant year-over-year drop of 14.7%. Despite these downward trends, the market shows resilience in unit sales, which only saw a modest decrease of 1.4% month-over-month and an 8.5% decrease year-over-year.
The market's performance is a complex interplay between consumer demand, regulatory factors, and competitive pricing. While some categories have seen a decline in average item prices, suggesting increased competition or changes in consumer preferences, others have maintained stable pricing, indicating a consistent demand for those products. The overall decrease in sales suggests a market that is adjusting to these dynamics, with potential for strategic brand positioning and product innovation.
Apr, 2024
Sales
Year Over Year
Growth
Market Comparison
When comparing Nevada to other states in the USA, it's evident that the market dynamics vary significantly. For instance, Illinois showed a year-over-year sales growth of 5.5% and a unit growth of 13.3%, with an average item price of $31.13 in April 2024. On the other hand, Michigan experienced a substantial year-over-year sales growth of 14.4% and a unit growth of 48.1%, with a much lower average item price of $11.58.
Nevada's market size is smaller than that of states like California and Michigan, with total sales of $60.5 million compared to California's $358.7 million and Michigan's $281.6 million. However, Nevada's average item price is more aligned with the national average, suggesting a balanced market in terms of pricing. The growth rates indicate that while Nevada's market is contracting, other states are either growing or experiencing less severe declines.
For a more comprehensive understanding of the cannabis market trends and strategic insights, consider leveraging Headset Insights for an in-depth analysis.
Nevada Weed Prices
Category Performance
Focusing on the Edibles category in Nevada, the segment that stands out is Gummies, which has shown resilience in the face of the overall market's decline. In April 2024, Gummies accounted for a significant portion of the Edible category's sales, with total sales amounting to over $6 million and a relatively small year-over-year sales and unit growth decrease of 16.2% and 14.1%, respectively. The average item price remained stable at $16.43, indicating sustained consumer interest in this segment.
The top brand in the Gummies segment for April 2023 was Wyld, with total sales of approximately $2.69 million and an average item price of $15.98. Other notable brands include Wana and Incredibles, with sales of $743,633 and $540,553 respectively. These brands have managed to capture consumer interest through a combination of product quality, brand recognition, and pricing strategies.
Product Category Market Share In Nevada
Historical Cannabis Sales In Nevada
Nevada Cannabis Reports
A deep dive of the Nevada cannabis market
Nevada Cannabis News
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