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Nevada Cannabis Sales
Oct, 2024
Overview
Nevada's cannabis market is currently experiencing a nuanced trajectory. In October 2024, the average item price was recorded at $21.89, showing a slight increase from September's $21.79. This indicates a stable pricing environment, which is crucial for maintaining consumer interest and market stability. However, the total sales amounting to $57.43 million and total units sold at approximately 2.62 million reflect a month-over-month sales growth of 4.1% and unit growth of 3.6%. Despite these positive short-term growth figures, the year-over-year metrics reveal a decline, with sales and units dropping by 9.0% and 7.1% respectively, suggesting challenges in maintaining long-term market growth.
Oct, 2024
Sales
Year Over Year
Growth
Market Comparison
Comparing Nevada to other major markets like California and Colorado, we observe some distinct differences. California, with total sales of $345.13 million, and Colorado, with $102.13 million, both surpass Nevada's market size significantly. California's market shows a slight month-over-month sales increase of 3.3% but a year-over-year decline of 3.1%. Colorado, on the other hand, shows a month-over-month increase of 2.2% but a year-over-year decline of 5.3%. Both states have higher sales volumes but are experiencing similar year-over-year declines, indicating a broader trend of market contraction across states. Nevada's pricing is competitive, with an average item price closer to Colorado ($15.27) than to California ($19.34), suggesting a middle-ground market positioning.
Category Performance
The Flower category in Nevada presents an interesting case. In October 2024, the average item price for Flower was $30.98, which is higher than the overall market average, indicating a premium positioning. The total sales for Flower were $23.98 million with 774,059 units sold. The month-over-month sales growth was 4.9%, and unit growth was 0.7%. However, year-over-year sales and unit growth were down by 8.5% and 10.1% respectively, showing a decline similar to the broader market trend. This suggests that while Flower remains a significant category, it is facing similar challenges as the overall market in sustaining long-term growth.
Product Category Market Share In Nevada
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