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Nevada Cannabis Sales
Mar, 2024
Overview
Nevada's cannabis market is navigating through a complex landscape of growth and pricing adjustments. In the most recent month, the average item price in NV has seen a slight decrease to $21.04, reflecting a competitive market that is sensitive to consumer price expectations. Despite this, the state experienced an 8.1% month-over-month sales growth, indicating a resilient demand for cannabis products. However, year-over-year data paints a different picture, with a 15.0% decline in sales and a 7.8% decrease in units sold, suggesting that the market is adjusting from previous highs.
The cannabis industry in NV is diverse, with multiple categories contributing to the overall market. While some categories like Flower and Edibles have seen a decline in year-over-year sales by 18.2% and 22.6% respectively, others such as Capsules have grown by 3.2% in sales, indicating a shift in consumer preferences. This dynamic market requires continuous monitoring to understand the evolving trends and to capitalize on emerging opportunities.
Mar, 2024
Sales
Year Over Year
Growth
Market Comparison
When compared to other states, NV's cannabis market shows unique characteristics in terms of market sizing, growth rates, and pricing. For instance, NV's average item price of $21.04 is lower than IL's $32.49 and higher than OR's $13.8. The market size of $62.05 million is smaller than CA's $364.56 million but larger than NY's $34.33 million, highlighting the variance in market maturity and consumer base across different states.
NV's market is experiencing a challenging phase with a significant year-over-year sales decline. This contrasts with states like IL, which saw a year-over-year growth of 5.0%. Such insights are crucial for understanding regional market dynamics and can guide strategic decisions for stakeholders.
For further analysis or more detailed insights, Headset Insights can provide a deeper dive into the data to uncover additional trends and opportunities within the NV cannabis market.
Nevada Weed Prices
Category Performance
The Edibles category, particularly Gummies, has shown an interesting trend. Despite the overall decline in the Edibles category, the Gummies segment has maintained a relatively smaller decrease in year-over-year sales of 19.1% and units sold by 12.9%. This suggests that Gummies are still a popular choice among consumers, albeit with a reduced volume compared to the previous year.
In October 2023, the top brand in the Gummies segment was Wyld, with total sales of $2,300,576 and an average item price of $19.7. Other notable brands include Wana and Gron / Grön, which also captured significant market shares.
Product Category Market Share In Nevada
Historical Cannabis Sales In Nevada
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