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Nevada Cannabis Sales
Sep, 2024
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.
Sep, 2024
Sales
Year Over Year
Growth
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.
Category Performance
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.
Product Category Market Share In Nevada
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