Nevada Cannabis Sales

Nov, 2024

Cannabis Market Data

Overview

Nevada's cannabis market has experienced a notable contraction in recent months, with a decline in both sales and unit growth. In November 2024, total cannabis sales in Nevada amounted to approximately $54.71 million, a decrease of 4.7% month-over-month and an 11% drop year-over-year. This downturn is reflected in the average item price, which decreased from $21.94 in October 2024 to $21.63 in November 2024. The contraction in the market is further evidenced by a decrease in total units sold, which fell by 3.4% month-over-month and 7.5% year-over-year.

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$54.7M

Nov, 2024

Sales

-11 %

Year Over Year

Growth

Data Snapshot Dec 03, 2024

Market Comparison

When comparing Nevada's market to other states, it is evident that Nevada is not performing as well as some others. For instance, New York and Ohio have seen tremendous year-over-year growth rates of 416.2% and 93.5% respectively, far outpacing Nevada's decline. The average item price in Nevada ($21.63) is lower than that in New York ($36.40) and Ohio ($34.76), which may reflect different market dynamics or consumer preferences. Additionally, Michigan, despite a lower average item price of $10.05, has seen a year-over-year sales growth of 2.2% and a significant increase in units sold by 35.8%.

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Nevada Weed Prices

Flower (Gram)

$12.41

4.20%

Flower (Eighth)

$24.54

4.20%

Edible (10mg)

$16.85

4.20%

Concentrate (Gram)

$23.19

4.20%

Top Strain

Jenny Kush

**Table: Comparative Market Analysis (November 2024)** | State | Average Item Price | Total Sales (Millions) | YoY Sales Growth | |-------|--------------------|------------------------|------------------| | NV | $21.63 | $54.71 | -11.0% | | NY | $36.40 | $97.56 | 416.2% | | OH | $34.76 | $79.81 | 93.5% | | MI | $10.05 | $266.11 | 2.2% |

Data Snapshot Dec 03, 2024

Category Performance

Flower

22.66

-12.4

Vapor Pens

14.01

-7.6

Pre-Roll

7.98

-9.1

Edible

6.08

-12.0

Concentrates

2.47

-18.5

Beverage

0.75

-1.3

Capsules

0.3

-14.3

Topical

0.27

-12.9

Tincture & Sublingual

0.18

-41.9

The Flower category, a significant segment of Nevada's cannabis market, has similarly faced challenges. In November 2024, the Flower category saw total sales of approximately $22.66 million, marking a 5.5% decrease from the previous month and a 12.4% decrease from the previous year. The average price of Flower items also decreased from $30.99 in October 2024 to $29.97 in November 2024. Within this category, the segments showing interesting trends include Ground Flower and Shake and Trim. Ground Flower experienced a significant year-over-year sales increase of 172.9%, despite a month-over-month sales drop of 13.8%. Shake and Trim displayed a remarkable surge in sales, with a 63.1% month-over-month increase and a 227.4% year-over-year increase.

**Table: Flower Category Segment Performance in NV (November 2024)** | Segment | Average Item Price | Total Sales (Millions) | MoM Sales Growth | YoY Sales Growth | |-------------------|--------------------|------------------------|------------------|------------------| | Ground Flower | $31.36 | $0.53 | -13.8% | 172.9% | | Shake and Trim | $29.83 | $0.47 | 63.1% | 227.4% | | Hybrid | $30.10 | $16.14 | -3.5% | -9.6% | | Indica | $26.81 | $2.72 | -20.5% | -8.9% |

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Data Snapshot Dec 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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