Cannabis Prices Drop In Nevada Despite Inflation
“This is the first time that cannabis sales in Nevada have declined since legalization”
Licensed cannabis retail stores and medical dispensaries generated just under $1 billion in taxable sales during fiscal year 2022 — a decrease of roughly 4% compared to the previous year — and the average retail price per gram of marijuana flower was $7.18 in 2022 — a decrease of 19%.
“This is the first time that cannabis sales in Nevada have declined since we legalized cannabis for adult use,” said Tyler Klimas, executive director of the Nevada Cannabis Compliance Board (CCB).
This is a trend also seen in other states, he said.
“When a state legalizes cannabis for adult use, the first few years, it’s new, it’s exciting. It’s something that wasn’t available before. And it’s consistent with other mature cannabis markets, so other states that legalized cannabis, either at the same time we did or before us for adult use, we’re starting to see sales numbers come a little bit back down to Earth,” Klimas said.
While the pandemic caused an increase in cannabis sales, Klimas said the industry is now seeing sales drop.
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