Nevada marijuana consumers spent $965.1 million on adult-use and medical cannabis between July 1, 2021, and June 30, 2022, a 3.8% decline from the previous-year period.
That’s according to a Nevada Cannabis Compliance Board (CCB) report, which includes marijuana sales figures for the regulator’s 2022 fiscal year.
The report was prepared for state legislators in January, a CCB spokesperson told MJBizDaily.
The sales figures were previously released in September 2022.
“This decline is consistent with sales trends in other states with mature cannabis markets and can be attributed at least in part to after-effects of the COVID-19 pandemic,” the CCB’s January 2023 report noted.
“This is the first time that cannabis sales in Nevada have declined since we legalized cannabis for adult use,” CCB Executive Director Tyler Klimas told Reno-based radio station KUNR.
The average retail price of cannabis bud was $7.18 per gram during the CCB’s 2022 fiscal year, a 19% decline from the year before, according to the report.
Average retail prices also fell on an annual basis for other cannabis product categories tracked by the agency:
- Solvent-based concentrates (-9%).
- Infused edibles (-6%).
- Non-solvent-based concentrates (-6%).
- Pre-rolls (-10%).
- Small/popcorn buds (-36%).
As of January 2023, Nevada had 100 retail cannabis outlets, including one stand-alone MMJ dispensary, 33 adult-use stores and 66 co-located medical and recreational marijuana retailers, according to the CCB report.
Nevada issued the first set of licenses for marijuana consumption lounges in late 2022.
“The CCB expects cannabis consumption lounges to open on a rolling basis over the next year with the first likely to open by summer 2023,” according to the January report.