APRIL 2023 MARKET DATA & ANALYSIS
The Nevada Department of Taxation (NDOT) issued data on April 2023 Cannabis Tax Revenue and Sales. April 2023 combined medical and adult use sales, at just over $72 million, were down 3.9% from March 2023 sales of $75 million and were down 7.8% from sales of $78.2 million in April 2022.
Adult Use Cannabis Sales
April 2023 adult use sales, at $70.1 million, were down 3.9% from March 2023 sales of $74.3 million and down 4.6% from sales of $78.2 million in April 2022.
Medical Cannabis Sales
April medical sales, at just under $2 million, were up from March 2023 medical sales, which came in at $742,836, a change of 168% on the month. NDOT data has been inconsistent on several occasions over the past year. Medical sales should be the difference between adult use sales and total medical and adult use sales. In several instances, adult use sales, extrapolated from retail excise taxes, have exceeded the reported sum of medical and adult use sales.
Wholesale Cannabis Price Analysis
Nevada spot wholesale cannabis prices have been under relentless pressure since March 2022. Since then, price has fallen 27.4% to test a double-bottom low back to April and December 2019. Since January, wholesale price has staged a bit of a comeback, reaching climbing a couple hundred dollars per pound in Q1, followed by a consistent decline heading into the summer months. A test of the all-time state low – made in January 2023 – is in the works. Should that level fall, Nevada will start to fall in line with prices in New Mexico and ultimately the rest of the desert Southwest.