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Apr-2024
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Overview
Market Insights Snapshot
In the competitive cannabis market, Rythm has shown a notable presence across various states and categories, with its performance highlighting both strengths and areas for improvement. In Illinois, Rythm's Flower category has consistently held a top 3 ranking from January to April 2024, showcasing a strong and stable market presence with sales peaking in April at over 3.7 million. Conversely, its Concentrates category in Illinois saw an entry at rank 12 in February but did not make the top 30 in the following months, indicating a potential area for growth or reevaluation. Vapor Pens in Illinois also saw a steady ranking, albeit towards the lower end of the top 30, suggesting a steady but not leading presence in that category. Meanwhile, in Nevada, Rythm's Flower category experienced fluctuations in rankings but remained within the top 10, hinting at a competitive but volatile position within the state's market.
Looking at Rythm's performance in other states, Massachusetts and Maryland have shown contrasting trends. In Massachusetts, both the Flower and Vapor Pens categories have seen a slight decline in rankings from January to April 2024, with Flower dropping from rank 6 to 11 and Vapor Pens from 6 to 10. This could suggest a challenging market environment or increasing competition. On the other hand, Maryland has witnessed an improvement, especially in the Flower category, moving from rank 6 in January to rank 4 in April, alongside stable rankings in the Vapor Pens category. This indicates a strong and possibly growing consumer preference for Rythm products in Maryland. The entry into the New York Flower market in March and achieving a rank of 10 by April suggests strategic expansions, although it remains to be seen how this will develop in the highly competitive New York market.
Competitive Landscape
In the competitive landscape of the Illinois flower market, Rythm has demonstrated a notable performance, maintaining its position within the top ranks over the observed period. Starting from the fourth position in January 2024, Rythm ascended to the third rank by February and sustained this rank through March and April. This consistent upward trajectory in rank is mirrored by its sales performance, with a significant increase from January to April. Despite this growth, Rythm trails behind leading competitors such as High Supply / Supply, which has firmly held the top position, and Ozone, consistently in second place, both showing higher sales figures. Other notable competitors include Cresco Labs and Nature's Grace and Wellness, which fluctuate in the rankings but remain strong contenders. Rythm's steady rank and sales increase reflect its resilience and growing presence in the Illinois flower market, despite the fierce competition and dominance of other brands.
Notable Products
In April 2024, Rythm's top-performing product was Brownie Scout (3.5g) in the Flower category, maintaining its number one rank from the previous months with sales figures reaching 25,418 units. Following closely, Animal Face Popcorn (7g) emerged as the second top product, showing significant growth by climbing to the second position from its third rank in March. Animal Face (3.5g) secured the third spot, slightly dropping from its second position in March, indicating a competitive shift within the Flower category. White Durban (3.5g) also made notable progress, moving up to the fourth rank in April, despite not being ranked in March. Lastly, a newcomer to the top five, Brownie Scout (1g), rounded out the list, showcasing Rythm's diverse appeal within the Flower category.
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