Jun-2024
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Overview
Market Insights Snapshot
710 Labs has shown a strong performance in the concentrates category across multiple states, maintaining high rankings in both California and Colorado. In California, the brand held the top position for three consecutive months before slightly dropping to the second spot in June 2024. Despite this minor dip, the sales figures remained robust, indicating sustained consumer interest. However, their performance in the flower category in California has seen some fluctuations, hovering around the 40th position, which suggests room for improvement. Notably, 710 Labs did not make it into the top 30 for pre-rolls in May and June, highlighting a potential area for growth.
In Colorado, 710 Labs has maintained a strong presence in the concentrates category, although their ranking has seen a gradual decline from third to fifth place over the past four months. The brand's performance in the flower category has also been noteworthy, consistently placing within the top 11. However, their vapor pen category rankings have been less stable, with the brand falling out of the top 30 in June. In Michigan, 710 Labs has experienced a downward trend in both concentrates and vapor pens, with their rankings slipping from sixth to eleventh and from 44th to 50th, respectively. This indicates a challenging market environment in Michigan, which may require strategic adjustments to regain momentum.
Competitive Landscape
In the California concentrates market, 710 Labs has been a dominant player, consistently holding the top rank from March to May 2024, before slipping to the second position in June 2024. This shift in rank indicates a competitive landscape where Raw Garden managed to overtake 710 Labs in June 2024, despite 710 Labs' strong sales performance earlier in the year. The rise of West Coast Cure from the fifth position in March to the third position in June also highlights the increasing competition. Meanwhile, Punch Extracts / Punch Edibles maintained a relatively stable presence, fluctuating between the third and fourth ranks. These shifts suggest that while 710 Labs remains a key player, the brand must stay vigilant and innovative to maintain its market leadership amidst the dynamic competition in California's concentrates category.
Notable Products
In June 2024, the top-performing product for 710 Labs was Donny Burger (3.5g) in the Flower category, which secured the first rank with sales of $1900. Tupac Pure Kush #1 (3.5g) followed in second place, also in the Flower category. Lemon Tart Pucker #1 Pre-Roll (1g) and Cake Crasher (3.5g) held the third and fourth positions respectively. Lemon Tart Pucker #1 (3.5g) maintained its fifth rank from previous months, indicating consistent performance. Notably, Donny Burger (3.5g) rose to the top spot from its previous second rank in March 2024.