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Apr-2024
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Overview
Market Insights Snapshot
In the highly competitive cannabis markets, 710 Labs has shown remarkable performance, particularly in the California and Colorado markets, across various categories including Concentrates, Flower, Pre-Rolls, and Vapor Pens. In California, the brand has excelled in the Concentrates category, moving from the second rank in the first quarter of 2024 to the top position by April 2024, with sales peaking at over 2.2 million dollars in April. This upward trajectory signifies a growing consumer preference for 710 Labs' concentrate products. However, in the Pre-Roll category, the brand's late entry into the top 30 rankings by March and slight improvement by April suggests a burgeoning but yet-to-be-fully-realized market presence. Contrastingly, the Flower and Vapor Pens categories have shown steady improvement in rankings, indicating a solidifying market position and consumer trust in these product lines.
Looking at the Colorado and Michigan markets, 710 Labs exhibits a diverse performance spectrum. In Colorado, the brand has maintained a strong presence in the Concentrates and Flower categories, with the latter seeing a notable ascent to the 6th rank by April 2024. This growth in the Flower category, coupled with substantial sales increases, highlights 710 Labs' expanding influence and consumer base in Colorado. The Vapor Pens category, while not leading, shows consistent improvement in rankings, suggesting a steady gain in market share. Michigan's market tells a slightly different story, with the brand holding steady in the Concentrates category but experiencing a slight dip in the Vapor Pens category by April 2024. This mixed performance across states and categories underscores the complexities of market dynamics and consumer preferences, with 710 Labs navigating these with varying degrees of success.
Competitive Landscape
In the competitive landscape of the concentrates category in California, 710 Labs has shown a notable performance trajectory, moving from the second rank in the first quarter of 2024 to leading the category by April. This shift in ranking is particularly significant when considering the competition with Raw Garden, which held the top position from January to March but fell to second place in April. The sales data reflects this competitive dynamic, with 710 Labs experiencing a steady increase in sales over the four months, culminating in a significant leap in April that not only surpassed its own previous sales but also outperformed Raw Garden's. This suggests a growing consumer preference for 710 Labs' offerings over those of Raw Garden, despite Raw Garden's strong sales performance in the earlier part of the quarter. Meanwhile, STIIIZY maintained a consistent third-place ranking throughout the same period, indicating a stable but distinct tier of competition. The rise of 710 Labs to the top position underscores the brand's increasing market influence and consumer appeal within the highly competitive concentrates market in California.
Notable Products
In April 2024, the top-performing product for 710 Labs was Super Freak (Bulk) in the Flower category, securing the first rank with notable sales figures of 2416 units. Following closely, Queens Zugar Cookie #1 (Bulk) and Queens Zugar Cookie #1 (1g) took the second and third ranks, respectively, indicating a strong preference for the Queens Zugar Cookie #1 strain in both bulk and smaller quantities. Garlic Cocktail #7 (3.5g), which had previously shown a consistent performance by moving from rank 3 in February to rank 2 in March, slightly dropped to the fourth position in April. Rylu (Bulk) rounded out the top five, showcasing the diverse interest in 710 Labs' Flower category. This month's rankings highlight a significant demand for bulk flower products, with a notable shift in consumer preference towards specific strains.
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