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Mar-2024
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Overview
Market Insights Snapshot
In Nevada, BaM / Body and Mind has shown a fluctuating yet promising performance across different cannabis product categories. Specifically, in the Flower category, their rankings have seen a slight improvement from December 2023 to March 2024, moving from 27th to 26th position. This upward trend, despite a dip in January and February, is indicative of a potential recovery and growth in market share, especially considering the sales increase in March 2024 compared to December 2023. However, their performance in the Pre-Roll category tells a different story, with a significant drop in February 2024 to the 36th rank, before partially rebounding to 27th in March. This volatility suggests challenges in maintaining a consistent market position in the highly competitive Pre-Roll market within Nevada.
Turning our attention to Ohio, the performance of BaM / Body and Mind varies significantly across categories. In the Concentrates category, they experienced a notable improvement, moving from 16th in December 2023 to 13th in February 2024, before a drastic fall to 33rd in March. This sharp decline raises questions about the factors influencing such a sudden change in market dynamics. On the other hand, their presence in the Flower and Vapor Pens categories has been less impactful, with rankings in the Flower category not even making the top 30 after December 2023, and a consistent struggle to climb the rankings in the Vapor Pens category, moving from 49th in December 2023 to 54th in March 2024. This performance highlights significant challenges in penetrating these specific markets within Ohio, suggesting a need for strategic adjustments to improve their standing.
Competitive Landscape
In the competitive landscape of the Nevada cannabis flower market, BaM / Body and Mind has experienced fluctuations in its ranking, indicating a dynamic and challenging environment. From December 2023 to March 2024, BaM's rank saw a slight improvement, moving from 27th to 26th. This change suggests a modest uptick in performance relative to its competitors, despite the highly competitive market. Notably, Curaleaf, a key competitor, demonstrated significant volatility, initially ranking higher in the 8th to 11th range before dropping to 25th by March 2024. This indicates that even top competitors are not immune to the market's fluctuations. Meanwhile, Srene and Cookies have shown more stability, maintaining positions closer to BaM but with Cookies making a notable jump to 28th in March 2024. Jasper Hill Farm also saw a decline, indicating a potential opportunity for BaM to capitalize on these shifts. The data suggests a market where long-term trends may favor brands that can consistently engage consumers and navigate the competitive dynamics effectively.
Notable Products
In March 2024, BaM / Body and Mind saw White Chocolate Raspberry Pre-Roll (1g) leading the sales chart as the top-performing product with a total of 3674 units sold, marking its debut in the rankings. Following closely, Flocked Sherbert Pre-Roll (1g) and Hollywood Reunion Pre-Roll (1g) secured the second and third positions, respectively, showcasing a strong preference for pre-rolled products among consumers. Ghost Berry Pre-Roll (1g), despite being a consistent contender, maintained its position at fourth, indicating stable demand. Wedding Cake (3.5g) was the fifth-ranked product, and the only non-pre-roll in the top five, highlighting a diverse interest in product categories. Notably, the rankings of March 2024 introduced new products to the top positions, indicating a shift in consumer preferences or successful product launches.
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