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Aug-2024
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Overview
Market Insights Snapshot
Bear Labs has shown a notable decline in its performance within the Concentrates category in California over the past few months. Starting from a strong position at rank 8 in May 2024, the brand has seen a downward trend, slipping to rank 17 by August 2024. This movement indicates a significant loss of market share and suggests that Bear Labs may be facing increased competition or other challenges in maintaining its position. Notably, the sales figures have also decreased consistently, highlighting a potential area of concern for the brand's presence in the California market.
Bear Labs' absence from the top 30 rankings in other states and categories indicates a limited geographic and product category reach. This lack of presence could be seen as a critical weakness, suggesting that the brand's influence is heavily concentrated in California's Concentrates market. For a brand to sustain long-term growth, diversification across different states and categories is often crucial. The absence of Bear Labs from other rankings could either indicate a strategic focus or a missed opportunity for broader market penetration. Understanding the reasons behind these trends could provide deeper insights into the brand's overall strategy and potential areas for growth.
Competitive Landscape
In the California concentrates market, Bear Labs has experienced notable fluctuations in its ranking and sales over the past few months. Starting from a strong position at rank 8 in May 2024, Bear Labs saw a gradual decline to rank 17 by August 2024. This decline is mirrored in its sales, which dropped from a high of $454,345 in May to $205,488 in August. In comparison, Paper Planes also saw a decline but remained in the top 20, moving from rank 11 to 19 over the same period. Meanwhile, Halfpipe Cannabis showed an upward trend, climbing from rank 25 in May to 18 in August, indicating a potential threat to Bear Labs' market share. Additionally, Sun Smoke and UP! both demonstrated resilience, with Sun Smoke improving its rank from 18 to 15 and UP! rising from 27 to 16, suggesting that Bear Labs needs to strategize effectively to regain its competitive edge in this dynamic market.
Notable Products
In August 2024, the top-performing product from Bear Labs was Sour Sangria Live Resin Budder (1g), maintaining its number one rank since July with sales reaching 1512 units. Bud Booster THCa (1g) climbed to the second spot from fourth place in July, showing significant sales growth. Tropicana Cherries Rosin (1g) held steady at third place, although its sales slightly decreased from the previous month. Crusher Resin Budder (1g) and Garlic Juice Live Rosin (1g) both entered the rankings at fourth place. Overall, Sour Sangria Live Resin Budder (1g) showed the most notable performance with consistent top rankings and increasing sales over the months.
Top Selling Cannabis Brands
Data for this report comes from real-time sales reporting by participating cannabis retailers via their point-of-sale systems, which are linked up with Headset’s business intelligence software. Headset’s data is very reliable, as it comes digitally direct from our partner retailers. However, the potential does exist for misreporting in the instance of duplicates, incorrectly classified products, inaccurate entry of products into point-of-sale systems, or even simple human error at the point of purchase. Thus, there is a slight margin of error to consider. Brands listed on this page are ranked in the top twenty within the market and product category by total retail sales volume.
