Market Insights Snapshot
In the competitive cannabis market of New York, Bison Botanics has shown varied performance across different categories. Notably, the brand has maintained a strong position in the Tincture & Sublingual category, consistently ranking within the top 10 from October 2023 through January 2024. This stability is a positive indicator of the brand's strength in this segment. However, in the Edible category, Bison Botanics experienced a gradual decline, moving from the 19th position in October 2023 to the 27th by January 2024. This downward trend, coupled with the fact that their sales in this category dropped from 31,579 in October 2023 to 19,078 in January 2024, suggests a need for strategic adjustments to regain their market share in this highly competitive category.
Further analysis reveals that Bison Botanics faces challenges in the Flower and Pre-Roll categories, where their rankings have slipped beyond the top 50, indicating a significant opportunity for improvement. In contrast, the brand has performed exceptionally well in the Topical category, securing a spot within the top 6 across the observed months and even achieving the 2nd rank in November 2023. This highlights Bison Botanics' strong market presence in Topicals within New York. On the other hand, the Vapor Pens category presents a mixed picture; despite starting in a relatively strong position at 21st in October 2023, the brand saw a decline, falling to the 37th rank by January 2024. This fluctuation in rankings across categories underscores the brand's potential for growth and the importance of diversifying strategies to enhance performance in less dominant segments.
In the competitive landscape of the edible category in New York, Bison Botanics has experienced a notable shift in its market position. Initially ranked 19th in October 2023, it saw a slight improvement in November but then faced a decline, dropping to 27th by January 2024. This trajectory indicates a challenging market environment for Bison Botanics, especially when compared to its competitors. For instance, Nanticoke has maintained a more stable rank, slightly improving from 26th to 25th over the same period, and ending up with higher sales in January 2024. Meanwhile, MKX Oil Company and NEXT have shown significant sales growth, with MKX Oil Company notably jumping from a rank outside the top 30 to 26th by January 2024. The entry of Matter. into the market in January 2024, immediately achieving a rank of 30th, further intensifies the competition. This dynamic suggests that Bison Botanics needs to innovate and adapt its strategies to regain and improve its market position amidst growing competition and shifting consumer preferences.
In January 2024, Bison Botanics saw Indica Strawberry Shortcake Gummies 10-Pack (100mg) leading the sales chart for the third consecutive month, with notable sales figures of 243 units. Following closely, Hybrid Raspberry Kush Gummies 10-Pack (100mg) secured the second spot, improving its rank from the previous month. Sativa Clementine Gummies 10-Pack (100mg), once the top seller in October 2023, has gradually slipped to the third position by January 2024. A new entrant, CBD/THC 1:1 Gelato (3.5g), made a significant debut at the fourth rank, indicating a diversifying consumer interest. Notably, the Sativa Cannalope Haze Gummies 10-Pack (100mg) also maintained its position in the top products, ranking fourth in December 2023 and maintaining the same rank in January 2024.