Market Insights Snapshot
In California, Buddies has seen some interesting trends across various categories. In the Capsules category, they have consistently maintained a spot within the top 10 brands, even managing to improve their ranking from 6th to 5th between September and October 2023. The Topical category is where Buddies truly shines, consistently holding the 3rd spot. However, their performance in the Concentrates and Vapor Pens categories has been less stellar, with rankings fluctuating outside the top 20. Particularly in the Vapor Pens category, their ranking slipped from 16th to 21st over the observed period.
Turning our attention to Oregon, Buddies has shown impressive performance in the Vapor Pens and Concentrates categories, securing the 1st and 7th spots respectively in October 2023. It's worth noting that their ranking in the Edible category dropped off the top 20 list in October, indicating room for improvement. In Colorado, Buddies' presence is only felt in the Vapor Pens category, with rankings fluctuating around the 90th position, pointing to a need for stronger market penetration. Lastly, in Washington, Buddies maintains a position in the top 25 for Vapor Pens, although there has been a slight dip in ranking from 18th to 23rd between July and October 2023.
In the Vapor Pens category in Oregon, Buddies has consistently held the top rank from July to October 2023, indicating a strong market presence and consumer preference. However, competition is stiff with Entourage Cannabis / CBDiscovery and Select consistently trailing at second and third ranks respectively. While Buddies has maintained a lead in sales, the gap between Buddies and its competitors has seen some fluctuations. Notably, the sales difference between Buddies and Entourage Cannabis / CBDiscovery has slightly decreased, hinting at a potential challenge to Buddies' dominance. On the other hand, the sales gap between Buddies and Select has slightly increased, suggesting a solidifying lead over this competitor. These trends underscore the dynamic nature of the Vapor Pens market in Oregon and the need for Buddies to continue innovating and engaging its consumer base to maintain its top position.
In October 2023, the top-performing product from Buddies was the Lime Sorbet Distillate Cartridge (1g) with sales peaking at 5940 units. It climbed from the third position in the previous months to secure the top spot. The second best-seller was the Grape Distillate Cartridge (1g), which improved its ranking from fifth in September to second in October, closely following the leader with 5600 units sold. The Raspberry Distillate Cartridge (1g) and Apple Jack Distillate Cartridge (1g) secured the third and fourth ranks respectively, while the Blueberry Distillate Cartridge (1g) entered the top five for the first time in October. This analysis indicates a dynamic and competitive market for Vapor Pens in the Buddies product line.