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Jun-2024
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Overview
Market Insights Snapshot
In the state of Maryland, Cannaceutica has shown a significant breakthrough in the Capsules category. After not being in the top 30 brands from March through May 2024, they made an impressive leap to rank 7th in June 2024. This upward movement indicates a growing acceptance and demand for their products in this category, potentially driven by an effective marketing strategy or improved product offerings. Such a rise within a single month suggests that Cannaceutica is successfully capturing market share and could be a brand to watch in the upcoming months.
Across other states, the performance of Cannaceutica remains less prominent as they did not make it into the top 30 brands in any other category or region during the same period. This absence could be seen as a challenge for the brand, highlighting the need for strategic adjustments to increase their visibility and market penetration outside of Maryland. While their success in Maryland's Capsules category is noteworthy, replicating this performance in other states will be crucial for Cannaceutica to establish a more robust national presence.
Competitive Landscape
In the Maryland capsules category, Cannaceutica has experienced notable fluctuations in its market position, particularly when compared to competitors such as Avexia and Kalm Fusion (K Fusion). Cannaceutica re-entered the top 20 in June 2024, securing the 7th rank after being absent in the preceding months. This resurgence is significant, especially considering Avexia's consistent climb from 5th in April to 2nd in June, and Kalm Fusion (K Fusion)'s relatively stable presence, albeit with a slight drop from 5th in March to 8th in June. The data suggests that while Cannaceutica has managed to regain a foothold, it faces stiff competition from brands like Avexia, which has shown a strong upward trend, and Kalm Fusion (K Fusion), which maintains a steady market presence. This competitive landscape underscores the need for Cannaceutica to implement strategic marketing and product initiatives to sustain and improve its ranking and sales in the Maryland market.
Notable Products
In June 2024, Cannaceutica's top-performing product was the CBD:THC Broad Spectrum Cannabis Oil Capsule 20-Pack (50mg CBD, 150mg THC) in the Capsules category, which ranked first with notable sales of 238 units. This product showed a significant improvement, climbing from the second position in May 2024. The Broad Spectrum Cannabis Oil Capsule 40-Pack (100mg) dropped to the second position despite having been the top seller in May 2024. The Broad Spectrum Cannabis Oil Capsule 10-Pack (100mg) secured the third rank, maintaining its position from the previous month. The Broad Spectrum Cannabis Oil Micro Capsule 20-Pack (16.6mg CBD, 50mg THC, 13.4mg CBC, 6.6mg CBG), which was the top seller in March 2024, did not rank in the top three for June.
Top Selling Cannabis Brands
