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Mar-2024
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Overview
Market Insights Snapshot
In Washington, Ceres has shown a remarkable consistency across several categories, maintaining its rank in Capsules, Edibles, Tinctures & Sublinguals, and Topicals. Notably, in the Topicals category, Ceres has held the number 1 spot consistently, showcasing a strong market presence with sales peaking at 543,679 in March 2024. This performance is indicative of a robust product offering and consumer loyalty in the topical segment. The brand's performance in Capsules and Tinctures & Sublinguals also remained steady at rank 3, reflecting a stable consumer base. However, while the brand's rank in Edibles remained consistent at number 6, the fluctuation in sales figures, with a notable dip in January 2024 followed by a recovery, suggests a competitive market environment where consumer preferences may be more volatile.
Conversely, in Oregon, Ceres has only recently made an appearance in the Topical category in March 2024, securing the 21st rank. This entry into the Oregon market indicates an expansion effort by Ceres but also highlights the challenges of penetrating a new market segment, as evidenced by their absence in the top 30 rankings in the previous months. The initial rank of 21 suggests a modest beginning, with significant room for growth and improvement. This move into Oregon's market could represent a strategic effort to diversify its geographical footprint and consumer base, yet it underscores the competitive nature of entering new markets, especially in categories with established brands and consumer preferences.
Competitive Landscape
In the competitive landscape of the edible cannabis market in Washington, Ceres has maintained a consistent rank at 6th place from December 2023 through March 2024, demonstrating stability amidst fluctuating sales figures. Its closest competitors, Journeyman and Hot Sugar, have held their ground at 5th and fluctuated between 3rd and 4th ranks respectively, with Hot Sugar showing a notable increase in sales, particularly in March 2024, positioning it significantly higher than Ceres. On the other hand, Smokiez Edibles and Good Tide trail behind, with Smokiez Edibles consistently at 7th place and Good Tide moving up to 8th in March 2024 from 9th in the preceding months. This competitive analysis highlights Ceres' stable position in the middle of the pack, facing strong upward pressure from Hot Sugar and a solid performance from Journeyman, while maintaining a lead over Smokiez Edibles and Good Tide in terms of rank, despite the dynamic shifts in sales across the board.
Notable Products
In March 2024, Ceres saw its CBD/THC 1:1 Xtra Strength Dragon Balm Roll-Up leading the sales chart with an impressive figure of 16,129 units, maintaining its top position consistently over the past four months. Following closely, the CBD/THC 1:1 Sativa Assorted Fruit Chews 10-Pack secured the second rank, also holding its position steady through the same period. The CBD:CBN:CBG Dragon Balm Xtra Strength Roll On showed notable improvement, climbing up to the third rank in March from its fifth position in February. The CBD/THC 1:1 Indica Assorted Fruit Chews 10-Pack, which was ranked third in February, slightly dipped to the fourth position in March. Lastly, the Mixed Assorted Fruit Chews 10-Pack made a notable entry into the top five, marking its position at fifth, showcasing a rising interest in diverse edible options within the Ceres product line.
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