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Jun-2024
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Overview
Market Insights Snapshot
Cormorant has shown a steady performance in the Edible category across multiple months in Washington. Starting from an 11th place ranking in March 2024, the brand improved to 10th place in April and maintained this position through June 2024. This consistent top 10 ranking indicates a stable market presence and growing consumer preference for Cormorant's edible products. The sales figures also reflect this positive trend, with a notable increase from $240,921 in March to $311,494 by June, highlighting a strong upward trajectory in consumer demand and market penetration.
However, the performance of Cormorant in other states and categories is not as prominent, as they do not appear in the top 30 brands for those segments. This absence from the rankings could be seen as a potential area for improvement or a gap in market strategy. It suggests that while Cormorant has a strong foothold in the edible market in Washington, there is significant room for growth and expansion in other states and product categories. Identifying and addressing these gaps could provide Cormorant with new opportunities to enhance its market presence and overall brand performance.
Competitive Landscape
In the competitive landscape of the Washington Edible cannabis market, Cormorant has shown a notable upward trend in both rank and sales over the past few months. Starting from the 11th position in March 2024, Cormorant climbed to the 10th rank by April and has maintained this position through June 2024. This consistent improvement is underscored by a significant increase in sales, rising from $240,921 in March to $311,494 in June. In comparison, Honu experienced a decline in rank, moving from 10th in March to 12th in June, with fluctuating sales. Meanwhile, Swifts and Smokiez Edibles have maintained stable ranks at 9th and 8th respectively, with Smokiez Edibles leading in sales among the competitors. Mr. Moxey's also showed stability, holding the 11th position consistently. These insights suggest that Cormorant's strategic efforts are paying off, positioning it as a rising contender in the Washington Edible market.
Notable Products
In June 2024, Blueberry Sorbet (100mg THC, 4oz) maintained its position as the top-performing product for Cormorant with sales reaching $11,398. Watermelon Sorbet (100mg THC, 4oz) secured the second spot, consistent with its ranking from May 2024. Strawberry Lemonade Sorbet Frozen (100mg THC, 4oz) held steady at rank three, showing resilience despite a dip in May. Mango Sorbet (100mg) climbed to fourth place from its previous fifth rank in May, demonstrating a positive trend. Tangerine Sorbet Frozen (100mg THC, 4oz) rounded out the top five, slipping slightly from fourth place in May, but still showing strong performance.
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