Market Insights Snapshot
Doctor Solomon's has shown consistent performance in the Illinois market, particularly in the Tincture & Sublingual and Topical categories where it has maintained the top two positions from July to October 2023. This is a testament to the brand's strong presence and customer preference in these categories. However, the Concentrates category presents a different picture. The brand's ranking has been slipping over the months, and by October 2023, it has fallen out of the top 20, indicating a need for improvement in this category.
In contrast, the brand's performance in the Massachusetts and Maryland markets has been stable, maintaining its position in the top 10 across all categories. Particularly noteworthy is the brand's performance in the Maryland market where it has held the top three positions in the Topical category. However, in the Michigan market, the brand only appears in the Topical category's top 20 in August 2023, indicating a potential need for increased focus on this market. Similarly, in the Nevada market, despite a slight fluctuation, Doctor Solomon's has held its position in the top five in the Tincture & Sublingual and Topical categories, showing a strong presence in these categories.
In the Illinois Topical category, Doctor Solomon's consistently holds the second rank from July to October 2023, showing its strong position in the market. However, it's worth noting that the brand is sandwiched between two significant competitors. Avexia consistently ranks first, indicating a higher sales volume, while Nature's Grace and Wellness follows closely in third place. Interestingly, while Doctor Solomon's has maintained its rank, its sales have shown a steady increase over the period, indicating a positive growth trend. On the other hand, Mary's Medicinals, ranking fourth, has also shown an upward trend in sales, suggesting a potential future threat. The absence of any brand from the monthly rankings indicates that they did not make it to the top 20 for that month in the Illinois Topical category.
In October 2023, the top-performing product from Doctor Solomon's was the THC/CBN 1:1 Doze Drops Tincture, reclaiming its position from September where it was ranked second. It generated sales of approximately 1999 units. The second-best selling product was the CBD/THC 1:1 Restore Transdermal Lotion, which slipped from its first-place position in September. The CBD/THC 3:1 Unwind Transdermal Balm maintained its steady third-place ranking for the fourth consecutive month. The CBD/THC 1:3 Rescue Balm and CBD/THC 1:1 Restore Drops Tincture took the fourth and fifth spots respectively, both improving their rankings from the previous month.