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Jun-2024
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Overview
Market Insights Snapshot
Doctor Solomon's has demonstrated a strong performance in the Illinois market, maintaining the top position in the Tincture & Sublingual category for four consecutive months from March to June 2024. Additionally, they held the second position in the Topical category within the same period, indicating a solid and consistent presence in these segments. Conversely, in Massachusetts, Doctor Solomon's was not in the top 30 brands for the Tincture & Sublingual and Topical categories in March and April 2024 but climbed to fifth and seventh positions, respectively, by May and June. This movement suggests a positive trend and growing recognition in the Massachusetts market.
In Maryland, Doctor Solomon's maintained the top position in the Tincture & Sublingual category and the second position in the Topical category from March to June 2024. However, their performance in the Concentrates category fluctuated, with rankings varying between 11th and 18th, before improving to 13th in June. In Nevada, the brand showed significant improvement in the Concentrates category, moving from 30th in May to 20th in June. This upward trend in Nevada, combined with their steady second position in the Tincture & Sublingual category, highlights a strengthening market presence. Meanwhile, in Ohio, Doctor Solomon's saw a slight decline in the Topical category, from second in March to fourth in June, which might indicate increasing competition or shifting consumer preferences.
Competitive Landscape
In the Illinois Topical cannabis category, Doctor Solomon's has consistently held the second rank from March to June 2024. This stability in ranking indicates a strong market presence, although it trails behind Avexia, which has maintained the top position throughout the same period. Despite this, Doctor Solomon's sales figures show a slight fluctuation, peaking in April 2024 before experiencing a decline in June 2024. In contrast, Nature's Grace and Wellness made a notable entry into the top 20 in June 2024, securing the third position, which could signal emerging competition. Meanwhile, Pure Essentials has shown a gradual improvement in rank, moving from sixth to fourth place in May 2024 before settling at fifth in June 2024. This competitive landscape suggests that while Doctor Solomon's maintains a solid position, it must strategize to counter the rising competition and potential market shifts to sustain and improve its market share.
Notable Products
In June 2024, the top-performing product from Doctor Solomon's was the THC/CBN 1:1 Doze Drops Tincture, which climbed to the number one spot with sales reaching 1876 units. The CBD/THC 3:1 Unwind Transdermal Balm, previously holding the top rank for three consecutive months, dropped to second place. The CBD/THC 1:1 Restore Transdermal Lotion (100mg CBD, 100mg THC, 1oz) maintained a consistent performance, securing the third position. The CBD:THC 1:1 Restore Drops Tincture improved to fourth place, while the CBD/THC 1:1 Restore Transdermal Lotion (200mg CBD, 200mg THC, 1.8oz) saw a decline, falling to fifth place. Overall, June 2024 saw notable shifts in rankings, particularly with the THC/CBN 1:1 Doze Drops Tincture emerging as the new leader.
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