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Mar-2024
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Overview
Market Insights Snapshot
In the competitive landscape of cannabis brands across the United States, Escape Artists shows a notable presence, particularly in the Colorado market across various categories. In Colorado, they have demonstrated a strong foothold in the Topical category, maintaining the number 1 rank from December 2023 through March 2024, with a significant increase in sales from 558,354 in December 2023 to 702,283 in March 2024. This growth indicates a solidifying trust and preference among consumers. However, in the Edible and Pre-Roll categories, Escape Artists seems to struggle to break into the top 30, with rankings in the late 50s for Edibles and early 40s for Pre-Rolls during the same period. This fluctuation in performance across categories suggests a need for strategic adjustments to enhance their market share in these less dominant areas.
Looking beyond Colorado, Escape Artists has managed to secure a strong position in the Topical category in other states as well, including Michigan, Missouri, and Nevada, consistently holding a top 3 rank from December 2023 to March 2024. Particularly noteworthy is their performance in Michigan, where sales more than doubled from 68,340 in January 2024 to 149,212 in March 2024. This remarkable increase in sales highlights Escape Artists' growing dominance and consumer acceptance in the Topical category outside of Colorado. However, the absence of rankings in other categories within these states may indicate a focused, yet potentially limiting, strategy on Topicals, suggesting room for expansion and diversification of product offerings to capture a broader market share.
Competitive Landscape
In the competitive landscape of the topical cannabis market in Colorado, Escape Artists consistently maintains its lead as the top brand, outperforming its closest competitors, Mary's Medicinals and Mary Jane's Medicinals, in terms of rank and sales across the months from December 2023 to March 2024. Escape Artists not only held the number one position throughout this period but also showed a significant increase in sales, particularly from February to March 2024, indicating a strong upward trajectory. In contrast, Mary's Medicinals, despite a steady second-place ranking, saw a substantial sales jump in March, suggesting a potential challenge to Escape Artists' dominance. Meanwhile, Mary Jane's Medicinals experienced a decline in sales, moving from second to third rank, thereby highlighting the dynamic nature of consumer preferences and the importance of innovation and quality in maintaining and enhancing market position.
Notable Products
In Mar-2024, Escape Artists saw the CBD/THC 1:1 Lavender Relief Cream (300mg CBD, 300mg THC, 2oz) as its top-performing product, maintaining its position from February with an impressive sales figure of 3131 units. Following closely, the CBD/CBG/THC 2:1:2 Cedar & Black Pepper Relief Cream (800mg CBD, 400mg CBG, 800mg THC) secured the second spot, a slight shift from being the top seller in January to second place in both February and March. The CBD/THC 20:1 Lavender Relief Cream (800mg CBD, 40mg THC, 2oz) rose to the third rank in March, indicating a positive trend from its fourth position in February. The CBD/CBG/THC 2:1:2 Rose & Bergamot Relief Cream (800mg CBD, 400mg CBG, 800mg THC) also showed a steady performance, ranking fourth in March, up from third in February. These rankings highlight a consistent demand for Escape Artists' topical products, with notable shifts in consumer preferences observed over the recent months.
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