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Jun-2024
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Overview
Market Insights Snapshot
EvoLab has shown varied performance across different states and categories, with notable movements in rankings. In Arizona, EvoLab's presence in the Vapor Pens category has been inconsistent, with the brand not appearing in the top 30 rankings for several months. This suggests a challenge in maintaining a competitive edge within this market. Conversely, in Colorado, EvoLab has demonstrated a strong and improving performance in the Vapor Pens category, moving up from rank 26 in March 2024 to rank 18 by June 2024. This upward trend highlights EvoLab's increasing popularity and market share in Colorado, a key state for cannabis sales.
In Maryland, EvoLab's performance in the Vapor Pens category has been less prominent, with the brand only appearing in the rankings in March 2024 at position 44. This indicates a need for increased market penetration and brand visibility in Maryland. In the Flower category in Nevada, EvoLab has shown a significant improvement, moving from rank 93 in May 2024 to rank 61 in June 2024. This positive movement suggests a growing acceptance and demand for EvoLab's flower products in Nevada. Overall, while EvoLab faces challenges in certain markets, the brand's performance in key states like Colorado and Nevada indicates potential areas of growth and success.
Competitive Landscape
In the competitive landscape of vapor pens in Colorado, EvoLab has shown a notable upward trend in rankings and sales over the past few months. Despite starting outside the top 20 in March 2024, EvoLab climbed to the 18th position by June 2024, indicating a significant improvement in market presence. This rise is particularly impressive when compared to competitors like Tastebudz and AiroPro, which have experienced fluctuations in their rankings. For instance, Tastebudz dropped from 14th in March to 20th in June, while AiroPro saw a slight decline from 11th to 17th over the same period. Additionally, Seed & Strain Cannabis Co. and Edun have also seen varied performance, with Seed & Strain moving from 12th to 16th and Edun from 17th to 19th. EvoLab's consistent rise in rank, coupled with a significant sales increase from $318,968 in May to $580,216 in June, positions it as a growing contender in the Colorado vapor pen market.
Notable Products
In June 2024, the top-performing product from EvoLab was Colors - White Cherry Co2 Disposable (1g) in the Vapor Pens category, maintaining its consistent number one rank from previous months and achieving a notable sales figure of 3057 units. Colors - Strawberry Lemonade BDT Distillate Disposable (1g) saw a significant rise, climbing to the second position with impressive sales, up from the fifth rank in previous months. Colors - Blueberry CO2 Disposable (1g) dropped to third place despite a steady sales increase. New entrants, Colors - Cosmic Apple BDT Distillate Disposable (1g) and Colors - Apricot Distillate Disposable (1g), secured the fourth and fifth ranks, respectively, with strong debut sales. The overall trend indicates a robust performance across EvoLab’s Vapor Pens category, with notable shifts in rankings driven by product launches and consumer preferences.
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