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Jun-2024
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Overview
Market Insights Snapshot
Fig Farms has shown notable performance across various states and categories, with significant movements in rankings and sales. In Arizona, despite not making the top 30 in the Flower category during March, April, and May of 2024, they managed to climb to the 45th position in June 2024, indicating a positive trend. Conversely, their performance in California has been relatively stable in the Flower category, maintaining a position within the top 20 from March to June 2024. This consistency in California is a strong indicator of their market presence and consumer loyalty in one of the largest cannabis markets in the United States.
In Illinois, Fig Farms has demonstrated mixed results across different product categories. They entered the top 30 in the Concentrates category in June 2024, ranking 26th, which marks a significant entry into this segment. However, their performance in the Pre-Roll category has been less consistent, with the brand not ranking in May 2024 but reappearing at the 43rd position in June 2024. This fluctuation could suggest variability in consumer preferences or supply chain dynamics. Overall, Fig Farms' ability to maintain and improve their rankings in multiple states and categories highlights their adaptability and potential for growth in the competitive cannabis market.
Competitive Landscape
In the competitive landscape of the California Flower category, Fig Farms has shown a consistent presence but faces stiff competition from several notable brands. Over the past four months, Fig Farms has maintained a relatively stable rank, oscillating between 16th and 18th positions. In contrast, Glass House Farms has experienced a slight improvement, moving from 17th to 14th place, indicating a potential upward trend in consumer preference. Meanwhile, Connected Cannabis Co. has shown more volatility, peaking at 9th place in April before dropping back to 15th in June. This fluctuation suggests that while they can capture significant market share, maintaining it is a challenge. Ole'4 Fingers has made notable strides, climbing from 28th to 18th, indicating a strong growth trajectory. Similarly, Delighted has seen some fluctuations but generally maintains a higher rank than Fig Farms, peaking at 13th in April. These dynamics highlight the competitive pressures Fig Farms faces, emphasizing the need for strategic initiatives to enhance market positioning and sales performance.
Notable Products
In June 2024, Fig Farms' top-performing product was Krypto Chronic #1 (3.5g), which reclaimed the top spot with sales of $5,468. GMO Sherb (3.5g) followed closely in second place, showing a slight improvement from its third place in May. Blue Face (3.5g) dropped to third place after leading in May. Lemon Cherry Gelato (3.5g) maintained a steady climb, securing the fourth position. Holy Moly Pre-Roll (1g) made its debut in the rankings, coming in fifth with notable sales figures. These shifts indicate dynamic competition among the top products, with Krypto Chronic #1 and GMO Sherb consistently performing well.
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