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Apr-2024
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Overview
Market Insights Snapshot
In the competitive New York market, Florist Farms has shown varied performance across different cannabis product categories. Notably, in the Edibles category, the brand maintained a strong presence within the top 10, moving from a rank of 4 in January 2024 to a consistent 6th place in March and April. This slight decline in rank, despite an increase in sales from $300,734 in January to $351,406 in April, suggests a fiercely competitive market. Conversely, the Pre-Roll category tells a story of impressive growth, with Florist Farms climbing from 12th to 5th place over the same period, highlighting a significant rise in consumer preference and market share within this segment.
However, not all news is positive for Florist Farms, as evidenced by their performance in the Flower and Vapor Pens categories. The Flower category saw a gradual decline from 6th to 11th place from January to April 2024, a trend that might raise concerns given the central role of flower products in the cannabis market. This decline is particularly noteworthy in light of their sales decrease from $393,719 in January to $354,078 in April. Similarly, in the Vapor Pens category, the brand struggled to break into the top 10, hovering around 11th and 12th place during the same period. This consistency outside the top 10 in a popular category like Vapor Pens could indicate areas where Florist Farms might need to reassess their strategy or increase their marketing efforts to capture a larger share of the market.
Competitive Landscape
In the competitive landscape of the Flower category in New York, Florist Farms has shown a notable fluctuation in its market position from January to April 2024, initially holding the 6th rank and then slightly dropping to the 11th by April. This shift in rank is particularly interesting when considering the performance of its competitors. Zizzle, for instance, has overtaken Florist Farms by moving up to the 9th position in April from the 7th in January, showcasing a stronger sales growth trajectory. On the other hand, Rythm made a significant leap into the top 20, landing at the 13th position by April, indicating a robust entry into the market. Meanwhile, Platinum Reserve and Live (NY) have also shown remarkable improvement, moving closer to Florist Farms in rank, with Platinum Reserve at 12th and Live (NY) at 13th by April. These movements suggest a highly competitive environment where Florist Farms needs to strategize effectively to maintain or improve its market position amidst dynamic sales performances and rank changes of its competitors.
Notable Products
In April 2024, Florist Farms saw the THC/CBN 1:1 Bedtime Blueberry Sleep Gummies 10-Pack (100mg THC, 100mg CBN) lead the sales chart, maintaining its number one position from the previous months with a notable sales figure of 4029 units. The Candy Jack Infused Pre-Roll 5-Pack (2.5g) emerged as the second top-performing product despite not being ranked in the earlier months, showcasing a significant market interest. Following closely, the Dutch Hawaiian Infused Pre-Roll 5-Pack (2.5g) secured the third spot, improving its rank from the previous month. The Sour Green Apple Gummies 10-Pack (100mg) and Sour Watermelon Gummies 10-Pack (100mg) also made it to the top list, ranking fourth and fifth respectively, indicating a consistent demand for edible products. These rankings reveal a diverse consumer preference within Florist Farms offerings, with edibles and pre-rolls leading the sales in April 2024.
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