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Jun-2024
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Overview
Market Insights Snapshot
Habit has shown varied performance across different categories and states. In the Beverage category within California, Habit maintained a steady presence in the top 20 through March to June 2024, albeit with a notable drop from rank 11 in March to rank 18 in June. This decline in ranking corresponds with a significant reduction in sales from $155,574 in March to $42,898 in June. Such a trend suggests that while Habit had a strong start in the first quarter, it faced challenges maintaining its market position in the subsequent months. On the other hand, in the Edible category, Habit did not make it to the top 30 rankings in May and June, indicating a struggle to capture market share in this segment.
In the Tincture & Sublingual category in California, Habit maintained a consistent rank of 18 in both March and April 2024, but did not appear in the top 30 in May and June. This suggests a potential drop-off in consumer interest or increased competition in this category. The sales figures reflect this trend, with a decrease from $24,680 in March to $22,044 in April. Overall, while Habit has shown potential in certain segments, the brand appears to face challenges in sustaining its market position across different categories over time.
Competitive Landscape
In the competitive landscape of the California cannabis beverage market, Habit has experienced notable fluctuations in its rank and sales over the past few months. Habit started strong in March 2024, holding the 11th position, but saw a decline to the 18th spot by June 2024. This downward trend is significant when compared to competitors such as Kikoko, which maintained a relatively stable but lower ranking, hovering around the 17th to 20th positions. Meanwhile, Don Primo showed a consistent improvement, climbing from the 20th spot in March to the 16th in June. Kan+Ade and High Power also demonstrated varying degrees of stability and growth, with High Power notably rising from the 24th to the 17th position. These shifts suggest that while Habit remains a significant player, it faces increasing competition and must strategize to regain its higher ranking and boost sales in the dynamic California market.
Notable Products
For June 2024, the top-performing product from Habit is Pure Water Soluble Syrup (1000mg THC, 2oz) in the Beverage category, maintaining its first-place ranking for four consecutive months with sales of 339 units. Orange Water Soluble Syrup (1000mg THC, 2oz) climbed to second place, showing a notable improvement from its fourth position in May. Mango Kush Water Soluble Syrup (1000mg) held steady in third place, consistent with its rank in the previous month. Electric Grape Sparkling Soda (100mg) entered the rankings in June at fourth place, indicating a strong performance for a new entry. Peach Water Soluble Syrup (1000mg) dropped to fifth place from its previous third position in May, reflecting a decline in sales.
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