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Jun-2024
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Overview
Market Insights Snapshot
Harmony Extracts has shown varied performance across different categories and states over the past few months. In Colorado, the brand has seen some fluctuations in the Concentrates category. Starting at rank 16 in March 2024, it improved to 13 in April, but then dropped to 23 and 27 in May and June, respectively. This indicates a downward trend in this category, which could be concerning for the brand's market position. Conversely, in the Vapor Pens category, Harmony Extracts experienced a more stable performance. It jumped from rank 25 in March to 16 in April, though it slightly dropped to 20 and 24 in the subsequent months. This still showcases a relatively stronger presence in Vapor Pens compared to Concentrates within Colorado.
In Nevada, Harmony Extracts' performance in the Flower category has been less promising. The brand did not make it into the top 30 rankings in any of the observed months. Starting from rank 87 in March, it improved slightly to 79 in April and 65 in May, but then fell back to 82 in June. This inconsistency suggests that Harmony Extracts is struggling to establish a significant foothold in the Flower category in Nevada. The sales figures also reflect this challenge, with a noticeable drop from May to June. This trend indicates potential areas for strategic improvement and market focus for Harmony Extracts in the coming months.
Competitive Landscape
In the competitive landscape of vapor pens in Colorado, Harmony Extracts has demonstrated notable fluctuations in its ranking over the past few months. Starting from a rank of 25 in March 2024, Harmony Extracts improved to 16 in April, but then saw a decline to 20 in May and further to 24 in June. This volatility contrasts with the more consistent performance of competitors like Dabs Labs, which maintained a relatively stable ranking, fluctuating between 19 and 23. Meanwhile, Natty Rems experienced a sharp rise to 13 in April but dropped to 26 by June, indicating potential market instability. Mile High Xtractions (MHX) also showed significant rank changes, peaking at 21 in March and dipping to 28 in April before recovering to 22 in June. These dynamics suggest that while Harmony Extracts has potential for growth, it faces stiff competition and market volatility, emphasizing the need for strategic marketing and product differentiation to stabilize and improve its market position.
Notable Products
In June 2024, Harmony Extracts' top-performing product was Flash Fairy Floss Distillate Disposable (1g) in the Vapor Pens category, maintaining its consistent first-place ranking from previous months with sales of $2,763. Flash - Watermelon Distillate Disposable (1g) also held steady in second place, showing a slight decrease in sales compared to May. Notably, Flash - Grape Live Resin Disposable (1g) rose to third place after not being ranked in May, indicating a resurgence in popularity. Flash - Strawberry Distillate Disposable (1g) dropped to fourth place from its second-place position in May. Flash - Banana Live Resin Disposable (1g) remained in fifth place, consistent with its ranking in May.
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