Market Insights Snapshot
Looking at the performance of Haze Cannabis Co. in the concentrates category, there's a significant movement across states. In Arizona, the brand has shown a promising improvement, moving from rank 26 in July 2023 to rank 15 in August 2023. This upward trend suggests that the brand has been successful in capturing the market share in this state. However, it's worth noting that the company was not among the top 20 brands in June and July, indicating a need for further strategic efforts to maintain its current position.
On the other hand, in Nevada, the brand's performance has been relatively stagnant in the concentrates category. They have not been able to break into the top 20 brands from May to August 2023, with their rank fluctuating around the 50s. Although there's a slight improvement from rank 61 in July to 56 in August, the brand still has a long way to go to gain a significant market presence in Nevada. This could be due to stiff competition or other market factors that are worth investigating for the brand to improve its ranking.
In the Concentrates category within Arizona, Haze Cannabis Co. has seen a significant fluctuation in its competitive ranking over the past few months. In May 2023, it ranked 16th, dropped to 21st in June, fell further to 26th in July, but then made a considerable rebound to 15th in August. This suggests a volatile market position, but the recent improvement is a positive sign. Notably, Haze Cannabis Co. outperformed Genesis Bioceuticals and Nectar Farms in August, both of which had been ranking higher or close to Haze in the previous months. However, Haze still trails behind Goldsmith Extracts and HOLOH, which have consistently maintained higher rankings. The sales trends reflect these rankings, with Haze Cannabis Co. experiencing a significant sales increase in August after a dip in July, indicating a potential recovery and growth trajectory.
In August 2023, the top-performing product from Haze Cannabis Co. was the Wedding Cake Live Resin Sauce (1g), which sold 786 units. This product jumped from the 5th position in July to secure the top spot. The second best-seller was Jungle Cookies Live Resin Batter (1g) with 710 units sold, a new entrant in the top five. The third and fourth positions were held by Fried Ice Cream Live Resin Batter (1g) and Watermelon Gelato Live Resin Batter (1g) respectively. Interestingly, the Sour Cream Sugar Wax (1g), which was the top product in July, slipped to the 5th position in August.