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Jun-2024
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Overview
Market Insights Snapshot
Hepworth has shown notable performance across various categories in New York. In the Flower category, Hepworth made a significant leap from rank 23 in March 2024 to rank 7 in May 2024, before settling at rank 14 in June 2024. This upward movement highlights the brand's growing popularity and acceptance among consumers. Conversely, in the Vapor Pens category, Hepworth experienced a decline in rank, moving from 9 in March 2024 to 19 by June 2024, indicating potential challenges or increased competition in this segment. The Pre-Roll category saw Hepworth maintaining a relatively stable position, although it slipped out of the top 30 in June 2024, which could be a cause for concern.
The sales data for Hepworth also reveals interesting trends. While the Flower category saw a peak in sales in May 2024, reaching $465,194, the Vapor Pens category witnessed a consistent decline in sales over the months, dropping from $304,899 in March 2024 to $213,688 in June 2024. This trend suggests that while Hepworth is gaining traction in the Flower category, it may need to reassess its strategy for Vapor Pens to regain market share. Hepworth's performance in the Pre-Roll category, although improving in sales, did not reflect in its ranking, which might indicate a highly competitive landscape. Overall, Hepworth's performance in New York demonstrates both opportunities and challenges across different product categories.
Competitive Landscape
In the competitive landscape of the New York Flower category, Hepworth has experienced notable fluctuations in its ranking and sales over recent months. Starting from a rank of 23 in March 2024, Hepworth climbed impressively to 7 by May 2024, before settling at 14 in June 2024. This dynamic movement indicates a strong but volatile presence in the market. Competitors such as Back Home Cannabis Co. and Live (NY) have shown more consistent performance, with Back Home Cannabis Co. reaching a rank of 12 in June 2024 and Live (NY) maintaining a top-15 position throughout the period. Additionally, Aeterna surged from rank 27 in March 2024 to 13 in June 2024, reflecting a significant upward trend. Meanwhile, Old Pal made a notable leap from being outside the top 20 in March 2024 to rank 16 in June 2024. These shifts highlight the competitive pressures Hepworth faces, necessitating strategic adjustments to maintain and improve its market position.
Notable Products
In June 2024, the top-performing product for Hepworth was Bubble Punch Pre-Roll 5-Pack (2.5g) with impressive sales reaching 1765 units. Mimosa (3.5g) secured the second position, showing strong performance with sales of 1600 units. Nox Cookies (3.5g), which ranked second in May 2024, dropped slightly to third place in June 2024. Zkittlez Cake Pre-Roll 5-Pack (2.5g) and Zkittles Cake Pre-Roll 2-Pack (1g) followed, ranking fourth and fifth respectively. Notably, Nox Cookies (3.5g) maintained a top-three position for two consecutive months, indicating consistent demand.
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