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Jun-2024
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Overview
Market Insights Snapshot
High Tide has demonstrated notable performance across various categories and states, with significant movements in rankings. In Arizona, their Beverage category has shown a steady climb, moving from 6th place in March 2024 to holding the 4th position consistently from May to June 2024. This upward trend is indicative of strong market acceptance and increasing consumer preference for their products in this state. Conversely, in Massachusetts, the brand has experienced a slight decline in the same category, dropping from 16th in March and April to 19th in May, and then falling out of the top 30 by June, which could be a point of concern.
In the state of Washington, High Tide's performance in the Concentrates category has been on an upward trajectory, improving from 65th place in March to 44th place by June. This steady improvement suggests growing traction in this segment. However, their presence in the Flower category in Washington has been less prominent, with a ranking of 76th in March and no subsequent appearances in the top 30, indicating a potential area for growth or strategic reassessment. These mixed results across states and categories highlight both the brand's successes and areas where further market penetration and strategy refinement may be needed.
Competitive Landscape
In the Arizona beverage category, High Tide has shown a consistent upward trend in its rankings over the past few months, moving from 6th place in March 2024 to 4th place by May and June 2024. This rise in rank is indicative of a positive shift in consumer preference and market penetration. Notably, High Tide's sales have also increased significantly, peaking at 49,621 units in May 2024 before slightly dipping to 47,810 units in June 2024. In comparison, Tonic has experienced more volatility, climbing from 10th to 5th place between March and May 2024 but dropping to 7th place in June 2024. Meanwhile, Nebula has seen a decline, falling from 4th place in March and April to 8th place in May before recovering to 5th place in June. The leading brands, Sprinkle and Sip Elixirs, have maintained their top positions consistently, with Sip Elixirs holding the 2nd spot throughout this period. High Tide's steady climb in rank and sales suggests a growing brand loyalty and effectiveness in its marketing strategies, positioning it as a strong competitor in the Arizona beverage market.
Notable Products
The top-performing product for High Tide in June 2024 was CBD/CBC/THC 1:1:1 Pineapple Passion Fruit Seltzer (10mg CBD, 10mg CBC, 10mg THC), which maintained its leading position from March. Raspberry Lemon THC Seltzer (10mg THC) secured the second spot with notable sales of 1903 units. Pink Runtz (3.5g) climbed to the third rank, showing a significant improvement from its fifth position in March. CBD/CBC/THC 1:1:1 Raspberry Lemon Seltzer (10mg CBD, 10mg CBC, 10mg THC) remained consistent, ranking fourth in June, similar to its position in April. Lastly, CBD/CBC/THC 1:1:1 Peach Mango Seltzer (10mg CBD, 10mg CBC, 10mg THC) was ranked fifth, showing a gradual increase in sales from March to June.
Top Selling Cannabis Brands
