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Jun-2024
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Overview
Market Insights Snapshot
Honu's performance in the Edible category has shown varied results across different states. In California, the brand did not make it into the top 30 brands for March 2024, and it has since been ranked 75th, 74th, and 73rd in the following months. Despite the slight upward movement, the brand's sales figures have been gradually declining, from $11,308 in April to $10,632 in June. This suggests that while Honu is making some progress in California, it still faces significant competition and challenges in gaining a stronger foothold in the market.
In contrast, Honu has performed notably better in Washington. The brand consistently ranked within the top 15, starting at 10th place in March 2024 and fluctuating between 11th and 14th place in subsequent months. Although there was a noticeable dip in sales from $247,430 in March to $194,533 in May, the brand rebounded slightly to $230,510 in June. This indicates a relatively stable presence in Washington's Edible category, with potential for further growth if the brand can maintain or improve its ranking and sales performance.
Competitive Landscape
In the competitive landscape of the Washington edible cannabis market, Honu has experienced notable fluctuations in its rank and sales over the past few months. Starting at rank 10 in March 2024, Honu saw a dip to rank 14 in May before recovering slightly to rank 12 in June. This variability indicates a competitive pressure primarily from brands like Cormorant, which consistently held a higher rank, maintaining the 10th position from March through June and showing a strong upward sales trend. Meanwhile, Mr. Moxey's also demonstrated stability and slight improvement, moving from rank 12 to 11, potentially capturing some of the market share that Honu lost. Verdelux and Constellation Cannabis have shown less volatility but remain close competitors. These dynamics suggest that while Honu remains a significant player, it faces strong competition and must strategize to regain and sustain higher rankings in the Washington edible market.
Notable Products
In June 2024, the top-performing product for Honu was Sativa Peanut Butter Cups 10-Pack (100mg), reclaiming its number one rank from March and April after a dip in May. Indica Peanut Butter Cups Chocolate 10-Pack (100mg) held steady at the second position, maintaining strong sales at $1,660. Gimme Sa'More! Treats 10-Pack (100mg) remained consistent in the third spot, despite a slight decrease in sales. Milk Chocolate Turtles 10-Pack (100mg) rose to fourth place, showing improved performance from previous months. Indica Peanut Butter Chocolate Cup 10-Pack (100mg) rounded out the top five, recovering from a significant drop in May.
Top Selling Cannabis Brands
