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Mar-2024
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Overview
Market Insights Snapshot
In Nevada, INDO has shown a strong performance in certain categories while facing challenges in others. The brand consistently held the number 1 rank in the Capsules category over the observed period, despite a slight decline in sales from December 2023 to February 2024, before making a recovery in March 2024. Similarly, in the Topical category, INDO maintained a steady second position, showcasing resilience and a strong consumer base, with sales peaking in March 2024 after a dip in January. However, the Pre-Roll and Vapor Pens categories tell a different story. The brand's ranking in Pre-Rolls significantly deteriorated, dropping from 48th in December 2023 to 98th by March 2024, indicating a substantial decrease in market share. Vapor Pens saw some volatility but ended on a positive note, improving from 34th to 27th place, suggesting a potential recovery or strategic adjustment.
Meanwhile, in Washington, INDO's presence across different categories indicates varied performance and market penetration. The brand's Flower category saw slight fluctuation in rankings but remained within the top 50, hinting at stable, albeit not leading, market positioning. Notably, the Topical category in Washington saw INDO entering the rankings in January 2024 at 22nd place and maintaining a similar position in February, which could be seen as a positive indicator of growth potential in this segment, despite the absence of sales data for March. The Vapor Pens category, however, reflects a struggle to capture significant market share, with rankings hovering in the high 90s from December 2023 to March 2024, which might raise concerns about the brand's performance and strategy in this highly competitive segment.
Competitive Landscape
In the competitive landscape of the flower category within Washington's cannabis market, INDO has experienced fluctuations in its ranking and sales over the recent months. From December 2023 to March 2024, INDO's rank slightly improved from 40th to 41st, indicating a struggle to climb significantly in the competitive ranks. Notably, Gabriel showed remarkable improvement, jumping from a rank of 60th in January to 30th by March, surpassing INDO despite starting from a lower rank. This leap suggests Gabriel's increasing popularity and sales performance, which could pose a challenge to INDO. On the other hand, Cookies, despite experiencing a drop from 18th to 43rd place, still remains a close competitor to INDO, indicating a highly volatile market. Meanwhile, Bacon Buds closely trails INDO, moving from 43rd to 42nd place, showcasing a competitive race that is tight and could impact INDO's market position. These shifts highlight the dynamic nature of the cannabis flower market in Washington, with INDO needing to navigate carefully amidst these competitive movements to improve its rank and sales.
Notable Products
In Mar-2024, INDO's top-selling product was Birthday Cake (3.5g) from the Flower category, maintaining its number one rank since Jan-2024 with sales figures reaching 1574 units. Following closely, the CBD/CBN/THC 4:4:1 Jungle Stick IndoBalm (400mg CBD, 400mg CBN, 100mg THC) from the Topical category climbed to the second position from its previous third rank in Feb-2024, showcasing significant customer interest. The Blueberry Punch Distillate Cartridge (0.6g) from the Vapor Pens category made an impressive debut in the rankings, securing the third spot. Flow Bars Tablets 5-Pack (200mg) in the Capsules category experienced a drop, moving from the third position in Dec-2023 to the fourth in Mar-2024. Lastly, Indotabs -THC Infused Tablet 30-Pack (600mg), also in the Capsules category, held onto the fifth position, indicating a stable demand for capsule products within INDO's range.
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