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Aug-2024
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Overview
Market Insights Snapshot
ioVia has demonstrated notable performance across various categories and states, particularly in Colorado. In the Tincture & Sublingual category, ioVia maintained a strong presence, consistently ranking 2nd from May to July 2024, and finally achieving the top spot in August 2024. This upward movement is indicative of a growing market presence and consumer preference for their products in this category. The sales figures also reflect this trend, with a significant increase from $36,727 in May to $57,492 in August. Such a trajectory suggests that ioVia is effectively capturing market share and resonating well with consumers in Colorado.
In the Topical category in Colorado, ioVia's performance has been relatively stable, although not as dominant as in Tincture & Sublingual. The brand held the 8th position in May, July, and August 2024, with a slight dip to 9th place in June 2024. Despite this consistency in ranking, the sales figures saw a notable fluctuation, peaking in July with $26,001 before decreasing to $18,648 in August. This stability in ranking coupled with fluctuating sales suggests that while ioVia maintains a steady presence in the Topical category, there may be external factors influencing consumer purchasing patterns. The absence of ioVia from the top 30 in other states and categories indicates areas where the brand could potentially expand its market influence.
Competitive Landscape
In the highly competitive Colorado Tincture & Sublingual market, ioVia has shown remarkable resilience and growth. Over the past four months, ioVia consistently held the second rank until August 2024, when it ascended to the top position. This shift indicates a significant improvement in market perception and customer preference. Notably, ioVia's sales surged from $36,727 in May to $57,492 in August, reflecting a strong upward trend. In contrast, My Brother's Flower, which led the market from May to July, experienced a decline in August, dropping to the second position. Meanwhile, Care Division maintained a steady third rank throughout the period, with sales peaking in July. These dynamics suggest that ioVia's strategic initiatives and product offerings are resonating well with consumers, positioning it favorably against its competitors in the Colorado market.
Notable Products
In August 2024, the top-performing product from ioVia was the CBD/THC 1:1 Unflavored Precision Dose Tincture (100mg CBD, 100mg THC), which secured the number one rank with sales reaching 795 units. The Hi-THC Tincture (100mg) followed closely as the second highest, though it dropped from its top spot in July. The CBD/THC 20:1 Tincture (190mg CBD, 10mg THC) maintained a steady performance, ranking third for the month. The CBD/THC 1:1 Lavender Restorative Bath Soak (100mg THC, 100mg CBD, 17.6oz) experienced a drop to fourth place after being second in July. The CBN:THC 19:1 Hi-CBN Precision Dose Tincture (190mg CBN, 10mg THC) remained consistently in fifth place throughout the past four months.
Top Selling Cannabis Brands
Data for this report comes from real-time sales reporting by participating cannabis retailers via their point-of-sale systems, which are linked up with Headset’s business intelligence software. Headset’s data is very reliable, as it comes digitally direct from our partner retailers. However, the potential does exist for misreporting in the instance of duplicates, incorrectly classified products, inaccurate entry of products into point-of-sale systems, or even simple human error at the point of purchase. Thus, there is a slight margin of error to consider. Brands listed on this page are ranked in the top twenty within the market and product category by total retail sales volume.
