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Mar-2024
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Overview
Market Insights Snapshot
In the cannabis market, Journeyman has shown notable performance variations across categories and states. In Illinois, the brand has demonstrated exceptional growth in the Beverage category, maintaining the number 1 rank from January to March 2024, with sales peaking at 667,441 in March. This consistent top performance underscores Journeyman's strong presence and consumer preference in the Illinois beverage market. However, the scenario is quite different in the Edible category within Oregon. Here, Journeyman faced a significant downturn, sliding from the 15th position in December 2023 to not being in the top 30 by March 2024, with sales plummeting to 1,672. This stark contrast highlights the brand's challenges in maintaining its market share in Oregon's competitive edible sector.
Conversely, Journeyman's performance in Washington has been remarkably stable in both the Beverage and Edible categories. The brand consistently held the 4th rank in Beverages and the 5th in Edibles from December 2023 through March 2024, showcasing a strong and steady consumer base. Sales in the Edible category saw a slight dip in February but rebounded to 720,736 by March, indicating a resilient recovery and sustained demand. This steadiness in Washington contrasts sharply with the volatility seen in Oregon, suggesting that Journeyman's market strategies and consumer preferences may vary significantly between states. Such insights into Journeyman's performance across different regions and product categories are crucial for understanding the broader dynamics at play in the cannabis industry.
Competitive Landscape
In the competitive landscape of the edible cannabis market in Washington, Journeyman has maintained a consistent position at rank 5 from December 2023 through March 2024. This stability in ranking indicates a solid foothold in the market, despite fluctuations in sales figures. Notably, Hot Sugar has shown a significant competitive edge, initially ranking just above Journeyman but moving up to rank 3 by February 2024, and achieving higher sales figures in March 2024. On the other hand, Craft Elixirs and Ceres have experienced a slight decline in rank and sales, with Craft Elixirs dropping from rank 2 in December 2023 to rank 3 by March 2024, and Ceres maintaining a steady rank at 6. Smokiez Edibles, while ranking below Journeyman, has shown an upward trend in sales, indicating potential for future rank changes. This competitive analysis underscores the importance of monitoring both rank and sales trends, as they provide valuable insights into market dynamics and brand performance relative to competitors.
Notable Products
In March 2024, Journeyman's Berry Lemonade Shot (100mg THC, 2oz) maintained its position as the top-selling product with impressive sales figures, reaching 35,492 units sold. Following closely, the Tropical Lemonade Shot (100mg THC, 2oz) climbed one rank to become the second best-selling product, showcasing a significant increase in consumer preference. The Tart Lemonade Shot (100mg THC, 2oz) experienced a slight drop, moving down to the third spot, indicating a shift in consumer tastes within the beverage category. Notably, the Blueberry Lemonade (100mg THC, 2oz) made a positive leap from fifth to fourth place, suggesting growing interest in diverse flavor profiles. The Pineapple Lemonade (100mg THC, 2oz) rounded out the top five, maintaining its previous month's position and demonstrating consistent demand among Journeyman's beverage offerings.
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