Apr-2024
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Overview
Market Insights Snapshot
In the dynamic and competitive landscape of cannabis markets, Legends has shown varied performance across different states and product categories. In Illinois, Legends has maintained a presence in the Flower and Pre-Roll categories, though with fluctuations in ranking. Notably, in the Flower category, their rank dropped from 38 in January to 40 in both March and April 2024, indicating a slight decrease in market competitiveness. Conversely, in the Pre-Roll category, despite not ranking in January, Legends showed improvement by moving up to the 43rd position in February and further to 39th in March. This demonstrates a positive trend in market penetration for Pre-Rolls in Illinois, yet the absence in January's top 30 highlights an area for improvement.
Comparatively, in Washington, Legends has excelled, particularly in the Flower category, consistently ranking in the top 3 from January to April 2024. This includes holding the 2nd position in January and February, before slightly dropping to 3rd in April. Such high rankings underscore Legends' strong market presence and consumer preference in Washington. However, the scenario is quite different in Massachusetts, where Legends experienced a significant drop in the Flower category, plummeting from 14th in January to 75th by April. This drastic decline signals a potential challenge in maintaining market share or facing increased competition. The Pre-Roll category in Massachusetts also saw a decline, though less severe, suggesting a need for strategic adjustments to reclaim or improve its standing in these segments.
Competitive Landscape
In the competitive landscape of the cannabis flower category in Washington, Legends has consistently maintained a strong position among the top contenders, ranking second from January to March 2024, before slightly dropping to third in April. This shift in rank is noteworthy, especially when considering the performance of its competitors. Phat Panda has held the top spot throughout these months, showcasing higher sales figures compared to Legends, indicating a dominant market presence. On the other hand, Artizen Cannabis has been trailing closely behind, moving up to second place in April, which could suggest a growing preference among consumers. Other notable competitors like WA Grower and Lifted Cannabis Co have also shown significant market movements, with WA Grower climbing two spots to fourth place by April. This dynamic shift among the leading brands, particularly the rise of Artizen Cannabis and the consistent performance of Phat Panda, could influence Legends' strategies to maintain or improve its market position amidst changing consumer preferences and competitive pressures.
Notable Products
In April 2024, Legends saw Blue Dream (3.5g) from the Flower category maintaining its top position with sales figures reaching 3188 units, marking it as the best-selling product for the fourth consecutive month. The Cuban Linx Pre-Roll 2-Pack (1g) in the Pre-Roll category held steady at second place since February, showcasing a slight increase in sales to 2671 units in April. Washington Apple (3.5g), also from the Flower category, remained in third place with its sales slightly increasing, indicating a stable demand among consumers. Duct Tape (3.5g) Flower made its debut in the top rankings at fourth place, suggesting a growing interest in new Flower products. Lastly, Triangle Canyon Pre-Roll (1g) slipped to fifth place, reflecting a shift in consumer preference within the Pre-Roll category.