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Jun-2024
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Overview
Market Insights Snapshot
Lucid has demonstrated a consistent performance in the Topical category within Washington. Over the past four months, the brand has maintained a steady 5th place ranking, which indicates a strong and stable market presence. However, it is noteworthy that while the ranking has remained unchanged, there has been a gradual decline in sales from $31,710 in March to $24,071 in June. This trend suggests that while Lucid holds a solid position, there may be underlying factors affecting its sales volume that warrant further analysis.
In other states and categories, Lucid's performance has not been within the top 30 brands, which could be seen as a significant opportunity for improvement or a strategic focus on specific markets like Washington. The absence from top rankings in other regions might indicate either a limited distribution strategy or the need for stronger competitive tactics in those areas. Understanding the dynamics in these other markets could provide valuable insights for Lucid to potentially replicate their success in Washington across a broader geographic footprint.
Competitive Landscape
In the Washington state Topical category, Lucid has maintained a consistent rank of 5th place from March to June 2024. However, this stability masks a concerning downward trend in sales, which have decreased steadily from $31,710 in March to $24,071 in June. In contrast, Fairwinds and Agro Couture have shown stronger performance, with Fairwinds maintaining a solid 4th place and Agro Couture fluctuating between 3rd and 4th place but with significantly higher sales figures. Notably, Agro Couture's sales surged to $69,318 in June, indicating a robust upward trend. Meanwhile, Hazy Daze entered the top 20 in June, ranking 6th, which suggests increasing competition in the lower ranks. This competitive landscape indicates that while Lucid's rank remains stable, its declining sales and the rising performance of competitors could pose challenges in maintaining its market position.
Notable Products
In June 2024, the top-performing product for Lucid was Indica Infusions 1000mg in the Topical category, maintaining its number one rank from the previous three months with sales of 696 units. Sativa Infusion 1000mg, also in the Topical category, held steady at the second position for the third consecutive month. Lemon Cherry Gelato 14g in the Flower category climbed to third place, up from its fourth-place ranking in May. Indica Infusions 500mg, another Topical product, re-entered the rankings in fourth place after being unranked in May. Lastly, Amaretto Mintz 1g in the Flower category remained in fifth place, consistent with its ranking in May.
Top Selling Cannabis Brands
