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Apr-2024
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Overview
Market Insights Snapshot
In Maryland, Modern Flower has shown a mixed performance across different cannabis product categories. The brand's Flower category experienced a notable decline, starting off strong in January 2024 at rank 10 and slipping to rank 16 by April 2024. This downward movement, especially from March to April where sales dropped significantly from 1,176,725 to 801,864, suggests a need for strategic adjustments to regain market position. Conversely, the Pre-Roll category tells a story of impressive growth for Modern Flower. The brand climbed from rank 16 in January to rank 8 by April, indicating a strong consumer preference and an effective market strategy in this segment. This positive trend, highlighted by a consistent increase in sales month over month, underscores the brand's potential to dominate in this category within the Maryland market.
However, the Vapor Pens category presents a challenge for Modern Flower in Maryland. The brand struggled to break into the top 30 until February 2024 and has since fluctuated at the lower end of the ranking, with a slight peak at rank 28 in March before falling back to rank 31 in April. This erratic performance, coupled with a decrease in sales from 77,318 in March to 53,089 in April, indicates a struggle to capture a significant share of the vapor pen market. The consistent presence in the lower rankings suggests that Modern Flower may need to revisit its product offerings or marketing strategies in the vapor pen category to enhance its competitive edge. Despite these challenges, the brand's ability to maintain a position within the top 30, albeit at the lower end, suggests there is still an opportunity for growth and improvement.
Competitive Landscape
In the competitive landscape of the Maryland flower cannabis market, Modern Flower has shown notable fluctuations in its rank and sales over the first four months of 2024. Initially ranked 10th in January, it improved to 9th in February, experienced a slight dip to 11th in March, and then a more significant drop to 16th in April. This trajectory suggests a strong start to the year but indicates challenges in maintaining its market position amidst stiff competition. Noteworthy competitors include LivWell, which made a remarkable leap from not being in the top 20 to 14th place by April, and Old Pal, which also saw a significant rise in rank from being outside the top 20 to 15th place in the same period, underscoring their aggressive market penetration and sales growth. Meanwhile, gLeaf (Green Leaf Medical) and Garcia Hand Picked have shown more stability in their rankings but with varying sales performance. Modern Flower's fluctuating rank and the dynamic shifts among its competitors highlight the volatile nature of the Maryland flower cannabis market, suggesting that brands must continuously innovate and adapt to consumer preferences to maintain or improve their market standing.
Notable Products
In April 2024, Modern Flower's top-performing product was Blue Crab (3.5g) from the Flower category, securing the 1st rank with notable sales figures of 3311 units. Following closely, Member Berry (3.5g) also from the Flower category, took the 2nd rank with a significant shift from its previous 3rd rank in February 2024. The Pineapple Upside Down Cake Pre-Roll 2-Pack (1g) from the Pre-Roll category emerged as the 3rd top product, marking its first appearance in the top rankings for the year. Cinderella 99 (3.5g), another Flower category product, was ranked 4th, showing a decline from its 2nd rank in January 2024. Lastly, the Space Age Cake Pre-Roll 2-Pack (1g) from the Pre-Roll category rounded out the top 5, illustrating the diverse consumer preference within Modern Flower's product range.
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