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Aug-2024
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Overview
Market Insights Snapshot
In the state of Massachusetts, Nectar has shown consistent performance in the Beverage category. Over the past four months, the brand has maintained its position within the top 15, with slight movements indicating steady growth. Specifically, Nectar ranked 14th in both May and June, climbed to 13th in July, and returned to 14th in August. This stability suggests that Nectar has a solid foothold in the Massachusetts beverage market, backed by a gradual increase in sales from $40,837 in May to $49,820 in August.
While Nectar's performance in Massachusetts is notable, it is important to observe that the brand did not make it into the top 30 in other states or categories for the same period. This lack of presence outside Massachusetts could be viewed as a potential area for growth or a missed opportunity, depending on the strategic goals of the brand. The data implies that while Nectar is doing well in Massachusetts, there is room for expansion and improvement in other markets and categories.
Competitive Landscape
In the competitive landscape of the Massachusetts beverage category, Nectar has shown consistent performance, maintaining a steady rank around the 14th position from May to August 2024. This stability contrasts with the fluctuating ranks of competitors such as CQ (Cannabis Quencher), which saw a slight decline from 10th to 12th place, and Journeyman, which re-entered the top 20 in June and climbed to the 11th position by August. Meanwhile, Drink Loud experienced more volatility, dropping to the 17th position in July before recovering slightly to 15th in August. Despite these fluctuations, Nectar's sales have shown a positive trend, increasing from May to August, which suggests a growing customer base and effective market strategies. This consistent performance amidst the dynamic shifts of its competitors highlights Nectar's resilience and potential for future growth in the Massachusetts beverage market.
Notable Products
In August 2024, Nectar's top-performing product was Cherry Lime Haze Seltzer (5mg THC, 355ml, 12oz) in the Beverage category, maintaining its number one rank from the previous two months with a notable sales figure of 2142 units. The second spot was consistently held by DayTime - Orange Pineapple Seltzer (5mg THC, 355ml, 12oz), which saw an increase in sales to 1777 units. Nitetime - CBD/THC 1:1 Lemon Chamomile Seltzer (5mg CBD, 5mg THC, 355ml 12oz) remained in third place, showing a steady climb in sales from June and July. Watermelon Gelato Seltzer (5mg THC, 355ml, 12oz) entered the rankings in July and secured the fourth position in August. Blue Raspberry Runtz Seltzer (5mg THC, 355ml, 12oz) reappeared in the rankings at fifth place after dropping out in July, indicating a resurgence in popularity.
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.
