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May-2024
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Overview
Market Insights Snapshot
The performance of NEXT in the New York market shows a notable trend in their Edible category. In February 2024, NEXT was ranked 31st, and their rank slightly dropped to 36th in March 2024. This indicates a decline in their market position within the state's Edible category. The absence of rankings for April and May suggests that NEXT did not make it into the top 30 brands for those months, which could be seen as a negative sign for their market presence and competitiveness in New York.
Despite the decline in rankings, NEXT's sales figures in New York provide a more nuanced picture. From February to March 2024, sales decreased from $18,155 to $16,371, reflecting the downward trend in their rankings. However, without the sales data for April and May, it is difficult to ascertain whether this decline continued or if there was a recovery. This performance in New York highlights the importance of monitoring both rankings and sales figures to get a comprehensive understanding of a brand's market position.
Competitive Landscape
In the competitive landscape of the edible cannabis market in New York, NEXT has shown a notable performance shift over the past few months. Despite facing stiff competition, NEXT managed to climb from rank 31 in February 2024 to rank 36 in March 2024, before dropping out of the top 20 in April and May 2024. This fluctuation in rank is indicative of a highly competitive market. For instance, Snobby Dankins experienced a similar trend, starting at rank 34 in February 2024 and dropping to rank 44 by May 2024, suggesting a downward trend. Meanwhile, High Falls Canna New York also saw a decline, moving from rank 28 in February 2024 to falling out of the top 20 by April 2024. These shifts highlight the dynamic nature of the market and suggest that while NEXT has faced challenges, it is not alone in experiencing volatility. Understanding these trends can provide deeper insights into market dynamics and help strategize for better positioning and sales performance in the future.
Notable Products
In May-2024, the top-performing product for NEXT was Mango Nectar Bites Gummies 10-Pack (100mg), which climbed to the first rank with sales of 105 units. Following closely was Grape Nectar Bites Gummies 10-Pack (100mg), which ranked second, although its sales decreased to 97 units. Blue Razz Gummies 10-Pack (100mg) dropped to third place from its previous first position in April-2024, with sales of 82 units. Yung Pinch x Beach Buzz Distillate Disposable (1g) improved its rank to fourth, showing a significant increase in sales from 24 units in March-2024 to 78 units in May-2024. Blue Dream Distillate Cartridge (0.5g) entered the rankings in fifth place, indicating a new presence in the top five for the month.
Top Selling Cannabis Brands
