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Aug-2024
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Overview
Market Insights Snapshot
Nomad Extracts has shown a consistent presence in the Colorado concentrates market, maintaining a top 10 ranking throughout the summer months of 2024. The brand ranked 5th in May, slightly dropping to 6th in June and August, and 7th in July. This consistent performance indicates a stable market position despite some fluctuations in sales figures. For instance, sales in May 2024 were at $362,206, but by August, sales had declined to $183,075. While the drop in sales might be a concern, maintaining a top 10 ranking suggests that Nomad Extracts remains a preferred choice among consumers in Colorado's competitive concentrates category.
However, the absence of Nomad Extracts from the top 30 brands in other states and categories highlights areas where the brand has potential for growth or may need to reevaluate its strategy. Not being in the top 30 can be seen as a significant gap, especially in states with burgeoning cannabis markets. This gap underscores the importance of regional market strategies and the need to understand consumer preferences in different states. The brand's stronghold in Colorado could serve as a blueprint for success in other regions, provided they can adapt to local market dynamics and consumer demands.
Competitive Landscape
In the competitive landscape of the Colorado concentrates market, Nomad Extracts has experienced notable fluctuations in rank and sales over the past few months. While maintaining a relatively stable position, Nomad Extracts saw a slight dip from 5th place in May 2024 to 7th in July 2024, before recovering to 6th place in August 2024. This shift is particularly significant when compared to competitors like Denver Dab Co, which improved from 13th place in June 2024 to 7th in August 2024, and Chronic Creations, which fluctuated but remained within the top 10. Notably, 710 Labs and Next1 Labs LLC consistently outperformed Nomad Extracts, holding top 5 positions throughout the period. These trends suggest that while Nomad Extracts remains a strong contender, it faces stiff competition from brands that are either improving their market position or maintaining a high rank, potentially impacting Nomad Extracts' sales and market share in the long term.
Notable Products
In August 2024, the top-performing product for Nomad Extracts was Raspberry Beret Gummies 10-Pack (200mg) in the Edible category, securing the first rank with notable sales of 734 units. Golden Goat Wax (1g) maintained its second position from July to August 2024, showing consistent performance with sales increasing to 395 units. Hybrid Wax Bucket (4g) also shared the second rank, demonstrating strong sales figures. Smackin' Sugar Wax (1g) ranked third, while The Jenkees Shatter (1g) held the fourth position. Compared to previous months, Golden Goat Wax (1g) showed a steady rise from the second position in July, whereas the other top products were new entries in the August rankings.
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.
