Market Insights Snapshot
In the competitive cannabis market of New York, Off Hours has shown a remarkable performance across various categories, with notable achievements and some areas for improvement. In the Edibles category, Off Hours has maintained a leading position, ranking 1st from October 2023 through January 2024, showcasing their dominance and consumer preference in this segment. This is further emphasized by their significant sales jump from October's 465,325 to 751,534 in January 2024. However, their journey in the Pre-Roll category tells a different story. Initially, not ranking in the top 20 in October 2023, they made a considerable leap to rank 56th in November, and by January 2024, they improved to the 48th position. This upward trend indicates a growing acceptance but also highlights the challenges Off Hours faces in penetrating more competitive categories within the state.
Additionally, Off Hours has ventured into the Beverage and Vapor Pens categories, with varying degrees of success. Their Beverage category ranking saw an improvement, moving from not being in the top 20 in October and November 2023 to ranking 7th in December and further climbing to 6th in January 2024. This progress signifies a positive reception of their products in a niche market. On the other hand, the Vapor Pens category shows a slight decline, with the brand dropping from the 4th position in October 2023 to the 9th by January 2024. Despite the decrease, maintaining a spot in the top 10 amidst stiff competition is commendable. These movements across categories and the strategic positioning in the New York market reflect Off Hours' dynamic approach to capturing various consumer segments, albeit with room for growth and stabilization in certain areas.
In the competitive landscape of the edible category in New York, Off Hours has maintained its leading position from October 2023 through January 2024, showcasing its dominance in terms of rank and sales within the state. Its closest competitors, Kiva and Ayrloom, have also held steady in their rankings, with Kiva consistently securing the second spot and Ayrloom the third during the same period. Notably, Off Hours has not only led in rank but also in sales growth, outpacing Kiva and Ayrloom. While Kiva and Ayrloom have shown significant sales, Off Hours' sales have been consistently higher, indicating a strong consumer preference and brand loyalty. This trend underscores Off Hours' solid market presence and the challenges its competitors face in trying to close the gap. The stability in rankings among these top contenders points to a competitive but relatively stable market dynamic, where significant shifts in consumer preference or market strategy could influence future rankings and sales performance.
In January 2024, Off Hours saw its "THC/CBG 10:2 Euphoric Watermelon Lemonade Sour Gummies 10-Pack (100mg THC, 20mg CBG)" maintain its top position with sales reaching 6767 units, highlighting its consistent popularity. Following closely, the "CBD/THC/CBN 2:10:1 Mellow Blue Razzberry Sour Gummies 10-Pack (20mg CBD, 100mg THC, 10mg CBN)" and "CBD/THC/CBN 2:10:3 Offline Grape Punch Gummies 10-Pack (20mg CBD, 100mg THC, 30mg CBN)" secured the second and third ranks, respectively, showcasing steady demand for their unique cannabinoid ratios. The "THC/CBG 10:1 Illuminate Peach Mango Gummies 10-Pack (100mg THC, 10mg CBG)" and "CBD/THC/CBG 2:10:1 Limelight Cherry Limeade Sour Gummies 10-Pack (20mg CBD, 100mg THC, 10mg CBG)" rounded out the top five, indicating a strong preference for gummies within the Off Hours lineup. Notably, the rankings of these products remained unchanged from previous months, suggesting a stable market preference. This consistency in product rankings, despite fluctuating sales figures, underscores the loyal customer base Off Hours has cultivated for its edible offerings.