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Apr-2024
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Overview
Market Insights Snapshot
In the competitive cannabis market of New York, Off Hours has shown a remarkable performance, particularly in the Edibles category. Holding the number 1 rank consistently from January to April 2024, the brand has demonstrated not only its dominance but also significant growth in sales, starting from 687,801 in January and peaking at 1,219,613 by April. This upward trajectory in the Edibles category underscores Off Hours' strong market presence and consumer preference in New York. However, in the Vapor Pens category, the brand's performance tells a different story. Starting at rank 9 in January, there's a slight decline to rank 14 by April, indicating challenges in maintaining its standing amidst stiff competition, despite a relatively stable sales figure around the 270,000 mark.
Interestingly, Off Hours' venture into the Beverage category in New York is a new development, with the brand making its first appearance in April at rank 5. This debut is noteworthy, signaling Off Hours' expansion into new categories and its immediate impact. Although specific sales figures beyond the initial $26,412 are not disclosed, this initial ranking suggests a positive reception in the market. The contrast between its stronghold in the Edible market and the fluctuating ranks in Vapor Pens highlights the brand's diverse performance across categories. These movements suggest strategic opportunities and challenges for Off Hours in maintaining its dominance and expanding its market share in the competitive New York cannabis market.
Competitive Landscape
In the competitive landscape of the edible cannabis market in New York, Off Hours has demonstrated a remarkable performance, consistently holding the number one rank from January to April 2024. This achievement is particularly notable when compared to its closest competitors, Ayrloom and Camino. While Ayrloom and Camino have been jostling for the second and third positions, Off Hours has not only maintained its lead but also shown a significant upward trajectory in sales over these months. The sales gap between Off Hours and its competitors has widened, with Off Hours experiencing the highest sales increase month-over-month, solidifying its market dominance. This trend suggests a growing consumer preference for Off Hours' offerings, potentially driven by product quality, brand loyalty, or effective marketing strategies. The sustained lead of Off Hours in both rank and sales underscores its strong position in the New York edible cannabis market, posing a challenging environment for competitors aiming to dethrone the leading brand.
Notable Products
In April 2024, Off Hours saw its THC/CBG 10:2 Euphoric Watermelon Lemonade Sour Gummies 10-Pack (100mg THC, 20mg CBG) maintain its top position in sales with a notable figure of 10,471 units, leading the Edible category for the fourth consecutive month. Following in second place was the CBD/THC/CBN 2:10:1 Mellow Blue Razzberry Sour Gummies 10-Pack (20mg CBD, 100mg THC, 10mg CBN), continuing its steady performance without change in rank from the previous months. The third spot was held by CBD/THC/CBN 2:10:3 Offline Grape Punch Gummies 10-Pack (20mg CBD, 100mg THC, 30mg CBN), which also showed consistent ranking over the four-month period. The THC/CBG 10:1 Illuminate Peach Mango Gummies 10-Pack (100mg THC, 10mg CBG) improved its position to fourth in April, up from fifth in March, indicating a positive shift in consumer preference. Lastly, the CBD/THC/CBG 2:10:1 Limelight Cherry Limeade Sour Gummies 10-Pack (20mg CBD, 100mg THC, 10mg CBG) dropped to fifth, swapping places with the Illuminate Peach Mango Gummies, which suggests a competitive dynamic within the top products.
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