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Aug-2024
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Overview
Market Insights Snapshot
Platinum Reserve's performance in New York has shown varying trends across different product categories. In the Flower category, the brand has demonstrated a strong upward trajectory, improving its ranking from 13th place in May 2024 to 8th place by August 2024. This consistent improvement indicates a growing consumer preference for their Flower products, as reflected in the significant increase in sales from $302,854 in May to $823,058 in August. However, in the Edible category, Platinum Reserve did not make it into the top 30 brands for any month from May to August, suggesting that their Edible products may not be resonating as well with consumers in New York.
In the Pre-Roll category, Platinum Reserve's presence in New York has been less stable. The brand was ranked 82nd in June 2024 but did not appear in the top 30 rankings for the other months, indicating inconsistent performance and possibly limited market penetration in this category. This fluctuation could be a point of concern for the brand as they might need to reassess their strategy for Pre-Rolls in New York. Overall, while Platinum Reserve has seen notable success with their Flower products, their performance in other categories suggests room for improvement and potential areas for strategic focus.
Competitive Landscape
In the competitive landscape of the New York flower category, Platinum Reserve has shown a notable upward trend in its rankings over the past few months. Starting from the 13th position in May 2024, Platinum Reserve climbed to the 8th position by August 2024, reflecting a significant improvement in market presence and consumer preference. This upward movement is particularly impressive when compared to competitors like Nanticoke, which maintained a relatively stable position within the top 10, and FlowerHouse New York, which saw a decline from 7th to 10th place. Additionally, Electraleaf experienced a slight drop from 4th to 7th place, while Veterans Choice Creations (VCC) showed a more volatile pattern, moving from 10th to 9th place. The consistent rise in Platinum Reserve's rank, coupled with a substantial increase in sales, suggests a growing consumer base and effective market strategies, positioning it as a formidable competitor in the New York flower market.
Notable Products
In August 2024, the top-performing product for Platinum Reserve was Jack Herer (3.5g) in the Flower category, maintaining its consistent number one ranking with impressive sales of 11,825. Heavy OG (3.5g) surged to second place from fourth in July, indicating a significant rise in popularity. Peanut Butter Breath (3.5g) held steady in third place, showing stable performance over the past two months. Banana Jealousy (3.5g) dropped from second to fourth place despite having strong sales in previous months. Berry Blaze Fruit Chews 10-Pack (100mg) re-entered the rankings at fifth place, highlighting a renewed interest in edibles.
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.
