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Jun-2024
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Overview
Market Insights Snapshot
Platinum Reserve has shown a notable performance in the New York market, particularly within the Flower category. Over the past few months, the brand has made significant strides, moving from rank 16 in March 2024 to consistently holding the 11th position in both April and June 2024, with a slight dip to 12th in May 2024. This upward trend is indicative of growing consumer preference and market penetration. It's worth noting that the brand's sales figures reflect this positive trajectory, with a substantial increase from $244,841 in March to $450,643 in April, before stabilizing around $369,781 in June. The steady climb in rankings and sales highlights Platinum Reserve's strengthening foothold in the New York Flower market.
However, the performance of Platinum Reserve in the Pre-Roll category in New York tells a different story. The brand did not make it into the top 30 rankings for March through June 2024, which could be seen as a challenge in this specific segment. Despite this, there was a recorded sale of $10,522 in June 2024, indicating some level of market activity. The absence from the top 30 rankings might suggest that Platinum Reserve needs to strategize better within the Pre-Roll category to enhance its market presence and competitiveness in New York.
Competitive Landscape
In the competitive landscape of the New York flower category, Platinum Reserve has demonstrated a notable performance, particularly in recent months. Despite starting at rank 16 in March 2024, Platinum Reserve climbed to rank 11 by April and maintained a stable position around 11-12 through June. This upward trend is significant when compared to competitors like Rythm, which consistently held a top 10 position but showed fluctuating sales, and Hudson Cannabis, which saw a significant drop to rank 19 in May before rebounding to rank 10 in June. Additionally, Aeterna and Back Home Cannabis Co. experienced more volatility in their rankings, with Aeterna moving from rank 27 in March to 13 in June, and Back Home Cannabis Co. improving from rank 18 in March to 12 in June. Platinum Reserve's consistent rise and stable positioning indicate a strong market presence and potential for continued growth, making it a formidable competitor in the New York flower market.
Notable Products
In June 2024, Jack Herer (3.5g) maintained its position as the top-performing product for Platinum Reserve, with sales reaching 3678 units. Banana Jealousy (3.5g) ranked second, showing consistent performance from the previous month with 2100 units sold. White Widow (3.5g) climbed to third place, despite a slight drop in sales to 968 units. Hawaiian Runtz (3.5g) held steady in fourth place, continuing its downward trend in sales with 691 units. Notably, Peanut Butter Breath (3.5g) entered the rankings at fifth place with 407 units sold, marking its debut in the top five.
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