Market Insights Snapshot
In the competitive cannabis market of New York, Platinum Reserve has shown a notable presence, especially within the Flower and Pre-Roll categories. The brand's performance in the Flower category has seen a fluctuation in rankings over the recent months, starting at 13th place in October 2023, dipping to 18th in November and December, and then making a significant leap to 14th in January 2024. This trajectory indicates a recovery and potential growth in market share, especially considering the jump in sales from 131,881 in December to 220,182 in January 2024. However, the initial drop from a top 15 position to being on the verge of falling out of the top 20 highlights a period of struggle amidst intense competition.
On the other hand, Platinum Reserve's journey in the Pre-Roll category presents a story of late entry but rapid improvement. Absent from the top 20 rankings until December 2023, the brand made a surprising entry at 63rd place, which, while far from the top, signifies its initial steps into this category in the New York market. Impressively, by January 2024, Platinum Reserve climbed to 36th place, showcasing a significant upward momentum. This rapid rise, coupled with a sales increase from 4,360 in December to 22,945 in January, suggests a growing consumer interest and acceptance of their Pre-Roll products. Such a trajectory, though starting from a lower base, demonstrates the brand's potential to capture a larger share of the market if the momentum continues.
In the competitive landscape of the Flower category in New York, Platinum Reserve has shown a notable trajectory in terms of rank and sales amidst its competitors. Initially ranked 13th in October 2023, it experienced a dip to 18th position in November and December before climbing to 14th in January 2024. This rebound is significant, especially when considering the sales increase from December 2023 to January 2024, indicating a positive reception in the market. Noteworthy competitors include Tyson 2.0, which entered the top 20 in December and improved its rank by January, and Mfny (Marijuana Farms New York), which showed strong performance moving from 17th to 12th rank over the same period, reflecting a significant sales increase. House of Sacci and Tarot Tokes also displayed fluctuations in their rankings, with House of Sacci experiencing a decline and Tarot Tokes a slight improvement. Platinum Reserve's recent uplift in rank and sales suggests a growing consumer interest, positioning it as a brand to watch in the evolving New York Flower market.
In January 2024, Platinum Reserve saw Jack Herer (3.5g) leading its product line with a significant sales figure of 1388.0 units, marking its rise to the top from the second position in December 2023. Following closely, Bruce Banner (3.5g) secured the second rank, up one position from December, showcasing the brand's strong presence in the Flower category. Hawaiian Runtz (3.5g) made an impressive entry directly into the third rank, indicating a growing consumer interest. Heavy OG (3.5g), despite being a consistent top performer in previous months, experienced a decline, dropping to the fourth rank in January from the top spot in December. Peanut Butter Breath (3.5g) rounded out the top five, maintaining its position, which reflects a steady demand among Platinum Reserve's offerings.