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Apr-2024
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Overview
Market Insights Snapshot
In the competitive cannabis market of California, Proof has demonstrated notable performance across several categories, with a consistent presence that speaks to its brand strength. Particularly in the Capsules category, Proof has maintained a steady rank at 9th position from January to April 2024, showcasing a stable demand for its products in this segment. This consistency is mirrored in its sales figures, which saw an increase from $92,150 in January to $96,642 in April, indicating a positive growth trajectory. However, in the Concentrates category, Proof's ranking improved significantly from 79th in January to 65th in April, suggesting a growing interest in their concentrates offerings despite starting from a lower baseline. This upward movement is a good sign, though the initial low ranking indicates there was considerable room for improvement.
Moreover, Proof's performance in the Tincture & Sublingual category is particularly impressive, maintaining a top 10 presence throughout the first quarter of 2024 and improving its rank from 6th in January to 7th in April. This category not only underscores Proof's prominence in the market but also highlights consumer trust and preference for their tinctures and sublingual products. On the other hand, the Topical category saw Proof fluctuating slightly in rankings but remaining within the top 15, indicating a solid performance but also room for growth. The sales in this category saw a notable jump from $12,597 in January to $23,221 in April, reflecting an increasing consumer interest in their topical products. Overall, Proof's performance across these categories in California illustrates a brand that is both resilient and on a path of growth, with particular strengths in tinctures and sublinguals, while also showing potential for further market penetration in concentrates and topicals.
Competitive Landscape
In the competitive landscape of the Tincture & Sublingual category in California, Proof has experienced fluctuations in its market position, indicating a fiercely competitive environment. Initially ranked 6th in January 2024, Proof saw a slight dip in February and March, dropping to 8th, before regaining some ground to 7th in April. This shifting position reflects Proof's resilience and ability to maintain relevance amidst strong competition. Notably, Mary's Medicinals has consistently held a higher rank, occupying the 4th position initially and slipping to 5th by April, suggesting a slight decrease in its dominance. Conversely, Friendly Farms showed remarkable improvement, moving from 9th to 6th, indicating a significant increase in consumer preference and market share. Jade Nectar and ABX / AbsoluteXtracts have also been key players, with Jade Nectar experiencing a decline from 6th to 9th, and ABX / AbsoluteXtracts showing a slight recovery from 9th to 8th. These dynamics underscore the competitive pressures and the constant battle for market share within the Tincture & Sublingual category in California, highlighting the need for brands like Proof to continuously innovate and adapt to consumer preferences to maintain or improve their market position.
Notable Products
In April 2024, Proof's top-selling product was the CBD:THC 1:1 Bazillion Tincture Drops (1000mg CBD, 1000mg THC, 15ml), maintaining its number one rank from the previous two months with sales figures reaching 1015 units. Following closely was the CBD/THC 1:1 Balance Tincture (300mg CBD, 300mg THC, 15ml), which climbed to the second position from its previous third, showcasing significant consumer interest. The Indica Full Spectrum Oil Syringe (1g) emerged as the third top product, a notable rise given its previous fourth-place ranking in March, indicating a growing demand within the concentrates category. The CBD/THC 20:1 Tincture (300mg CBD, 15mg THC, 15ml) secured the fourth spot, maintaining its position from the previous month, reflecting steady sales. Lastly, the High THC Tincture (1000mg THC, 15ml) rounded out the top five, indicating a shift in consumer preference towards higher THC content products despite its previous second rank in March.
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