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Apr-2024
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Overview
Market Insights Snapshot
In the competitive cannabis markets of Colorado and Michigan, Pyramid Pens has exhibited varied performance across different product categories. In Colorado, the brand's Vapor Pens category has consistently maintained a presence in the top 30 from January to April 2024, with a slight improvement in March (28th rank) before returning to its earlier position (29th rank) in April. This stability in ranking, despite the fluctuating sales figures, suggests a steady demand for their vapor pens in the Colorado market. Conversely, Pyramid Pens' Concentrates in Colorado have seen a slight decline in rankings from 53rd in January to 59th in April, indicating a potential challenge in maintaining their market share against competitors in this category. The sales figures in January for concentrates showed a promising start but saw a significant dip in February, followed by a recovery in March, only to fall again in April, highlighting the volatility within this product segment.
Meanwhile, in Michigan, Pyramid Pens' performance tells a story of challenges and opportunities. The brand's Concentrates category showed an impressive improvement moving from 54th in January to 43rd in March, before experiencing a drop to 58th in April. This fluctuation in rankings, alongside the increase in sales from January to March before a dip in April, suggests a dynamic market presence with room for growth and consolidation. Notably, Pyramid Pens' entry into the Vapor Pens category in Michigan in April at the 94th position indicates a late start in this segment within the state. This debut ranking outside the top 30 highlights the challenges new products face in gaining immediate traction. However, it also represents a potential growth area for Pyramid Pens as they expand their product offerings in Michigan, aiming to replicate the steadier success seen with their Vapor Pens in Colorado.
Competitive Landscape
In the competitive landscape of vapor pens in Colorado, Pyramid Pens has shown a consistent performance, maintaining its position within the top 30 brands over the recent months. Despite its steady rank, Pyramid Pens finds itself in a challenging position, trailing behind notable competitors such as Mile High Xtractions (MHX) and Goldwater Extracts, which have demonstrated stronger sales and a higher rank, especially in March 2024 where MHX climbed to the 22nd position and Goldwater Extracts to the 23rd, compared to Pyramid Pens' 28th rank. Conversely, Pyramid Pens has managed to outperform Double Bear, which saw a drop to the 32nd position in March 2024. This competitive analysis highlights the fluid dynamics within the vapor pens category, underscoring the importance for Pyramid Pens to innovate and adapt in order to improve its market position and sales trajectory against its competitors in the Colorado market.
Notable Products
In April 2024, Pyramid Pens saw the Heavy Grapefruit Distillate Cartridge (1g) from the Vapor Pens category leading the sales chart, with a notable figure of 1693 units sold. Following closely behind was the Red Pop Live Resin Budder Cartridge (1g), also from the Vapor Pens category, which moved up to second place from its previous third position in March. The Truffle Cake Budder (1g) from the Concentrates category secured the third spot, marking its debut in the top rankings for the month. Caribbean Punch Budder (1g), another product in the Concentrates category, which was the top seller in March, slipped to the fourth position in April. Lastly, the Gelonade Live Resin Budder Cartridge (1g) from the Vapor Pens category rounded out the top five, showcasing the diverse preference of Pyramid Pens' clientele.
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