Market Insights Snapshot
Redwood, a popular cannabis brand, has shown a mixed performance across various categories in the state of Nevada. In the 'Concentrates' category, Redwood's ranking oscillated between 52nd and 63rd place from July to October 2023, indicating a struggle to maintain a stable position within the top 50 brands. This implies a potential area of improvement for Redwood, as they were not able to secure a position in the top 20 brands in this category.
On a brighter note, Redwood has demonstrated a strong performance in the 'Flower' and 'Pre-Roll' categories. In the 'Flower' category, Redwood climbed from the 33rd rank in July to the 12th rank in October, showcasing a significant upward trend. In the 'Pre-Roll' category, Redwood managed to consistently secure a position within the top 30 brands, with its highest rank being 17th in August. This consistent performance in these categories indicates a strong market presence and consumer preference for Redwood's products in these categories within Nevada.
In the Flower category in Nevada, Redwood has shown a significant improvement in its ranking from July to October 2023, moving from outside the top 20 to the 12th position. This upward trend indicates a strong growth in sales, surpassing some of its competitors. For instance, Summa Cannabis which started at a higher rank in July, dropped to the 13th position by October. Similarly, Find. also experienced a decline in rank over the same period. However, not all competitors followed this trend. Polaris MMJ and Verano both improved their rankings, with Verano making a significant jump from 26th to 11th position. These shifts in the competitive landscape highlight the dynamic nature of the cannabis market in Nevada.
In October 2023, Redwood's top-performing product was 'Platinum Strawberries (3.5g)', which regained its number one rank after slipping to second place in September. It sold 1832 units, the highest sales figure among all products. 'Octane Mint Sorbet (3.5g)' rose to the second spot, continuing its upward trend from the fourth rank in September. 'Grape Gasoline (3.5g)' maintained a steady performance, securing the third spot for the second consecutive month. Notably, 'Coco Chanel Pre-Roll (1g)' entered the top five for the first time, landing at the fifth spot.