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Jun-2024
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Overview
Market Insights Snapshot
Redwood has shown notable performance fluctuations across various categories and states over recent months. In Nevada, the brand's presence in the Flower category has seen a positive trend, moving from a rank of 33 in March 2024 to 22 by June 2024. This upward movement indicates increasing consumer preference and market penetration. However, Redwood's performance in the Pre-Roll category in Nevada has been more erratic, peaking at rank 14 in April 2024 but dropping to rank 30 by June 2024. This inconsistency suggests that while the brand has potential, it faces challenges in maintaining a steady foothold in the Pre-Roll market.
Across other states and categories, Redwood's absence from the top 30 rankings in certain months highlights areas where the brand could improve its market strategy. For instance, not being in the top 30 brands in any category during specific months can be perceived as a gap in market presence or competitiveness. Despite these challenges, Redwood's ability to climb the ranks in categories like Flower in Nevada is a testament to its resilience and adaptability. Observing these trends can provide valuable insights into Redwood's strategic movements and areas for potential growth.
Competitive Landscape
In the competitive landscape of the Nevada flower category, Redwood has shown a notable improvement in its rankings over the past few months. Starting from a rank of 33 in March 2024, Redwood climbed to 23rd in April, briefly dipped to 27th in May, and then ascended again to 22nd in June. This upward trend is significant when compared to competitors like Jasper Hill Farm and Virtue Las Vegas, both of which have experienced more volatile rankings, with Jasper Hill Farm not even making it into the top 20 during this period. Meanwhile, Cultivation Labs made a dramatic leap from 60th in March to 24th in June, showcasing a rapid rise that could pose a future threat to Redwood. Another competitor, Essence, has maintained relatively stable rankings but has seen a slight decline, potentially opening up more market share for Redwood. These shifts in rankings suggest that Redwood is gaining traction and improving its market position, which could lead to increased sales and a stronger foothold in the Nevada flower market.
Notable Products
In June 2024, the top-performing product from Redwood was Sweet Tea (3.5g) in the Flower category, which climbed to the number one rank with notable sales of $1492. Octane Mint Sorbet Infused Pre-Roll (1g) maintained its strong performance, holding steady at the second position with $959 in sales. Skywalker OG (3.5g) entered the rankings at third place in the Flower category. Sweet Tea Pre-Roll (1g) saw a decline, dropping to fourth place despite previous strong performances in March and April. Sunshine Daydream (3.5g) rounded out the top five, showing a consistent presence in the rankings.
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