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Mar-2024
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Overview
Market Insights Snapshot
In the dynamic landscape of cannabis markets across various states, Select's performance showcases both strengths and strategic areas for improvement. In Arizona, Select's Vapor Pens category consistently maintains a top 3 ranking from December 2023 to March 2024, highlighting the brand's strong presence and consumer preference in this segment. However, the Concentrates category in Arizona shows a fluctuating performance, with rankings dipping as low as 67 in February 2024 before slightly recovering. This inconsistency could signal a need for targeted strategies to bolster Select's market share in this category. Meanwhile, in Maryland, Select dominates the Vapor Pens and Tincture & Sublingual categories, securing the top positions. This indicates a robust foothold and a well-received product lineup in these segments, particularly noteworthy is the Tincture & Sublingual category, where Select jumps to the 1st rank in December 2023 and maintains a top 3 presence onwards, underscoring its leadership in this niche market.
Exploring other states, Select's trajectory offers a mixed bag of insights. In Nevada, the brand enjoys a strong position across several categories, with its Tincture & Sublingual products leading at rank 1 from December 2023 to March 2024, and its Vapor Pens also performing impressively, only dropping from rank 2 to 3 in March 2024. This consistent performance suggests a well-established brand loyalty and product satisfaction in Nevada. Contrastingly, in Michigan, Select faces challenges in the Edible category, where it significantly drops out of the top 30 rankings after January 2024, indicating a potential disconnect with consumer preferences or competitive pressures in this category. The brand's presence in the Vapor Pens category in Michigan also sees a decline, moving from rank 21 to 35, highlighting areas where Select could intensify its market strategies to regain lost ground and enhance its category-specific presence.
Competitive Landscape
In the competitive landscape of Vapor Pens in Arizona, Select has experienced a notable shift in its ranking and sales over the recent months. Initially holding the second rank in December 2023, Select maintained its position in January 2024 but saw a decline to the third rank in February and March 2024. This change in rank is particularly significant as it reflects a shift in consumer preference and market dynamics, with Mfused moving up to claim the second spot from February 2024 onwards. Despite this, Select's sales showed resilience, with a rebound in March after a dip in February. The market leader, STIIIZY, retained the top rank throughout, indicating a strong consumer loyalty and consistent market demand. Other notable competitors like Jeeter and Dime Industries also showed fluctuations in their rankings and sales, but none matched the top three brands' market presence. This competitive analysis underscores the importance of staying attuned to market shifts and consumer trends for brands like Select to navigate the competitive landscape effectively.
Notable Products
In March 2024, Select's top-performing product was the Snooze Bites - THC/CBN 1:1 Indica Blackberry Gummies 20-Pack (100mg THC, 100mg CBN) in the Edible category, reclaiming its number one rank with sales of 9242 units. Following closely, the Essentials - Clementine Distillate Cartridge (1g) from the Vapor Pens category jumped to the second rank, showing a significant interest shift towards vapor products this month. The X-Bites - Orange Matter Gummies 10-Pack (100mg), another product from the Edible category, secured the third position, maintaining a consistent presence in the top ranks with a slight improvement from the previous month. The Essentials - Northern Lights Distillate Cartridge (1g) made its debut in the rankings directly at the fourth position, indicating a growing preference for Vapor Pens products among consumers. Notably, the X Bites - Rainbow Upload Gummies 10-Pack (100mg) experienced a slight drop from its previous higher positions to the fifth rank, reflecting a competitive and dynamic market for Select's Edible products.
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