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Jul-2024
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Overview
Market Insights Snapshot
Silver Lake has shown notable performance trends across different categories and states, particularly in the Flower category in Colorado. In April 2024, Silver Lake achieved a commendable 5th place ranking, which demonstrates strong market presence. However, there was a significant decline over the subsequent months, with rankings dropping to 6th in May, 14th in June, and 29th in July. This downward trend indicates a loss in market share or increased competition within the Flower category. The sales data corroborates this, with a sharp decrease from $1,105,200 in April to $223,735 by July.
It is important to note that Silver Lake did not make it into the top 30 brands in other states or categories, which could be seen as a limitation in their market penetration or a focus primarily on the Colorado Flower market. This absence in other rankings suggests either a need for strategic market expansion or an enhancement of their product offerings to compete more effectively. The brand's performance in Colorado serves as a critical indicator of their potential and areas that require attention to maintain and grow their market presence.
Competitive Landscape
In the competitive landscape of the Colorado Flower category, Silver Lake has experienced a notable decline in rank and sales over the past few months. Starting from a strong position at rank 5 in April 2024, Silver Lake fell to rank 29 by July 2024, indicating a significant drop in market presence. This decline is contrasted by the performance of competitors such as Shift Cannabis, which maintained a relatively stable ranking, peaking at rank 16 in June before dropping to rank 30 in July. Additionally, Sunshine Extracts showed a positive trend, improving from rank 48 in April to rank 28 in July. The data suggests that while Silver Lake's market share is shrinking, competitors like Boulder Built and CG Labs are either maintaining or improving their positions, which could be a critical factor for Silver Lake to consider in its strategic planning to regain market traction.
Notable Products
In July 2024, Fruity Pebbles (Bulk) from Silver Lake secured the top spot in product rankings, maintaining its position as the best-seller for the third consecutive month with sales of $11,183. Orange Push Pop (Bulk) climbed back to the second position, despite a significant drop in sales figures from previous months. Meat Breath (Bulk) held steady in the third position, showing a slight decline in sales compared to June 2024. Banana Zkittlez (Bulk) entered the rankings at fourth place, while Sour Patch Kids (Bulk) debuted at fifth place. Notably, Orange Push Pop (Bulk) and Meat Breath (Bulk) have shown fluctuating rankings over the past few months, reflecting dynamic changes in consumer preferences.
Top Selling Cannabis Brands
Data for this report comes from real-time sales reporting by participating cannabis retailers via their point-of-sale systems, which are linked up with Headset’s business intelligence software. Headset’s data is very reliable, as it comes digitally direct from our partner retailers. However, the potential does exist for misreporting in the instance of duplicates, incorrectly classified products, inaccurate entry of products into point-of-sale systems, or even simple human error at the point of purchase. Thus, there is a slight margin of error to consider. Brands listed on this page are ranked in the top twenty within the market and product category by total retail sales volume.
