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Mar-2024
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Overview
Market Insights Snapshot
In the competitive landscape of the cannabis market, Sitka's performance across different states and categories presents a nuanced picture. In California, Sitka's ranking in the concentrates category has seen a gradual decline from December 2023 to March 2024, moving from 76th to 91st position, indicating a potential area of concern. This downward trend is mirrored in the sales figures, with a notable drop from $36,564 in December 2023 to $22,681 by March 2024. Conversely, in Washington, Sitka has shown a more stable performance in the concentrates category, maintaining a position within the top 22 from December 2023 to March 2024, and even experiencing a slight improvement in sales in March 2024 compared to the previous months. This stability in Washington suggests a stronger market presence compared to the challenges faced in California.
Looking at Sitka's performance in other categories and states, the pre-roll category in Washington offers a brighter outlook. The brand managed to improve its ranking from 59th in December 2023 to 51st in March 2024, alongside an increase in sales from $67,996 to $71,859 over the same period. This positive movement indicates a growing consumer preference for Sitka's pre-roll products in Washington. However, the absence of Sitka in the top 30 brands for concentrates in Oregon in December 2023, followed by an entry at 88th position in January 2024, highlights a significant challenge in establishing a foothold in this market. The lack of data for subsequent months leaves questions about Sitka's current performance and strategic direction in Oregon. Overall, Sitka's varied performance across different states and categories underscores the importance of market-specific strategies to navigate the complex cannabis industry landscape.
Competitive Landscape
In the competitive landscape of the concentrates category in Washington, Sitka has faced a challenging start to 2024, with its rank slipping from 19th in December 2023 to 21st by March 2024. This slight decline in rank is mirrored by a dip in sales from December to February, before a modest rebound in March. Notably, Green Envy, initially ranking just above Sitka, experienced a similar fluctuation but managed to secure the 20th rank by March, slightly outperforming Sitka. On the other hand, Hitz Cannabis showed a remarkable improvement, moving from 26th to 19th place, indicating a significant increase in sales and market presence. Meanwhile, Constellation Cannabis and Toasted Farms, despite their higher ranks in December, have seen notable declines in both rank and sales by March 2024. This competitive analysis highlights the volatile nature of the concentrates market in Washington, with Sitka needing to navigate carefully amidst fluctuating sales and ranks of its competitors.
Notable Products
In March 2024, Sitka's top-selling product was Lebanese Red Hash (1g) from the Concentrates category, maintaining its number one rank consistently over the past four months with a sales figure of 1501 units. Following closely, Lebanese Gold Hash Infused Pre-Roll (1g) and Lebanese Red Hashplant Infused Pre-Roll (1g) from the Pre-Roll category secured the second and third positions, respectively, showing notable improvements in their rankings compared to previous months. The Cascade Cream Hash Infused Pre-Roll (1g) made a significant debut in March by directly entering the rankings at the fourth position. Meanwhile, Lebanese Gold Hash (1g), also in the Concentrates category, observed a slight decline, moving from the second position in February to the fifth in March. These shifts highlight dynamic consumer preferences and the competitive nature of Sitka's product lineup.
Top Selling Cannabis Brands
