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Apr-2024
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Overview
Market Insights Snapshot
In Nevada, Summa Cannabis has shown a notable presence in the Flower category, maintaining a position within the top 30 brands from January to April 2024. The brand started the year at rank 12 in January, peaked at rank 11 in February, but saw a decline to rank 21 in March and slightly improved to rank 17 in April. This fluctuation in rankings indicates a competitive landscape, but the ability to remain within the top 20 by April suggests resilience and a potentially loyal customer base. However, the decline from February to March could highlight challenges in maintaining market share amidst growing competition or possible supply issues. The sales figures, starting at $611,207 in January and seeing a decrease to $380,215 by April, mirror this trend, pointing towards a need for strategic adjustments to counteract the downward trajectory in this category.
Conversely, Summa Cannabis's performance in the Pre-Roll category in Nevada tells a different story. The brand was not ranked within the top 30 for any month from January to April 2024, which is a significant concern. Being unranked suggests that Summa Cannabis has yet to capture a substantial market share in the Pre-Roll category or faces stiff competition from other brands. This absence from the top rankings could indicate a lack of consumer awareness or preference for their Pre-Roll products, or perhaps challenges in distribution or quality compared to competitors. The sales figures in this category, although showing an increase from $28,562 in January to $38,366 in April, are relatively modest compared to their Flower category, highlighting an area that requires focused improvement and marketing strategies to enhance visibility and consumer interest in a highly competitive market.
Competitive Landscape
In the competitive landscape of the Nevada flower market, Summa Cannabis has experienced notable shifts in its ranking and sales over the first four months of 2024. Initially ranked 12th in January, Summa Cannabis saw a slight improvement in February, moving up to 11th, before experiencing a decline to 21st in March and slightly recovering to 17th in April. This fluctuation in rank is indicative of the highly competitive nature of the Nevada flower category, with Summa Cannabis facing stiff competition from brands like Virtue Las Vegas, which made a significant leap from 22nd to 8th rank by March, and Twelve Twelve, which also saw a notable improvement in its ranking over the same period. Conversely, Kynd Cannabis Company experienced a decline, dropping out of the top 20 in March. Despite these challenges, Summa Cannabis has maintained its position within the top 20, underscoring its resilience and the dynamic nature of consumer preferences in this market. The brand's sales trajectory, while experiencing a dip in March, shows a recovery in April, suggesting a potential stabilization or growth opportunity in the near future. Competitors like (the) Essence, despite starting from a lower rank, have shown significant rank improvement, highlighting the ever-changing dynamics within the Nevada flower market that Summa Cannabis must navigate.
Notable Products
In April 2024, Summa Cannabis saw Jealousy 58 (1g) as its top-selling product, moving up from the second position in March to first, with impressive sales of 904 units. Grapes and Cream (1g) followed closely behind, making a significant leap to the second rank in April without having been in the top ranks the previous month. Gary Payton (1g) emerged as the third best-seller, also not ranked in the top positions in the prior month, indicating a strong market entry or resurgence. Both Head Hunter 21 (7g) and Wedding Cake (3.5g) were tied for the fourth position, with Wedding Cake dropping from the top spot in March to fourth, indicating a shift in consumer preference or availability issues. This data highlights a dynamic market with significant month-to-month changes in product popularity within Summa Cannabis's offerings.
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