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Apr-2024
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Overview
Market Insights Snapshot
In the beverage category, Summit has shown consistent performance across the provinces of Alberta and British Columbia, maintaining a presence in the top 20 brands throughout the first four months of 2024. In Alberta, the brand's rank fluctuated slightly, moving from 14th in January to 12th in February, then to 13th in March, and back to 14th in April, suggesting a stable demand for their beverage products. However, the sales figures indicate a decrease from January's $29,251 to April's $25,106, signaling a potential area for concern. Meanwhile, in British Columbia, Summit experienced a similar stability in rankings, albeit with a slight decline from 14th to 16th position from January to April. This consistency in rankings, despite the small downward trend in British Columbia, highlights Summit's ability to maintain its market share in the competitive beverage sector.
Summit's performance in the Colorado market tells a more varied story across different cannabis product categories. Notably, the brand struggled to maintain a top 30 ranking in the concentrates category, with rankings slipping from 41st in January to 58th by April, and sales significantly decreasing from $47,840 to $12,585 over the same period. This decline is a critical point of concern, indicating a considerable loss in market share and consumer preference within Colorado's concentrates market. Conversely, Summit's flower category showed a positive trajectory, improving its rank from 57th in January to 52nd in April, alongside a notable sales increase, peaking at $90,644 in April. This improvement suggests a recovering or growing interest in Summit's flower products within Colorado. However, their performance in the vapor pens category also declined, dropping from a rank of 61st to 75th from January to April, which, alongside the concentrates category's performance, may signal broader challenges Summit faces in maintaining its competitiveness across diverse product lines within a single market.
Competitive Landscape
In the competitive landscape of the cannabis flower category in Colorado, Summit has experienced notable fluctuations in its ranking and sales over the recent months, indicating a volatile position within the market. Starting off at a rank of 57 in January 2024, Summit saw a significant drop to 75 in February, before recovering to 57 in March and slightly dropping to 52 in April. This rollercoaster in rankings is mirrored by its sales performance, with a sharp decline in February followed by a recovery in March and a slight increase in April. Its competitors, such as Kaviar, which consistently improved its rank from 69 in January to 51 in April, and Green Treets, which made a significant leap from 86 in January to 49 in April, highlight the competitive pressure Summit faces. Notably, Summit's sister brand, Summit (Canada), also shows a fluctuating performance but maintains a higher rank than Summit in April. This competitive analysis underscores the need for Summit to strategize effectively to enhance its market position amidst the dynamic shifts and the aggressive maneuvers by its competitors in the Colorado cannabis flower market.
Notable Products
In April 2024, Summit's top-selling product was Raspberry Lemonade Drink (10mg THC, 355ml) from the Beverage category, maintaining its number one rank across the previous months with sales figures reaching 6336 units. The second spot was claimed by Black Inferno (1g) from the Flower category, which saw a significant rise, moving up from the fourth position in March to second in April. Tropic Diesel (Bulk), also in the Flower category, held its ground by staying in the third position, consistent with its ranking in March. Dante's Inferno (Bulk) from the Flower category made its entry into the top rankings by securing the fourth spot, indicating a new preference among Summit's customers. Lastly, Crank Yanker (Bulk), another Flower category product, was ranked fifth, showing a slight improvement from its previous fifth position in March, highlighting a stable demand for this product.
Top Selling Cannabis Brands
