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Apr-2024
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Overview
Market Insights Snapshot
In Missouri, The Standard has shown a diverse presence across multiple cannabis categories, albeit with fluctuating rankings that suggest room for growth and stabilization. The brand's performance in the Flower category is noteworthy, maintaining a presence in the top 40 from January to April 2024, despite a slight drop in ranking from 34th in January to 38th in April. This drop, alongside their sales numbers which started at 281,727 in January and saw a decrease to 165,153 by April, indicates a challenge in maintaining market share amidst competitive pressures. Conversely, their Concentrates and Edible categories saw a decline in rank, with Concentrates not making the top 30 after January and Edibles falling out of the top 30 after February, highlighting areas where The Standard could potentially increase its focus to regain or improve its market position.
In Ohio, The Standard presents a more consistent and competitive stance, especially within the Concentrates and Edible categories, where it managed to stay within the top 30 rankings from January to March 2024. The Concentrates category, in particular, showed a promising start at 16th in January, although it experienced a slight decline to 18th by March. The Edibles category demonstrated an ability to improve, moving from 25th in January to 20th by April, suggesting effective strategies in play that could be leveraged for other categories. The Vapor Pens category also saw a gradual improvement in its ranking, moving from 22nd in January to 24th by April. However, the Flower category indicates a struggle to climb higher in the rankings, hovering in the late 20s, which might signal the need for strategic adjustments to enhance its standing in a highly competitive market.
Competitive Landscape
In the competitive landscape of the Missouri flower cannabis market, The Standard has experienced a fluctuating performance in terms of rank and sales from January to April 2024. Initially ranked 34th in January, it slightly improved to 31st in February, before dropping to 36th in March and further to 38th in April, indicating a challenging market position amidst stiff competition. Notably, Nugz and House of Kush have shown a more stable or improving rank over these months, despite The Standard having higher sales figures in the earlier months compared to CORE Cannabis, which entered the rankings in February but did not maintain a consistent presence. Notorious, another competitor, also experienced rank fluctuations but managed to stay ahead of The Standard in April. This dynamic suggests that while The Standard has a significant presence, it faces intense competition that affects its market rank and sales performance, underscoring the need for strategic adjustments to enhance its competitive edge in Missouri's cannabis flower category.
Notable Products
In April 2024, The Standard saw Divorce Cake (2.83g) from the Flower category maintaining its top position from the previous month, with notable sales figures reaching 1932 units. Following closely, Peach Biscotti (2.83g) made a significant leap to the second rank, showcasing its growing popularity among consumers. Voodoo Fritters (2.83g) entered the top three for the first time, indicating a shift in consumer preferences towards this product. Meanwhile, Jungle Pie (2.83g) held steady in the fourth position, despite a drop in sales compared to its previous performance. Sour Watermelon Gummies 10-Pack (100mg) from the Edible category rounded out the top five, slipping from its fourth-place position in March, highlighting a diversification in the top-selling products.
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