Market Insights Snapshot
Looking at the performance of the cannabis brand Tinctible in the category of Tincture & Sublingual in Ohio, we see a slight downward trend in its ranking over the months from July to October 2023. In July and August, Tinctible held steady at 6th place, but by September, it had slipped to 7th and further to 8th in October. This indicates that while Tinctible has managed to maintain a position within the top 10 brands in this category, there is a notable downward movement in its ranking. This could potentially be due to increased competition or shifting consumer preferences.
On the sales front, there is a similar trend. July 2023 saw Tinctible raking in $19,284 in sales. However, this figure dropped to $14,760 in August and further down to $12,563 in September. October saw a slight recovery with sales of $12,785. While it's not a significant increase, it's a positive sign that the sales decline has been halted. It will be interesting to see if this trend continues in the following months. Despite the downward trend, it's important to note that Tinctible has consistently remained in the top 20 brands across these months, which is a testament to its resilience in the market.
In the Tincture & Sublingual category for Ohio, Tinctible has seen a slight drop in rank from 6th in July 2023 to 8th in October 2023. This is indicative of increased competition, notably from brands like Standard Farms and Remidose. Standard Farms has maintained a steady rank, oscillating between 7th and 8th over the same period, while Remidose, despite not being in the top 20 in July and August, surged to 6th place by October. Other competitors such as Firelands Scientific and Lighthouse Sciences have held steady at 10th and 9th place respectively. In terms of sales, Tinctible has experienced a downward trend, which corresponds with its drop in rank. This is in contrast to Remidose, which saw a significant sales increase in September and October, aligning with its rise in rank.
In October 2023, Tinctible's top-selling product was the 'Squeeze In - THC/CBN 3:1 Blueberry Lavender Sleep Gel 11-Pack (110mg THC, 33mg CBN)', maintaining its first-place ranking from previous months with a notable sales figure of 450 units. The 'Squeeze In - CBD/THC 1:1 Watermelon Spark Gel 11-Pack (110mg CBD, 110mg THC)' secured the second position, moving up from its third-place ranking in July 2023. However, the 'Squeeze In - CBD/CBG/THC 1:1:2 Blue Raspberry Sweet Relief Gel 11-Pack (55mg CBD, 55mg CBG, and 110mg THC)' experienced a drop in sales, moving down to the third rank from its second position in July 2023. The overall sales trend indicates a growing preference for products with a balanced CBD to THC ratio. This analysis provides a clear picture of the shifting consumer preferences in Tinctible's product range.