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Apr-2024
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Overview
Market Insights Snapshot
In the Ohio market, Tinctible has shown a consistent performance in the Topical category, maintaining its position within the top 10 brands across the first four months of 2024. Starting the year at rank 7 in January, it held steady at this rank through February and March before climbing one spot to rank 6 in April. This upward movement is indicative of growing consumer preference and brand strength within the state's cannabis market. The sales figures reflect this positive trajectory, with a noticeable increase from $12,962 in January to $19,160 in April, highlighting a significant rise in consumer demand for Tinctible's topical products. The consistent ranking, coupled with increasing sales, suggests that Tinctible is effectively solidifying its presence and appeal among Ohio consumers.
While the data provided focuses solely on Ohio, Tinctible's performance in this state offers valuable insights into its market dynamics and consumer acceptance. The brand's ability to maintain a top 10 position in the competitive Topical category over consecutive months is commendable. The absence of rankings for other states or provinces in the dataset limits the scope of analysis to Ohio; however, the positive trend observed here could be reflective of the brand's overall strategy and execution. The increase in sales from January to April, despite the competitive nature of the cannabis market, is particularly noteworthy and could be attributed to effective marketing, product quality, or other strategic initiatives by Tinctible. This performance in Ohio's market could potentially serve as a benchmark for the brand's operations in other regions.
Competitive Landscape
In the competitive landscape of the topical cannabis market in Ohio, Tinctible has shown a notable upward trend in its ranking, moving from the 7th position in the first quarter of 2024 to 6th by April. This shift is significant as it indicates Tinctible's growing presence and possibly its increasing market share among topicals in the state. Competitors such as Main Street Health and Beneleaves have experienced fluctuations in their rankings, with Main Street Health dropping to 7th by April, allowing Tinctible to surpass it. Meanwhile, Beneleaves maintained a steady position above Tinctible, securing the 5th spot through the period. Notably, Lighthouse Sciences has seen a decline from the top rank to 4th by April, despite its higher sales figures compared to Tinctible. This dynamic market movement underscores the competitive nature of the topical category in Ohio, with Tinctible's recent rank improvement positioning it as a brand to watch as it closes the gap with its competitors.
Notable Products
In April 2024, Tinctible's top-performing product was the Squeeze In - THC/CBN 3:1 Blueberry Lavender Sleep Gel 11-Pack (110mg THC, 33mg CBN) in the Topical category, maintaining its number one position from the previous two months with a sales figure of 334 units. Following closely, the Squeeze In - CBD/THC 1:1 Watermelon Spark Gel 11-Pack (110mg CBD, 110mg THC) also held its previous rank as the second best-selling product. The third spot was secured by the Squeeze In - CBD/CBG/THC 1:1:2 Blue Raspberry Sweet Relief Gel 11-Pack (55mg CBD, 55mg CBG, and 110mg THC), consistent with its position in March. Notably, the top three products have retained their rankings from March to April, indicating stable consumer preferences within Tinctible's product line. This consistency in product performance suggests a strong customer loyalty to these specific formulations and flavors.
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