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Jun-2024
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Overview
Market Insights Snapshot
In the state of Arizona, the cannabis brand tonic has shown significant fluctuations in its performance within the Beverage category. Starting from a rank of 10 in March 2024, tonic climbed to 9th place in April and reached a peak at 5th place in May, before settling back to 7th place in June. This indicates a strong upward trend in the earlier months, followed by a slight decline. The sales figures mirror this trend, with a notable spike from $14,724 in March to $36,557 in May, before a slight dip to $35,651 in June. The brand's ability to break into the top 10 and maintain a presence there suggests a solid market performance, though the drop in June could be a point of concern.
In contrast, tonic's performance in the state of Illinois has been remarkably consistent, maintaining the 2nd place rank in the Beverage category from March through June 2024. Despite a slight dip in sales from $523,797 in March to $392,272 in May, the brand managed to recover to $429,787 in June. Similarly, in Michigan, tonic has also held steady in the 2nd place rank throughout the same period. This consistency in high-ranking positions across multiple states highlights tonic's strong market presence and consumer preference in these regions. However, the absence of tonic in the top 30 brands in other states or categories might indicate areas for potential growth or improvement.
Competitive Landscape
In the Illinois beverage category, tonic has consistently maintained its position as the second-ranked brand from March 2024 through June 2024. Despite this stability, tonic faces stiff competition from Journeyman, which has held the top rank throughout the same period. Journeyman's sales have shown a notable upward trend, peaking in May 2024, which could indicate a growing preference among consumers. Meanwhile, CQ (Cannabis Quencher) remains steady at the third rank, although its sales have gradually declined from March to June 2024. Another competitor, Uncle Arnie's, has consistently held the fourth rank since April 2024, but it did not appear in the top 20 in March 2024, suggesting recent market entry or growth. These dynamics highlight the competitive pressure on tonic to innovate and capture more market share to challenge Journeyman's dominance and fend off other rising competitors.
Notable Products
In June 2024, the top-performing product for tonic was Mandarin Orange Tonic (100mg THC, 12oz), maintaining its number one rank with a notable sales figure of 11,607 units. Raspberry Lemonade Tonic (100mg THC, 12oz) held steady at the second position, continuing its consistent performance over the past months. Mango Pineapple Seltzer (100mg THC, 12oz) climbed to the third spot from its previous fourth position, showing an increase in sales. The CBD/THC 1:1 Tropical Punch Tonic (100mg CBD, 100mg THC, 12oz) dropped to fourth place, despite being the top product in March. Finally, the CBD/THC 1:1 Citrus Lime Tonic (100mg CBD, 100mg THC, 12oz) remained in the fifth position, showing stable but lower sales figures.
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