Market Insights Snapshot
Beginning with the Beverage category, Tonik has demonstrated a fairly consistent performance in California. The brand managed to maintain its position within the top 20 brands over the four-month period from July to October 2023, although there was a slight drop in ranking from 8th in August to 11th in October. It's worth noting that despite this, Tonik's sales in the Beverage category remained robust, with a slight decrease observed in October.
Moving onto the Tincture & Sublingual category, Tonik maintained a steady presence in the top 20 brands in California from July to October 2023. The brand's ranking remained stable, fluctuating slightly between the 11th and 12th positions. However, in the Vapor Pens category, Tonik's performance was less impressive, with the brand failing to make it into the top 20 in July and October. This indicates a potential area for improvement for the brand. Nevertheless, Tonik's overall performance across categories in California demonstrates its strong market presence and popularity among consumers.
In the competitive landscape of the Beverage category in California, Tonik has shown a fluctuating performance. In July 2023, Tonik was ranked 12th, but managed to climb to 8th place in August. However, it slipped to the 9th position in September and further down to 11th in October. This indicates a downward trend in rank and presumably sales. In comparison, CQ (Cannabis Quencher) maintained a steady rank of 14th in July and August, and improved to 13th in September and October. Habit showed a similar trend to Tonik, starting from the 10th position in July, moving up to 9th in August, but then dropping to 12th in September and October. Lime and Cannalean have both shown more stability than Tonik, with Lime moving from 9th to 13th, then back up to 10th and 9th, and Cannalean maintaining a steady rank of 11th for three months before moving up to 10th in October.
In October 2023, Tonik's top-performing product was the Gdaddy Purp Live Resin Shot (100mg), maintaining its first-place position from September. The Straw Runtz Terpene Infused Beverage (100mg THC, 12Oz) rose to second place, a significant jump from its previous position in July. The Mango Guava Energy Shot (100mg) dropped to third place, down from its first-place ranking in August. The Kiwi Strawberry Vitamin Shot (100mg) debuted in the rankings at fourth place. Lastly, the Granddaddy Purps Terpene Beverage (100mg THC, 12oz) dropped to fifth place from its previous position of fourth in September. Notably, the Gdaddy Purp Live Resin Shot (100mg) had impressive sales, reaching 1327 units.