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Feb-2024
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Overview
Market Insights Snapshot
In the competitive cannabis market of New York, TribeTokes has shown a notable presence, particularly in the Vapor Pens category. Despite not breaking into the top 20 brands until February 2024, where it ranked 9th in the Topical category, TribeTokes demonstrated a significant improvement in its performance in the Vapor Pens category over the recent months. Starting from a position outside the top 20 in November 2023, the brand saw a gradual increase in its ranking, moving up from 49th in November 2023 to 67th by February 2024. This upward trajectory, especially in a category as competitive as Vapor Pens, indicates a growing consumer interest and market penetration in New York, which could be reflective of strategic marketing efforts or product quality improvements. However, the inability to secure a top 20 ranking until February in the Topical category suggests room for growth and potential areas for strategic focus.
The sales figures for TribeTokes in New York further illuminate the brand's journey. In the Vapor Pens category, there was a remarkable surge in sales from 394 units in November 2023 to 2,528 units in January 2024, before a slight decline to 1,640 units in February 2024. This spike in January, followed by a decrease, could indicate a seasonal trend, a successful promotional campaign, or possibly stock availability issues. On the other hand, the Topical category's entry into the top 20 in February 2024, with 146 units sold, might signal a new opportunity for TribeTokes to diversify its product offerings and capitalize on different market segments within the cannabis industry in New York. The contrast between the sales dynamics of these two categories offers a nuanced view of the brand's performance, highlighting its strengths in Vapor Pens while pointing towards potential in the Topicals market.
Competitive Landscape
In the competitive landscape of the vapor pens category in New York, TribeTokes has shown a noteworthy trajectory, moving from a rank of 49 in November 2023 to 67 by February 2024. This progression indicates a significant increase in sales from November 2023 to January 2024, before experiencing a slight dip in February 2024. Competitors such as Rythm, despite not having a consistent rank across the months, made a notable entry in February with the highest rank of 65. Seed & Strain Cannabis Co. has maintained a steady presence in the top 60s, indicating a strong competitor with increasing sales. The Botanist and Good Times New York also present significant competition, with Good Times New York showing a dramatic rank drop from 31 in November 2023 to 69 by February 2024, despite having much higher sales figures compared to TribeTokes. This competitive analysis highlights the dynamic nature of the vapor pens market in New York, with TribeTokes making considerable gains in rank and sales, albeit facing stiff competition from brands with fluctuating but sometimes higher sales figures.
Notable Products
In February 2024, TribeTokes saw the CBD Juicy Fruit Full Spectrum Disposable (0.5g) from the Vapor Pens category rise to the top spot, with notable sales figures reaching 24 units. Following closely was the CBD Hawaiian Dream Full Spectrum Disposable (0.5g), also in the Vapor Pens category, securing the second position after a slight drop from its leading position in January. The CBD Pain Cream (1000mg CBD) from the Topicals category made a steady climb to rank third, indicating a growing interest in CBD topical solutions among consumers. Interestingly, the Remedy Distillate Cartridge (1g), which had consistently held the top rank in previous months, dropped out of the rankings in February, highlighting a significant shift in consumer preferences within the TribeTokes offerings. This shift underscores the dynamic nature of product popularity and consumer trends within the cannabis industry.
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