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Mar-2024
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Overview
Market Insights Snapshot
In the competitive cannabis market, Tsunami Labs has shown varied performance across different categories and states, making its mark in some areas while facing challenges in others. In Nevada, the brand has seen a positive trajectory in the Concentrates category, moving from a rank of 20 in December 2023 to 16 by March 2024, with sales peaking at 44,392 in March. This upward trend suggests a growing consumer preference for Tsunami Labs' concentrates in Nevada. However, the story is quite different in the Vapor Pens category, where Tsunami Labs experienced a significant drop, falling from rank 57 in December 2023 to a concerning 71 by March 2024, accompanied by a drastic decrease in sales to just 1,990 in March. This decline indicates a possible shift in consumer interest away from their vapor pen offerings in this state.
On the other hand, Tsunami Labs' foray into the Missouri market with its Edible category has not seen the desired growth, consistently ranking outside the top 30 brands from December 2023 through March 2024. Despite a slight improvement in March, moving up to rank 43, the brand has struggled to capture a significant market share in this category. The absence from top rankings over several months highlights a potential area for strategic review and adjustment. Conversely, their entry into the Pre-Roll category in Nevada is noteworthy, despite starting at rank 95 in March 2024, the only month reported. This late entry suggests a new strategic direction for Tsunami Labs, although starting from a lower rank, it represents an initial step into a new market segment, the success of which remains to be seen in subsequent months.
Competitive Landscape
In the competitive Nevada flower market, Tsunami Labs has experienced fluctuating rankings and sales over the recent months, indicating a dynamic position within the industry. From December 2023 to March 2024, Tsunami Labs saw a shift in rank from 65th to 68th, despite an initial drop in sales in January 2024, they managed a significant rebound in February before stabilizing in March. This trajectory suggests resilience and potential for growth amidst fierce competition. Notably, 22Red emerged as a strong competitor, entering the rankings in January 2024 at 62nd and closely trailing Tsunami Labs by March, indicating a tight race for market share. Other competitors such as TRYKE, Vegas Valley Growers North, and Old Pal have also shown varying degrees of movement within the rankings, with Vegas Valley Growers North notably improving its position significantly from December to March. This competitive landscape highlights the importance of strategic positioning and innovation for Tsunami Labs to maintain and enhance its market presence in Nevada's flower category.
Notable Products
In March 2024, Tsunami Labs saw Dante's Inferno Pre-Roll (1g) leading their sales with a significant figure of 465 units, marking it as their top-performing product for the month. Following closely, Garlic Butter Live Resin Sugar (0.5g) and Orange Crush Gummies 10-Pack (300mg) took the second and third spots, respectively, indicating a diverse consumer preference across different cannabis product categories. The fourth and fifth positions were held by Dante's Inferno (3.5g) and Gelatti (7g), both from the Flower category, showcasing a strong demand for traditional cannabis products. Notably, these rankings represent a fresh lineup of top performers, as no sales data or rankings were provided for these products in the preceding months. This shift underscores a dynamic market landscape for Tsunami Labs, with new or previously unranked products capturing consumer interest in March.
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