Market Insights Snapshot
In the New York market, urbanXtracts has shown a varied performance across different cannabis product categories, indicating both challenges and opportunities for the brand. In the concentrates category, the brand maintained a presence in the top 10 from October 2023 to January 2024, albeit with slight fluctuations in ranking, moving from 3rd in October to 7th in January, with a dip to 10th in December. This indicates a strong position within the concentrates market, although the drop to 10th in December could suggest increasing competition or changes in consumer preferences. Meanwhile, urbanXtracts' entry into the edibles market was not noted until November 2023, starting at a rank far outside the top 20, which highlights a significant challenge in gaining market share within this category. However, the subsequent improvement in ranking and a notable increase in sales from 218 in November to 921 in January suggests a positive trajectory for urbanXtracts in the edibles category.
Looking at the flower category, urbanXtracts showed a gradual improvement in its ranking within the highly competitive New York market, moving from 46th in October 2023 to 39th in January 2024. This upward movement, coupled with a substantial increase in sales from 9,211 in October to 28,936 in January, indicates a growing consumer preference for urbanXtracts' flower products. Despite starting from a lower ranking compared to concentrates, the consistent improvement and sales growth in the flower category could signify a strengthening position for urbanXtracts. However, the late entry and initial low ranking in the edibles market, compared to the more stable and improving positions in concentrates and flower, reflect the diverse challenges and opportunities urbanXtracts faces across different product categories in New York.
In the competitive landscape of the concentrates category in New York, urbanXtracts has experienced notable fluctuations in its market position over the recent months, according to the data. Starting as the third-ranked brand in October 2023, urbanXtracts saw a decline in rank to seventh by November and further to tenth in December, before slightly recovering to seventh in January 2024. This trajectory suggests challenges in maintaining its market position amidst stiff competition. Notably, Jetty Extracts and Luci have shown strong performance, with Jetty Extracts moving from fifteenth to sixth and Luci maintaining a top five presence throughout the same period, indicating a more stable or growing consumer preference. Meanwhile, Hudson Cannabis and House of Sacci have also experienced fluctuations, but their sales trends suggest they are significant competitors, with Hudson Cannabis initially ranking higher than urbanXtracts in October but falling below by January. This competitive analysis underscores the dynamic nature of the concentrates market in New York, highlighting the need for urbanXtracts to strategize effectively to regain and enhance its market standing amidst these competitive shifts.
In January 2024, urbanXtracts saw "A Train (3.5g)" from the Flower category maintaining its top position with remarkable sales of 202 units, continuing its lead from the previous two months. Following closely, "Ayo (3.5g)" also in the Flower category, jumped to the second rank with sales figures that nearly matched the top seller, indicating a significant market preference for Flower products. "Rentz (3.5g)" secured the third spot, showing a slight decline from its previous second-place ranking in December 2023, highlighting the competitive nature of the Flower category. The "Jet Fuel Distillate Stylus Dablicator (1g)" from the Concentrates category made it to the fourth rank, marking its return to the top products list after not being ranked in December 2023. Lastly, "Garlic Knots (3.5g)" held steady in the fifth position, demonstrating consistent consumer interest in urbanXtracts' diverse Flower offerings.