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Jun-2024
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Overview
Market Insights Snapshot
Verano has shown varied performance across different states and product categories, indicating a dynamic presence in the cannabis market. In Illinois, Verano's ranking in the Pre-Roll category remains strong, consistently staying within the top 3 from March to June 2024. However, their performance in the Flower category saw a decline, dropping to the 30th position in June 2024. This fluctuation suggests that while Verano maintains a solid foothold in certain categories, there are areas where competition or other market factors are impacting their sales.
In Maryland, Verano's Pre-Roll category also performed well, ranking as high as 2nd place in March and April 2024, though it fell to 5th place by June. Their Concentrates category in Maryland saw a notable entrance in June 2024, securing the 9th position. Meanwhile, in Nevada, Verano showed a mixed bag of results with a strong 6th place in Concentrates in March 2024, but failing to make it into the top 30 for Vapor Pens in June. These rankings highlight the brand's varying success across different markets and categories, indicating potential areas for growth and improvement.
Competitive Landscape
In the Illinois Pre-Roll category, Verano has shown consistent performance, maintaining a steady rank of 3rd place from April to June 2024 after dropping from 2nd place in March 2024. Despite this slight dip in rank, Verano's sales have demonstrated resilience, with a notable increase from approximately $1.3 million in May to nearly $1.5 million in June. This upward trend in sales suggests strong brand loyalty and effective marketing strategies. In comparison, Ozone, which has consistently held the 2nd rank since April, has seen a significant rise in sales, peaking at nearly $2 million in June. Meanwhile, Dogwalkers remains the dominant leader, consistently holding the 1st rank with sales exceeding $4 million each month. Nature's Grace and Wellness and High Supply / Supply have fluctuated between 4th and 5th ranks, indicating a competitive landscape. These insights highlight Verano's strong market presence and potential for growth amidst fierce competition in the Illinois Pre-Roll market.
Notable Products
In June 2024, the top-performing product for Verano was Reserve Stix - Gelato Pre-Roll (1g), maintaining its first-place ranking from previous months with notable sales of $7,925. Essence Swift Lifts - Space Mints Pre-Roll 5-Pack (2.5g) entered the rankings for the first time at the second position. Essence Stix - Berry Bliss Pre-Roll (1g) climbed to third place after not being ranked in the previous months. Reserve Swift Lifts - Gelato Pre-Roll 5-Pack (2.5g) slipped to fourth place from its previous third-place ranking in May. Travelers Essence - Cantaloupe Haze BDT Distillate Disposable (0.3g) rounded out the top five, showing a steady performance with a slight drop from its third-place position in March.
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