Verano

Data Snapshot: Apr 03, 2024
Verano Cannabis Brand Logo
$5M+

Mar-2024

Sales

Decline

Trend

6-Month

701

Product Count

SKUs

Verano

Overview

Verano is a recognized, multi-state cannabis company in the United States, known for cultivating a premium selection of cannabis strains and products aimed at personalizing experiences for both new and seasoned users. Beyond its status as a cultivator, Verano expands its focus on cannabis education, showing its commitment to fostering an informed cannabis community. Leveraging its rapid growth, the company notably ventures into social equity initiatives, such as the opening of their first joint venture location in Connecticut.
Product Trends

Verano Categories

Verano Sales

Market Insights Snapshot

Verano Historical Sales by Category

In examining Verano's performance across various categories and states, several key trends emerge, particularly in the states of Illinois and Nevada. In Illinois, Verano has shown a strong presence in the concentrates category, maintaining a top 10 position from December 2023 to March 2024, with a slight improvement in February. This consistency in ranking, coupled with a notable sales figure of $380,989 in December 2023, suggests a solid foothold in the concentrates market within Illinois. Conversely, in Nevada, while Verano also demonstrates strong performance in concentrates, its rankings in the edible category suggest room for growth, with rankings hovering in the high 40s to mid-50s during the same period. This indicates a disparity in brand strength across categories within the same state, highlighting the importance of category-specific strategies for brand growth.

Verano's performance in the Arizona and Maryland markets also offers interesting insights. In Arizona, there's a noticeable decline in the flower category, with rankings dropping from 35th in December 2023 to 44th by March 2024, alongside a significant decrease in sales. This downward trend suggests challenges in maintaining market share within this category. In contrast, Maryland presents a success story for Verano, especially in the pre-roll category, where it consistently secures a top 5 ranking over the observed months. The brand's ability to maintain a strong position in Maryland's pre-roll market, evidenced by an impressive sales jump to $782,280 in March 2024, underscores the potential benefits of focusing on specific product types in markets where the brand already has a strong presence.

Mar-2024 Rank
Edible
Flower
Pre-Roll
Vapor Pens
Concentrates
49
44
29
62
48
24
4
8
8
93
86
88
57
29
22
4
24
26
55
30
14
21
4
62
35
8
19
Verano

Competitive Landscape

In the competitive landscape of the Vapor Pens category in Illinois, Verano has experienced fluctuations in its ranking over the recent months, indicating a dynamic market position. Starting at 9th rank in December 2023, it dropped to 11th in January 2024, then to 12th in February, before climbing back up to 8th in March 2024. This trajectory suggests a recovery and potential growth in market share, despite facing stiff competition from notable brands such as Select, which consistently held higher ranks (7th to 6th) during the same period, and Bloom, which made a significant leap from 14th to 7th rank by March 2024. Other competitors like Good News and Ozone also showed varying degrees of movement within the rankings, indicating a highly competitive environment. Verano's ability to regain its position suggests resilience and adaptability, key factors for potential buyers and investors to consider, especially in a market where rank and sales are closely contested.

Verano market ranking for IL Vapor Pens

Verano

Notable Products

In March 2024, Verano's top-selling product was Essence - Cherry Punch (3.5g) from the Flower category, marking its first appearance at the top with sales figures reaching 3719 units. Following closely, Essence Stix - Berry Bliss Pre-Roll (1g) from the Pre-Roll category, which was the top product in February 2024, moved to the second position with a notable decrease in sales. Reserve - Ice Cream Candy (3.5g), another Flower category product, secured the third rank, also making its first notable appearance in the sales chart. The fourth place was taken by Essence Swift Lifts - Moon Boots Pre-Roll 5-Pack (2.5g) from the Pre-Roll category, indicating a diversified interest in both Flower and Pre-Roll categories among consumers. Lastly, Essence - Apricot Stomper (3.5g) saw a decline from its previous third position in January 2024 to the fifth rank in March 2024, showcasing a shift in consumer preferences within the Flower category.

Product Rank
Category
Dec-2023
Jan-2024
Feb-2024
Mar-2024
Essence - Cherry Punch (3.5g)
Flower
>5
>5
>5
1
Essence Stix - Berry Bliss Pre-Roll (1g)
Pre-Roll
>5
>5
1
2
Reserve - Ice Cream Candy (3.5g)
Flower
>5
>5
>5
3
Essence Swift Lifts - Moon Boots Pre-Roll 5-Pack (2.5g)
Pre-Roll
>5
>5
>5
4
Essence - Apricot Stomper (3.5g)
Flower
>5
3
>5
5
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