Market Insights Snapshot
In the competitive cannabis beverage category, Weed Water has shown a remarkable consistency in its performance in New York. Over a span of four months, it has maintained a top 3 position, starting from October 2023 through January 2024. This consistency is notable, especially considering the fluctuating nature of the cannabis market. The brand's ability to hold onto the 3rd rank for three consecutive months before improving to the 2nd rank by January 2024 suggests a positive reception and growing consumer base. However, it's important to highlight that while maintaining a top 3 position, there was a noticeable dip in sales in November 2023 before it rebounded in the following months, indicating a potential challenge or opportunity for the brand.
Despite the absence of detailed sales figures for each month beyond October 2023, the trend from the available data points towards a resilient performance amidst the market's ups and downs. The initial sales figure of $36,700 in October 2023 serves as a benchmark, showing that the brand was off to a strong start in the fiscal quarter. The dip in November followed by a recovery suggests that Weed Water may have effectively addressed any issues or capitalized on market opportunities quickly. This kind of performance, especially in a state like New York, can be indicative of a well-received brand that knows how to navigate the complexities of the cannabis market. However, the lack of data from other states or provinces leaves room for speculation on how the brand performs on a broader scale.
In the competitive landscape of the cannabis beverage market in New York, Weed Water has shown a notable performance. Starting in October 2023 and moving into January 2024, Weed Water consistently held its ground among the top brands, improving its rank from third to second place. This upward movement in rank is particularly impressive when considering the dominance of Ayrloom in the number one spot throughout the same period, with sales figures significantly higher than those of Weed Water. Another notable competitor, MyHi, which was ahead of Weed Water initially, saw a slight decline, moving from the fourth to the third rank, thereby allowing Weed Water to surpass it. Meanwhile, Harney Brothers Cannabis made an impressive leap from ninth to fourth place, indicating a rapidly growing preference among consumers. Despite these shifts, Weed Water's consistent performance and recent rank improvement signal a strong position in the market, although it still trails significantly behind Ayrloom in sales. This dynamic landscape suggests that while Weed Water is a strong contender, there is still room for growth and competition, especially from rapidly rising brands like Harney Brothers Cannabis.
In January 2024, Weed Water saw "Gelato Water (2mg CBD, 10mg THC)" rise to the top spot with impressive sales of 1102 units, marking its first time as the leader in recent months. Following closely behind was "Pineapple Express Water (2mg CBD, 10mg THC)", which had consistently held the number one rank in the preceding three months but fell to second place in January. The third position was secured by "Pineapple Express Water 6-Pack (12mg CBD, 60mg THC)", demonstrating a steady climb in its ranking over the past months from fourth to third. "Gelato Water 6-Pack (12mg CBD, 60mg THC)" also showed a consistent performance, maintaining its position in the top four over several months, ending up in fourth place in January. Notably, "Grapefruit Kush Water 6-Pack (30mg CBD, 30mg THC)" entered the rankings for the first time in January, securing the fifth spot with sales figures indicating a promising start for a new product.