As we’ve reported on recently, sales in many US cannabis markets have been stagnating. In some of the most mature and saturated states, sales have actually been in decline. This decrease in consumer demand, along with falling prices driven by rampant oversupply issues has dramatically increased the competitive pressure facing operators at all levels of the cannabis industry. But as a wise man once said, “the cream rises to the top.”
Here are five cannabis brands that have been succeeding this year in the two most mature and competitive US cannabis markets: Colorado and Washington. Why? Simply because we want to celebrate brands who are finding ways to succeed and implement noteworthy strategies in today’s cannabis landscape.
Despite entering the Colorado market less than 12 months ago, Sano Gardens has been experiencing astronomical growth this year. With sales totals of more than $800K in August 2022, Sano Gardens had already climbed to the 15th ranked brand in the Vapor Pens category. Their sales are driven almost entirely by the Vapor Pen category, namely their ‘Orchard’ line of flavored live resin ‘All-In-One’ pens.
The name WYLD might be unfamiliar if you’ve been living under a rock for the past few years. This multi-state mega-brand has been a major contender in the cannabis Edible landscape for a while, but only brought their winning-formula to Washington’s market in January 2022. By August of this year they were already the best-selling Edible brand in the state, logging more than $1.6M in total sales, nearly 14% of all sales to the category. The best-selling WYLD product last month was their ‘THC/CBN 2:1 Indica Elderberry Gummies 10-Pack (100mg THC, 50mg CBN)’, pointing to some increased popularity in CBN products.
Magnitude, an Infusiasm brand, entered the Colorado market in late 2020. This Vapor Pen brand performed fairly well through 2021 with more than $500K in monthly sales through the summer before then seeing a collapse in sales at the end of the year. But Magnitude sales came roaring back in 2022. By March, Magnitude had achieved more than $700K in retail sales, and by August of this year, they had more than doubled that value with more than $1.5M in monthly sales! There are two clear winners among Magnitude’s product line. Their Platinum Jack and Blueberry ‘Live Terps’ 1g cartridges netted a whopping 89% of the brand’s total sales last month.
Passion Flower, a multi-category brand from Fairwinds, is all about offering clean, pesticide-free cannabis. They offer products in the Flower, Vapor Pen, Concentrates, Pre-Roll, and Beverage categories. Since launch in April 2021, sales to Passion Flower have been steadily rising month over month. In August 2022, retail sales to this brand in Washington topped $550K. They describe three passions on their website: quality, community, and education. These passions seem to be paying off as this brand is one of the fastest growing in the Washington cannabis market.
Lazercat Cannabis, a Concentrate and Vapor Pen brand out of Colorado, is another steady-eddy success story over the past year. With monthly retail sales consistently climbing, sales to this brand have risen by more than 160% since August 2021. Both cartridges and rosin products contribute to Lazercat Cannabis’s sales with their Grape Nerds Rosin Cartridge (0.5g) taking the top spot in August 2022.
As we mentioned, overall sales trends in Colorado and Washington have been declining, but that hasn’t prevented these top performing brands from finding success within the market. If you’d like to learn how you can get ahead of the competition and become a market leader, sign up for a demo of Headset tools today.