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Aug-2024
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Overview
Market Insights Snapshot
In the state of Maryland, Cannaceutica has shown a notable upward trend in the Capsules category. After not ranking in the top 30 in May 2024, the brand made a significant leap to 7th place in June, and then further improved to secure the 6th position in both July and August. This consistent performance indicates a strong market acceptance and growing consumer preference for Cannaceutica's capsule products in Maryland. The sales figures reflect this positive trajectory, with a jump from $11,497 in May to $18,720 in June, and continuing to rise in subsequent months.
Across other states and categories, Cannaceutica's presence appears to be less prominent, as there are no rankings available, indicating that the brand did not make it into the top 30 in those regions and categories. This could suggest a need for strategic adjustments or increased marketing efforts to enhance brand visibility and performance outside of Maryland. The absence from the top 30 rankings in other areas highlights the competitive nature of the cannabis market and underscores the importance of localized strategies to replicate Maryland's success in other states.
Competitive Landscape
In the Maryland capsules category, Cannaceutica has shown a notable upward trend in its rankings over the summer months of 2024. Starting from an unranked position in May, Cannaceutica climbed to 7th place in June and further improved to 6th place in both July and August. This positive trajectory indicates a growing market presence and increasing consumer preference. In comparison, Avexia consistently held top positions, ranking 3rd in May, 2nd in June, 3rd in July, and 2nd again in August, showcasing its strong and stable market dominance. Meanwhile, Kalm Fusion (K Fusion) saw a slight decline, moving from 7th place in May to 8th place from June through August. Cannaceutica's rise in rank and sales, especially against such established competitors, highlights its potential for further growth and market penetration in the Maryland capsules market.
Notable Products
In August 2024, the top-performing product from Cannaceutica was the Broad Spectrum Cannabis Oil Capsule 10-Pack (100mg), maintaining its number one rank from July with notable sales of 395 units. The second place was held by CBD:THC Broad Spectrum Cannabis Oil Capsule 20-Pack (50mg CBD, 150mg THC), consistent with its rank in June and July, with sales increasing to 250 units. The Broad Spectrum Cannabis Oil Capsule 40-Pack (100mg) remained in the third position for the second consecutive month. Compared to May, the rankings of these products have shown stability, with the top three products maintaining strong sales figures throughout the summer. The consistency in rankings suggests a steady demand for these specific capsule products.
Top Selling Cannabis Brands
Data for this report comes from real-time sales reporting by participating cannabis retailers via their point-of-sale systems, which are linked up with Headset’s business intelligence software. Headset’s data is very reliable, as it comes digitally direct from our partner retailers. However, the potential does exist for misreporting in the instance of duplicates, incorrectly classified products, inaccurate entry of products into point-of-sale systems, or even simple human error at the point of purchase. Thus, there is a slight margin of error to consider. Brands listed on this page are ranked in the top twenty within the market and product category by total retail sales volume.
