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Oct-2024
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Overview
Market Insights Snapshot
In the state of New York, Platinum Reserve has shown varied performance across different cannabis categories. Notably, the brand has maintained a strong presence in the Flower category, consistently ranking in the top 12 from July to October 2024, with a peak at rank 5 in September. This suggests a solid consumer base and effective market strategies in this category. However, the Edible and Vapor Pens categories tell a different story. The brand was not in the top 30 for Edibles in any of the months from July to October, indicating potential areas for improvement or a need to reassess their approach in this segment. Similarly, Vapor Pens also did not make it to the top 30, highlighting a gap in market penetration for Platinum Reserve in these categories.
The Pre-Roll category presents another interesting development for Platinum Reserve in New York. The brand entered the rankings in September at position 52 and dropped to 66 by October, suggesting a need for strategic adjustments to regain and improve its standing. Despite these challenges, the overall sales trend for Flower reflects a positive trajectory, with a significant increase observed in September. This indicates a potential opportunity for Platinum Reserve to leverage its strengths in the Flower category while exploring strategies to enhance its presence in other segments like Edibles and Vapor Pens. The varied performance across these categories underscores the dynamic nature of the cannabis market in New York and the importance of adaptive strategies to maintain competitiveness.
Competitive Landscape
In the competitive landscape of the New York flower category, Platinum Reserve has experienced notable fluctuations in its market position from July to October 2024. Starting at rank 11 in July, Platinum Reserve maintained this position in August, surged to rank 5 in September, but then dropped to rank 12 in October. This volatility contrasts with competitors like Rolling Green Cannabis, which showed more stability, holding a top 10 position consistently, except for a slight dip to rank 12 in September. Meanwhile, Veterans Choice Creations (VCC) demonstrated a strong upward trajectory, climbing from rank 13 in July to rank 11 in October, indicating a potential threat to Platinum Reserve's market share. Additionally, Hudson Cannabis and Zizzle also showed improvements in their rankings, suggesting increased competition. These shifts highlight the dynamic nature of the market and suggest that Platinum Reserve may need to strategize to regain and maintain a higher rank amidst rising competitors.
Notable Products
In October 2024, Heavy OG (3.5g) emerged as the top-performing product for Platinum Reserve, maintaining its ascent from the second position in August and September, with sales reaching 3070 units. Jealousy (3.5g) made a significant leap to second place from fifth in September, indicating a growing consumer preference. Chem Dawg (3.5g) improved its standing to third place, showing consistent performance since August. Northern Lights (3.5g), which was the leader in September, fell to fourth place, experiencing a notable decrease in sales. Jack Herer (3.5g) rounded out the top five, dropping from its previous first-place ranking in July and August, highlighting a dynamic shift in product popularity over the months.
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.
