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Oct-2024
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Overview
Market Insights Snapshot
Spherex has demonstrated a notable performance in the Colorado market, particularly in the Vapor Pens category. For four consecutive months from July to October 2024, Spherex maintained its position as the number one brand in this category, indicating a strong and consistent market presence. This dominance in the Vapor Pens category is underscored by a steady increase in sales, culminating in over 4.1 million dollars in October 2024. However, in the Concentrates category, Spherex only emerged in the top 30 rankings in October, securing the 22nd position. This late entry into the rankings suggests potential for growth, although it also highlights a significant gap in market penetration compared to their success with Vapor Pens.
Despite the impressive performance in Colorado's Vapor Pens category, Spherex's absence from the top 30 brands in the Concentrates category for the months leading up to October indicates a challenge in diversifying their brand dominance across different product lines. This could suggest a more concentrated focus or consumer preference towards their Vapor Pens, which might be a strategic decision or a market-driven outcome. The appearance in the top 30 for Concentrates in October could imply a strategic shift or a response to market demands, hinting at future potential for growth in this category. The data suggests areas of strength and opportunities for expansion, painting a picture of a brand that excels in specific niches while having room to grow in others.
Competitive Landscape
In the competitive landscape of vapor pens in Colorado, Spherex has consistently maintained its top position from July to October 2024, showcasing a strong hold on the market. Despite the steady competition, Bonanza Cannabis Company and Eureka have remained in the second and third ranks respectively during the same period. Spherex's consistent number one ranking is indicative of its robust sales growth, which saw a notable increase from July's figures to October's, surpassing both Bonanza Cannabis Company and Eureka by a significant margin. This upward trend in sales highlights Spherex's effective market strategies and consumer preference, positioning it as a dominant leader in the Colorado vapor pen category.
Notable Products
In October 2024, the top-performing product for Spherex was the X - Tangie Haze Distillate Cartridge (1g) in the Vapor Pens category, climbing from a fourth-place rank in September to first place with sales reaching 22,126 units. Following closely was the Blueberry Cake Distillate Cartridge (1g), which advanced from an unranked position in September to second place, showcasing a significant increase in popularity. The X- NYC Diesel Distillate Cartridge (1g) dropped from first place in September to third, despite a strong sales figure of 21,493 units. Pink Lemonade Distillate Cartridge (1g) maintained a stable presence, ranking fourth in October after a previous top spot in August. The X - Strawguava Distillate Cartridge (1g) rounded out the top five, maintaining its popularity despite fluctuating rankings over the past 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.
