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Oct-2024
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Overview
Market Insights Snapshot
Tidal has shown a noteworthy performance in the Concentrates category within Nevada over the past few months. In August 2024, Tidal made a significant entry into the top 30 brands, securing the 15th position. However, by September, the brand experienced a decline, falling to the 25th rank. This downward trajectory continued into October, as Tidal did not maintain a presence in the top 30, indicating potential challenges in sustaining momentum. The sales figures reflect this trend, with a substantial drop from $36,457 in August to $14,312 in September, highlighting the volatility in their market presence.
The absence of Tidal from the top 30 in July and October suggests inconsistent performance in the Nevada market, which could be attributed to various factors such as competitive pressures or shifts in consumer preferences. The brand's ability to break into the top 30 in August, but not sustain it, raises questions about their market strategy and adaptability. While the specifics of their strategy remain undisclosed, these movements provide a glimpse into the competitive landscape of the Concentrates category in Nevada, hinting at both opportunities and challenges for Tidal moving forward.
Competitive Landscape
In the Nevada concentrates market, Tidal's performance has shown notable fluctuations in rank and sales over recent months. After not being in the top 20 in July 2024, Tidal surged to 15th place in August but then dropped to 25th by September. This volatility suggests a competitive landscape where Tidal is struggling to maintain a consistent position. In contrast, Mojo (Edibles) demonstrated a strong presence, ranking 6th in August and maintaining a higher sales volume, indicating a stable consumer preference. Meanwhile, brands like Provisions and Remedy did not rank in the top 20 during this period, highlighting Tidal's potential to capitalize on their absence. However, to improve its standing, Tidal may need to address the factors contributing to its declining rank and leverage strategic marketing efforts to enhance brand visibility and consumer loyalty.
Notable Products
In October 2024, Tidal's top-performing product was the CBD All Natural Lip Balm (50mg CBD, 5g) in the Topical category, which climbed to the number one spot with sales of 88 units. This product showed a consistent upward trend, rising from fourth in July to second in September before reaching the top rank in October. The Shortbread Cookies Live Resin Sugar (1g) in the Concentrates category held the second position, despite being the top product in July. Solo Trip Honeycomb (0.5g) emerged as a new entrant in the rankings, securing the third position in October. The Breakfast Cereal Honeycomb (0.5g) and Crunch Berries Live Resin Sugar (0.5g) maintained their presence in the top five, ranking fourth and fifth respectively, indicating a stable demand for these Concentrates 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.
