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Oct-2024
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Overview
Market Insights Snapshot
VET CBD has consistently maintained a strong presence in the Tincture & Sublingual category in California, holding a steady rank of 4th place from July through October 2024. This stability indicates a strong foothold in the market, even as sales figures show a slight decline from $366,154 in July to $270,705 in October. Despite the dip in sales, the brand's ability to maintain its rank suggests a loyal customer base and effective market strategies that keep it competitive against other top brands in the state.
While VET CBD's performance in California is noteworthy, the absence of rankings in other states or provinces indicates a potential area for growth or a focus primarily on the Californian market. This could be seen as a limitation in their geographical reach or an opportunity to expand and capture new markets. The brand's consistent ranking in California could serve as a strong foundation for exploring and entering new regions, leveraging their established reputation and customer loyalty to gain traction in other states or provinces.
Competitive Landscape
In the competitive landscape of the Tincture & Sublingual category in California, VET CBD has consistently maintained its rank at 4th place from July to October 2024. Despite a steady position, VET CBD faces stiff competition from brands like Yummi Karma and Care By Design, which have shown strong sales performance, with Yummi Karma even climbing to the 2nd rank in September and October 2024. Meanwhile, Mary's Medicinals holds a stable 5th rank, closely trailing VET CBD, which suggests a competitive pressure from below. VET CBD's sales have seen a decline from July to October, indicating a potential need for strategic adjustments to regain momentum and fend off competitors. This competitive dynamic highlights the importance for VET CBD to innovate and differentiate to maintain and potentially improve its market position.
Notable Products
In October 2024, the top-performing product for VET CBD was the CBD/THC 20:1 Regular Strength Tincture (250mg CBD, 12.5mg THC, 60ml, 2oz) in the Tincture & Sublingual category, reclaiming the number one spot with sales of 1262 units. The CBD/THC 20:1 Regular Strength Tincture (125mg CBD, 6.25mg THC, 1oz, 30ml) followed closely in second place, maintaining its strong performance from the previous months. The CBD/THC 10:1 Extra Strength Pet Tincture (250mg CBD, 25mg THC, 60ml, 2oz) ranked third, showing consistent performance since July. The CBD/THC 10:1 Extra Strength Tincture (500mg CBD, 50mg THC, 60ml, 2oz) and the CBD/THC 20:1 Regular Strength Tincture (1000mg CBD, 50mg THC, 2oz, 60ml) were ranked fourth and fifth, respectively, both experiencing a slight decline in sales compared to earlier months. Overall, the rankings indicate a strong preference for the regular strength tinctures among consumers.
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.
