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Jun-2024
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Overview
Market Insights Snapshot
The performance of BITS in the Edible category has shown notable fluctuations across various states. In Arizona, BITS has managed to maintain a steady presence, climbing from a rank of 30 in March to 27 by June 2024. This consistent improvement indicates a growing acceptance and popularity of their products in the state. On the other hand, in Massachusetts, BITS has struggled to break into the top 30, with rankings fluctuating around the 40s before making a slight recovery to 35 in June. This movement suggests a challenging market environment in Massachusetts where BITS is yet to firmly establish its foothold.
In Illinois, BITS has shown a positive trend, moving up from rank 19 in March to 16 in June, reflecting a steady increase in market share and consumer preference. Similarly, in Nevada, the brand has made significant strides, improving its rank from 27 in March to 19 in June, indicating a successful penetration into the market. Contrastingly, in Maryland, BITS has maintained a stable ranking around 16-17, suggesting a consistent performance but with no significant growth. This stability could be both a sign of a loyal customer base and a potential plateau in market expansion.
Competitive Landscape
In the competitive landscape of the Illinois edible cannabis market, BITS has shown a steady improvement in rank and sales over the past few months. Starting at rank 19 in March 2024, BITS climbed to rank 16 by June 2024, reflecting a positive trend in consumer preference and market penetration. In comparison, FloraCal Farms remained stable at rank 18 from April to June 2024, while Daze Off experienced a decline from rank 12 in March to rank 15 in June 2024, indicating a potential loss in market share. Meanwhile, Savvy showed significant improvement, moving from rank 21 in March to rank 14 in June 2024, suggesting aggressive growth strategies. Good Tide fluctuated but ultimately returned to rank 17 in June 2024. The upward trajectory of BITS, coupled with the varying performances of its competitors, highlights its growing appeal and potential for continued market share expansion in the Illinois edibles category.
Notable Products
In June 2024, BITS' top-performing product was Guava Go Gummies 20-Pack (100mg), maintaining its first-place ranking for the fourth consecutive month with sales reaching 9,530 units. The CBN/THC 1:1 Pomegranate R&R Gummies 20-Pack (100mg CBN, 100mg THC) held steady in second place, showing a consistent upward trend from March to June. CBD/THC 1:1 Elderberry Wellness Gummies 20-Pack (100mg CBD, 100mg THC) also retained its third-place position, with sales figures continuing to rise. Acai Affection Gummies 20-Pack (100mg) remained in fourth place, despite a slight decrease in sales compared to previous months. Finally, CBG/THC 1:1 Yuzu Zone Gummies 20-Pack (100mg CBG, 100mg THC) kept its fifth-place position, though its sales saw a minor dip from May to June.
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