Market Insights Snapshot
Starting with the edible category, BITS has shown a noteworthy performance across various states. In Arizona, the brand has made significant strides, climbing from rank 49 in July 2023 to rank 29 by October 2023. This upward trend indicates a growing popularity and market share in the state. However, the situation in Illinois is somewhat different. BITS started at a commendable rank 17 in July but has seen a gradual drop to rank 26 by October. This could suggest a need for the brand to investigate potential causes and strategize on regaining its earlier position.
On the other hand, the brand's performance in Maryland and Nevada shows a more stable trend. In Maryland, BITS has maintained its position within the top 20 brands, fluctuating slightly between ranks 15 and 18 over the four-month period. This suggests a consistent demand for the brand in the Maryland market. Nevada presents an interesting case where BITS has managed to improve its ranking from 20 to 14 between July and October. This improvement in rank, despite a relatively stable sales figure, could indicate a favorable shift in market dynamics for BITS in Nevada.
In the Illinois Edible market, the cannabis brand BITS has been experiencing a downward trend in both rank and sales from July to October 2023. While BITS started as the 17th top brand in July, it fell to the 26th position by October. In comparison, Kushy Punch made its entry into the top 20 in September and has been steadily climbing since. Redbud Roots, on the other hand, has been consistently improving its rank and significantly increased its sales in October. Matter., despite minor fluctuations, has maintained a relatively stable position in the top 25, while Savvy has been gradually moving up the ranks and boosting its sales. This competitive landscape indicates a need for BITS to strategize effectively to regain its earlier position and sales momentum.
In October 2023, the top-performing product from BITS was the CBD/THC 1:1 Elderberry Wellness Gummies 20-Pack, maintaining its previous month's rank with a notable sales figure of 3272 units. The second and third positions were held by Guava Go Gummies 20-Pack and Acai Affection Gummies 20-Pack respectively, both shifting down one rank from the previous month. The CBN/THC 1:1 Pomegranate R&R Gummies 20-Pack secured the fourth rank consistently over the past four months. Finally, the CBG/THC 1:1 Yuzu Zone Gummies 20-Pack remained in the fifth position, reappearing in the rankings after an absence in September.