Market Insights Snapshot
Starting with the Edible category, Nevada's Cannabella has maintained a steady presence in the top 40 brands over the past four months, with rankings ranging from 31 to 33. Although not in the top 20, this stability in the rankings is a positive sign, indicating a consistent demand for Cannabella's edible products. On the sales front, there's been a noticeable upward trend from July to October, with sales increasing from around 17,837 to 21,380. This implies a growing consumer base or increased purchasing frequency, or possibly both.
On the other hand, Cannabella's performance in the Topical category within the Nevada market has been impressive, consistently ranking within the top 10 brands. With rankings fluctuating slightly between 7 and 8 over the observed period, Cannabella has proven to be a strong player in this category. The sales trend in this category has been somewhat volatile, peaking in September before experiencing a slight drop in October. However, it's important to note that even with this drop, the sales figures are still significantly higher than the initial July figures, suggesting overall growth in this category.
In the Nevada edible market, Cannabella has been maintaining a steady position, with slight fluctuations in its rank from July to October 2023. The brand was not in the top 20 during this period, indicating a need for strategic improvements to boost its market position. Notably, Cannabella's sales have been gradually increasing, suggesting a growing consumer base despite its lower rank. In comparison, Shango has been consistently outranking Cannabella, although its sales have been fluctuating. Provisions and Mellow Vibes (formerly Head Trip) have lower ranks and sales than Cannabella. Interestingly, UB GOOD, despite having a higher rank, experienced a significant drop in sales by October 2023. These trends provide valuable insights for Cannabella to leverage its increasing sales and improve its market position.
In October 2023, Cannabella's top-performing product was the Snickerdoodle Buttercream 10-Pack (100mg), retaining its position from the previous month with 148 units sold. The Mango Dried Fruit 10-Pack (100mg) climbed from the third position in September to the second in October, showing a consistent performance. The CBD/THC 1:1 Ladies First Intimacy Oil (113.12mg CBD, 98.84mg THC) dropped to the third position, having been the second best-selling product in September. The Dried Pineapple (100mg) remained steady at fourth place, even though it didn't make the list in September. A new entry in the top five was the CBD/THC Neuropathy Salve (90.2mg CBD, 88.3mg THC), which managed to secure the fifth position.