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Feb-2024
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Overview
Market Insights Snapshot
In the Nevada market, Cannabella's performance across different categories has shown a mix of stability and decline, which presents a nuanced picture of its market position. In the Edibles category, the brand experienced a gradual decline in ranking from November 2023 to February 2024, moving from 28th to 32nd. This downward trend, although slight, indicates a competitive challenge in maintaining its market share against other brands. Notably, their sales in November were at $27,784, but saw a significant drop by February 2024. This shift in sales and ranking underscores the importance of staying agile in product offerings and marketing strategies within the highly competitive edibles market.
On the other hand, Cannabella's Topicals category in Nevada showed a more stable performance in terms of ranking, with a slight increase in rank from 11th in November 2023 to 15th by February 2024. However, the sales figures tell a more concerning story, with a sharp decline from $5,084 in November 2023 to just $877 by February 2024. This discrepancy between relatively stable rankings and declining sales volume suggests that while Cannabella has managed to maintain a top 20 position, the overall market demand for their topical products may be weakening. Such insights highlight the critical need for Cannabella to evaluate their product formulations, marketing, and consumer engagement strategies within the Topicals category to address the declining sales trend.
Competitive Landscape
In the competitive landscape of the edible category in Nevada, Cannabella has experienced a fluctuating performance in terms of rank and sales over the recent months. Starting at 28th position in November 2023, it saw a slight improvement in December, moving up to 29th, before experiencing a decline to 35th in January 2024 and then slightly recovering to 32nd in February 2024. This trajectory indicates a struggle to maintain a consistent rank amidst stiff competition. Notably, Mellow Vibes (formerly Head Trip) has shown a more stable performance, with a notable improvement from 29th to 25th between November 2023 and December 2023, and maintaining a higher rank than Cannabella in the subsequent months. On the other hand, Savvy and LP Exotics have shown variability in their ranks but have occasionally outperformed Cannabella, particularly in January 2024. This competitive analysis underscores the importance for Cannabella to innovate and possibly re-strategize to improve its market position and sales in the highly competitive edible market in Nevada.
Notable Products
In February 2024, Cannabella's top-selling product was the CBD/THC 1:1 Honey (60mg CBD,60mg THC) in the Edible category, with impressive sales of 101 units, marking its rise to the top rank from its previous position in November 2023. Following closely behind in second place was the Mango Dried Fruit 10-Pack (100mg), a newcomer in the rankings with significant interest. The third spot was secured by another new entry, Dried Pineapple (100mg), indicating a growing consumer interest in fruit-based edibles. The Pineapple Cherry Bomb Buttercream Chews (100mg) dropped from the third position in November to fourth in February, showing a shift in consumer preferences. Lastly, the Cherry Lozenges 10-Pack (100mg) maintained a steady position, ranking fifth in both January and February 2024, suggesting a consistent demand among Cannabella's customers.
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