Market Insights Snapshot
In the edible category, Colorado has seen a consistent performance from Coda Signature, though it has slipped slightly in its ranking from 6th to 9th place between September and November 2023. Despite this, the brand's sales in the state have remained strong, though there was a noticeable dip in November. On the other hand, in the Massachusetts and Ohio markets, Coda Signature's edible category ranking remained outside the top 20 throughout the period, indicating that there's room for growth in these states.
When it comes to topicals, Coda Signature's performance in Colorado has seen a more significant downward shift. The brand's ranking dropped from 8th place in September 2023 to 18th place by November of the same year. This drop in ranking was also accompanied by a substantial decrease in sales. This suggests that the brand may need to reconsider its strategy for topicals in the Colorado market to regain its previous standing.
In the Colorado Edibles market, Coda Signature has seen some fluctuation in its ranking over the period from August to November 2023. In August, it held the 7th position, rose to 6th in September, maintained its rank in October, but then dropped to 9th in November. This indicates a slight decrease in market performance towards the end of the period. In comparison, Dixie Elixirs and Cheeba Chews have shown a more stable performance, with Dixie Elixirs improving its rank and Cheeba Chews maintaining a consistent presence in the top 10. On the other hand, Joyibles and Hedy have seen an increase in their rankings, suggesting that they could be emerging competitors for Coda Signature. It's worth noting that the absence of a rank for a particular month indicates that the brand was not among the top 20 in the Colorado Edibles category for that month.
In November 2023, the top-performing product from Coda Signature was the Coffee & Doughnuts Milk Chocolate Bar 20-Pack (100mg), maintaining its first-place ranking from previous months with a sales figure of 6791 units. Following closely in second place was the Cream & Crumble White Chocolate Bar 20-Pack (100mg), also holding its rank from the preceding months. The CBD/THC 1:1 Coffee & Doughnuts Milk Chocolate Bar 20-Pack (100mg CBD, 100mg THC) secured the third position, despite a slight decrease in sales. Interestingly, the Maple & Pecan Milk Chocolate Bar 20-Pack (100mg) managed to hold onto its fourth-place ranking from September, while the CBD:THC 1:1 Strawberry & Rhubarb Fruit Notes 20-Pack (100mg CBD, 100mg THC) dropped to fifth place. This analysis indicates a stable preference for specific products among Coda Signature consumers.