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Mar-2024
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Overview
Market Insights Snapshot
In the edible category across various states, Coda Signature has shown a notable variance in performance. In Colorado, the brand experienced a significant decline, moving from 7th place in December 2023 to 23rd by March 2024, alongside a sharp decrease in sales from 298,139 in December to 89,155 in March. This downward trajectory suggests challenges in maintaining its market position amidst competitive pressures. Meanwhile, in Massachusetts, Coda Signature was not able to break into the top 30 brands for edibles, with rankings slipping from 47th to 51st before disappearing from the rankings altogether in March 2024. This indicates a potential need for strategic adjustments to improve visibility and market share within this state. Conversely, in Ohio, while the brand also experienced a decline from 27th to 47th, the consistent presence in the rankings suggests a level of resilience and a potential foothold in the Ohio market that could be leveraged for future growth.
Looking at the topical category within Colorado, Coda Signature displayed a relatively stable performance, maintaining its rank in the 18th to 19th range from December 2023 through March 2024. This stability, contrasted with the volatility seen in the edibles category, might indicate a more loyal customer base or less competition in the topicals market segment. Sales figures in this category showed fluctuations but remained relatively low, suggesting that while the brand has managed to maintain its position, there is significant room for growth in terms of sales volume. This juxtaposition of the brand's performance across different product categories and states highlights the complexities of the cannabis market and suggests that a multifaceted approach, tailored to the nuances of each category and regional market, could be beneficial for Coda Signature's overall growth strategy.
Competitive Landscape
In the competitive landscape of the edible category in Colorado, Coda Signature has experienced a notable shift in its market position from December 2023 to March 2024, moving from 7th to 23rd rank. This decline in rank is significant, especially when considering the performance of its competitors. For instance, Nove Luxury Chocolate has shown a more stable performance, maintaining a position closer to the top 20 throughout the same period and even improving its rank from 18th to 21st by March 2024. Similarly, Binske has also demonstrated resilience by slightly improving its position from 23rd to 22nd. In contrast, brands like Sweet Mary Jane and Dutch Girl have remained outside the top 20, with fluctuating but generally lower ranks. The directional trend for Coda Signature suggests a need for strategic reassessment, especially when considering the upward trajectory of competitors like Nove Luxury Chocolate, which not only maintained a higher rank but also showed an increase in sales, contrasting with Coda Signature's declining sales figures.
Notable Products
In March 2024, Coda Signature's top-performing product was the Coffee & Doughnuts Milk Chocolate Bar 20-Pack (100mg) in the Edible category, maintaining its number 1 rank since December 2023 with sales figures reaching 1562 units. Following closely, the Cream & Crumble White Chocolate Bar 20-Pack (100mg) also held its position at rank 2 across the same period. The Maple & Pecan Milk Chocolate Bar 20-Pack (100mg) saw an improvement, moving up to rank 3 in March from its previous rank of 4 in December 2023 and January 2024, and rank 3 in February 2024. A new entry into the top 5 was the CBD/THC 1:1 Coffee & Doughnuts Milk Chocolate Bar 20-Pack (100mg CBD, 100mg THC), which jumped to rank 4 in March. Lastly, the Salt & Nibs Dark Chocolate Bar 20-Pack (100mg) secured the 5th position, showing consistent performance in the lower ranks from February to March 2024.
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