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Jun-2024
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Overview
Market Insights Snapshot
Dr. Norm's performance in the Edible category across various states has shown a mix of stability and decline. In California, Dr. Norm's ranked 15th in March 2024, but slipped to 18th by June 2024. This downward trend is notable, especially as the brand was not able to secure a spot in the top 30 in any other state or province during this period. The slight drop in rankings in California suggests increased competition or potential shifts in consumer preferences within the Edible category.
Despite the drop in rankings, Dr. Norm's sales figures in California provide a more nuanced picture. The brand experienced a peak in sales in April 2024, with a slight decline in subsequent months. This indicates that while Dr. Norm's struggled to maintain its ranking position, it still managed to generate significant sales, hinting at a loyal customer base. However, the absence of Dr. Norm's from the top 30 brands in other states or provinces could be a cause for concern, signaling a need for strategic adjustments to enhance its market presence outside of California.
Competitive Landscape
In the competitive landscape of the California edible cannabis market, Dr. Norm's has experienced notable fluctuations in its rankings and sales over recent months. Dr. Norm's started at rank 15 in March 2024 but saw a decline to rank 18 by June 2024. This drop in rank correlates with a decrease in sales from $420,190 in March to $341,042 in June. Competitors like Petra have maintained a more stable position, consistently ranking at 16 and showing a slight increase in sales from $408,246 in March to $428,090 in June. Meanwhile, ABX / AbsoluteXtracts and Space Gem have shown minor improvements in their rankings, with ABX moving from 18 to 17 and Space Gem climbing from 21 to 19. These trends suggest that while Dr. Norm's faces challenges in maintaining its market position, competitors are either stabilizing or making incremental gains, highlighting the need for strategic adjustments to regain market share.
Notable Products
For Jun-2024, the top-performing product from Dr. Norm's is the Hybrid Fruity Pebbles Crispy Rice Bar (100mg), maintaining its number one rank from previous months with sales of 2343. The Sleep Well THC/CBN 2:1 - Elderberry Nano Sleep Gummies 10-Pack (100mg THC, 50mg CBN) remained in the second position, showing consistent performance. The Indica Snickerdoodle Gluten Free Cookie 10-Pack (100mg) climbed to the third position, up from fifth in May-2024. Wicked Watermelon High Max Gummy (100mg) dropped to fourth place after leading in May-2024. Lastly, the Hybrid Chocolate Fudge Brownie (100mg) saw a decline, moving from fourth to fifth place.
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