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Jun-2024
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Overview
Market Insights Snapshot
Goody Bag has shown a steady presence in the Illinois edibles market over the past few months. The brand maintained its position at rank 24 from March to June 2024, indicating consistent performance in this highly competitive category. Despite a slight dip in sales from $255,947 in April to $207,027 in June, Goody Bag's ability to stay in the top 30 brands in Illinois suggests a loyal customer base and stable demand for its products. This stability in rankings, even amidst fluctuating sales, showcases Goody Bag's resilience and potential for future growth in the Illinois market.
In contrast, Goody Bag's performance in the Michigan edibles market has been more challenging. The brand did not make it into the top 30 rankings from March to June 2024, with its position slipping from 40 in March to 49 in June. This downward trend is accompanied by a significant decline in sales, from $151,005 in March to $91,411 in June. This indicates that Goody Bag is struggling to capture market share in Michigan, possibly due to stronger competition or shifting consumer preferences. The brand's absence from the top 30 highlights the need for strategic adjustments to improve its standing and regain traction in the Michigan market.
Competitive Landscape
In the competitive landscape of the Illinois edible cannabis market, Goody Bag has shown consistent performance, maintaining a rank of 24th from March to June 2024. This stability, however, contrasts with the dynamic movements of its competitors. For instance, The Botanist experienced a notable decline from 16th in April to 22nd in June, indicating potential volatility in their market presence. Similarly, Revolution Cannabis saw a significant drop from 15th in March to 25th in June, suggesting challenges in sustaining their earlier momentum. On the other hand, Enliven Edibles and Bedford Grow have shown more stable rankings, though still fluctuating within the top 30. These shifts highlight the competitive pressure Goody Bag faces, yet its consistent ranking suggests a steady customer base. This analysis underscores the importance of monitoring market trends and competitor movements to strategize effectively and maintain or improve Goody Bag's market position.
Notable Products
In June 2024, Goody Bag's top-performing product was Pink Lemonade Gummies 10-Pack (200mg), which reclaimed the number one spot with sales of $2,293. Orange Soda RSO Gummies 10-Pack (100mg) maintained a strong position, ranking second, though it dropped from the top spot it held in May. Citrus Gummies 20-Pack (200mg) consistently held the third position over the last few months. Melon Gummies 10-Pack (200mg) made its debut in the rankings, securing the fourth spot. Citrus Gummies 10-Pack (100mg), which was the top seller in April, fell to fifth place in June.
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