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Jun-2024
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Overview
Market Insights Snapshot
Highly Edible has shown a mixed performance across different categories and states in recent months. In Colorado, the brand did not rank in the top 30 for the Edible category from April to June 2024, indicating a potential decline in market presence or increased competition in this segment. However, in the Topical category, Highly Edible maintained a steady position, ranking 7th in March and June, and 8th in April and May 2024. This consistency in the Topical category suggests a strong foothold and loyal customer base in Colorado for these products.
In Nevada, Highly Edible's performance in the Edible category showed some improvement. The brand climbed from the 30th position in March and April to the 26th and 27th positions in May and June 2024, respectively. This upward trend indicates a positive reception and growing popularity of their edibles in Nevada. Despite not making it to the top 30 in some months in other states, these movements highlight the brand's potential to capture market share and the importance of monitoring regional performance for strategic adjustments.
Competitive Landscape
In the Colorado Topical category, Highly Edible has experienced fluctuations in its rank and sales over the past few months. Despite a dip in April 2024, where it fell to 8th place, Highly Edible managed to regain its 7th position by June 2024. This resilience is notable given the competitive landscape. For instance, NectarBee consistently hovered around 7th and 8th positions, indicating a close rivalry. Meanwhile, ioVia maintained a steady 9th position, posing less of a threat in terms of rank but still competing in sales. The most significant competition comes from Care Division and My Brother's Flower, which held higher ranks and demonstrated stronger sales figures. Care Division, for instance, consistently ranked 6th or higher, while My Brother's Flower maintained a solid 5th position with a notable increase in sales from March to June 2024. These insights suggest that while Highly Edible is holding its ground, there is significant competition, particularly from brands with stronger upward sales trends.
Notable Products
In June 2024, the top-performing product from Highly Edible was Sour Assorted Indica Gummy Pucks 10-Pack (100mg), maintaining its first-place ranking for the fourth consecutive month with sales of 574 units. Sativa Assorted Sour Pucks 10-Pack (100mg) held steady in the second position, despite a slight dip in sales compared to May 2024. The CBD/THC 1:1 Nordic Goddess Body Balm (250 CBD, 250 THC, 2oz) climbed back to third place after a previous absence in May. Sativa Sweet Pucks (100mg) remained consistent in fourth place, showing a minor increase in sales. Indica Sweet Assorted Pucks 20-Pack (100mg) dropped to fifth place in June, down from third in May, reflecting a notable decrease in sales.
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