Market Insights Snapshot
HighOnLove, a cannabis brand that is making a name for itself in the Topical category, has been experiencing some interesting movements in its ranking across the state of Colorado. In July 2023, the brand was ranked 13th in this category, but it slipped to the 15th position in August and October, while slightly recovering to the 14th spot in September. It's worth noting that despite these shifts, HighOnLove has managed to maintain its place within the top 20 brands in the state, indicating a steady presence in the market.
Looking at their sales performance in the same period, there's a noticeable downward trend. Starting from a high of 7152 units sold in July, the brand saw a decrease in sales over the following months, with the lowest point being 4631 units in October. While this might raise some concerns, it's crucial to remember that fluctuations in sales are not uncommon in the cannabis industry. It would be interesting to see how HighOnLove strategizes to reverse this trend in the coming months.
In the Topical category within Colorado, HighOnLove has seen a slight decline in rank from 13th in July 2023 to 15th in October 2023. This suggests a decrease in sales, which is confirmed when comparing to competitors such as Coda Signature and Green Cross Colorado, who have consistently ranked higher. However, HighOnLove is still outperforming brands like Highly Edible and Conscious Medz, who have similar or lower rankings. It's important to note that Coda Signature experienced a significant drop in rank from 7th to 13th between September and October, indicating a potential opportunity for HighOnLove to gain market share. On the other hand, Conscious Medz has shown a steady increase in sales, moving from 19th to 17th over the same period, suggesting a growing competitor.
In October 2023, HighOnLove's best selling product was the 'Stimulating Sensual Oil (38mg CBD, 100mg THC, 10ml)' in the Topical category, maintaining its top position from previous months with 146 units sold. Following closely was the 'Stimulating Sensual Oil (100mg CBD, 300mg THC, 30ml)', also in the Topical category, which held its second rank from July to October. The 'CBD/THC 1:1 Bath and Body Sensual Oil (100mg CBD, 100mg THC)' ranked third but showed a significant drop in sales. The 'Sensual Coupe Deville Pre-Roll 3-Pack (3g)' in the Pre-Roll category maintained its fourth position, although its sales were relatively low. The 'CBD/THC 1:1 Sensual Lip Balm (100mg CBD, 100mg THC, 7ml)' dropped out of the rankings in October, indicating a decrease in popularity or availability.