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Jun-2024
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Overview
Market Insights Snapshot
Lux by CannAscend has shown a mixed performance across different states and categories in recent months. In Maryland, the brand has remained within the top 30 for Edibles, although its ranking has fluctuated. Starting at 26th place in March 2024, it dropped slightly to 27th in April, climbed to 23rd in May, and then fell back to 27th in June. This volatility indicates both challenges and opportunities in maintaining a steady market presence. Notably, the brand's sales in Maryland peaked in May, with a significant increase to $78,386, before dropping to $41,489 in June.
In contrast, Lux by CannAscend's performance in Ohio has been less consistent. The brand did not make it into the top 30 rankings for Edibles in May and June 2024, suggesting a struggle to capture market share in this state. It was ranked 41st in March and slightly improved to 40th in April, but this upward movement was not sustained. The absence from the top rankings in the following months could indicate either increased competition or a need for strategic adjustments. Despite this, the brand did see a small increase in sales from $11,573 in March to $13,589 in April, hinting at potential for growth if the right steps are taken.
Competitive Landscape
In the competitive landscape of the Maryland edible cannabis market, Lux by CannAscend has shown fluctuating performance in recent months. From March to June 2024, Lux by CannAscend's rank varied between 23rd and 27th, indicating some volatility. Notably, while Lux by CannAscend achieved a peak rank of 23rd in May 2024, it slipped back to 27th by June 2024. This fluctuation contrasts with competitors like ROBHOTS, which maintained a more stable presence, consistently ranking around 24th. Another competitor, Lillybear, also experienced rank volatility but managed to outperform Lux by CannAscend in March and April 2024. The data suggests that while Lux by CannAscend has the potential to climb the ranks, it faces stiff competition from brands like Valhalla Confections and Fireball Cannabis, which have shown significant sales growth and rank improvements over the same period. For Lux by CannAscend to enhance its market position, strategic adjustments and targeted marketing efforts may be necessary to stabilize and improve its rank amidst these competitive pressures.
Notable Products
In June 2024, the top-performing product for Lux by CannAscend was Caramel Macchiato Milk Chocolates Truffles 10-Pack (100mg), which ranked first with sales of 411 units. Dark Chocolate Sea Salt Caramels 10-Pack (100mg) followed closely in second place, maintaining a strong position from the previous months. Milk Chocolate Sea Salt Caramels 10-Pack (100mg) saw a drop to third place after leading in May 2024. CBD/THC 1:1 Dark Chocolate Sea Salt Caramel 10-Pack (100mg CBD, 100mg THC) held steady in fourth place, showing consistent performance. Notably, CBD/THC 1:1 Caramel Macchiato Chocolates Bites 10-Pack (100mg CBD, 100mg THC) entered the rankings in fifth place, indicating a rise in popularity.
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