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Jun-2024
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Overview
Market Insights Snapshot
NOBO's performance across various cannabis categories reveals significant fluctuations, particularly in Colorado and Michigan. In Colorado, NOBO's Flower category experienced a notable rise from 85th position in March 2024 to 53rd in April 2024, but then dropped to 74th by May 2024, eventually falling out of the top 30 in June 2024. This inconsistency highlights challenges in maintaining a stable market presence in Colorado's competitive landscape. Contrastingly, Michigan's Flower category showed more resilience, with NOBO maintaining a relatively stable ranking, moving from 17th in March 2024 to 15th by June 2024, indicating a stronger foothold in this state.
In Michigan, NOBO's performance in the Edible category has been consistently improving, climbing from 17th in March 2024 to 9th by June 2024. This upward trend points to growing consumer preference and effective market strategies in this segment. However, NOBO's Vapor Pens category in Michigan experienced volatility, starting at 27th in March 2024, dipping to 70th in April, and then recovering to 36th by June. The Pre-Roll category in Michigan also saw NOBO dropping out of the rankings after March, only to reappear at 84th in June, suggesting room for improvement in these areas. These movements across categories and states provide a nuanced view of NOBO's market dynamics, with notable successes in some areas and challenges in others.
Competitive Landscape
In the highly competitive Michigan flower category, NOBO has demonstrated notable fluctuations in its ranking over recent months, which could be indicative of both market volatility and the brand's adaptability. In March 2024, NOBO held the 17th position, dropped significantly to 45th in April, but made a strong comeback to 17th in May and further improved to 15th in June. This rebound suggests effective strategic adjustments, possibly in marketing or product offerings. In comparison, Grown Rogue experienced a more stable yet declining trend, moving from 13th in March to 17th in June. Meanwhile, Nature's Medicines showed consistent improvement, climbing from 20th in March to 16th in June. Goodlyfe Farms maintained a relatively stable position, fluctuating between 12th and 15th, while Carbon made a remarkable leap from 44th in March to 14th in June. These dynamics highlight NOBO's resilience and potential for growth amidst fierce competition, suggesting that with continued strategic efforts, it could further solidify its market position.
Notable Products
In June 2024, the top-performing product for NOBO was Cherry Gummies (200mg) from the Edible category, with notable sales of $20,722. Green Apple Gummies 10-Pack (200mg), also in the Edible category, secured the second spot, climbing up from fourth place in May. Watermelon Gummies 10-Pack (200mg), another Edible product, ranked third, showing an improvement from fifth place in the previous month. Double Burger (3.5g) in the Flower category entered the rankings at fourth place in June. Balance Vanilla Mint Gummies 10-Pack (200mg) held the fifth position, maintaining its rank from May.
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