Market Insights Snapshot
In California, Verdure's performance in the Capsules category showed a declining trend from July to September 2023, with their rank falling from 13th to 17th. Interestingly, there was no ranking available for October, indicating that they did not make the top 20 brands for that month in this category. This could be seen as a cause for concern. Similarly, in the Tincture & Sublingual category, the brand experienced a steady drop in ranking from 17th in July to 26th in October. This downward movement, combined with a decrease in sales over the same period, suggests a need for strategic adjustments.
Contrastingly, in Massachusetts and Washington, Verdure maintained a consistent performance in the Tincture & Sublingual category, holding onto the 15th spot in Massachusetts and fluctuating between the 7th and 8th ranks in Washington over the four-month period. In the Capsules category, Verdure also showed relative stability in Washington, maintaining a ranking between 11th and 12th. However, sales data indicates a slight decrease in both states over the period, pointing towards a potential need to bolster marketing efforts or revisit product strategy in these categories.
In the Tincture & Sublingual category in California, Verdure has been experiencing a downward trend in both rank and sales from July to October 2023. In July, Verdure was ranked 17th but dropped to 26th by October. In terms of sales, Verdure started off significantly higher than its competitors but saw a decrease over the months. Among its competitors, Kind Medicine has shown a significant improvement in rank, moving from 27th to 21st, and a notable increase in sales in October. Carter's Aromatherapy Designs (C.A.D.) has maintained a relatively stable rank but experienced fluctuating sales. High Power and Seed & Strain Cannabis Co. have remained fairly consistent in their lower ranks and sales. The absence of Verdure from the top 20 brands in certain months indicates that they were not among the top performers in those periods.
In October 2023, Verdure's top-selling product was the CBD/THC 1:1 Relief Honey Lemon Tincture, moving up from second place in September. The CBD/THC 30:1 Lavender Vanilla Tincture, which had held the top spot in August and September, fell to second place. The CBD/THC 1:2 Lavender Vanilla Sleep Tincture climbed to third place, a notable improvement from its fifth-place ranking in the previous two months. Meanwhile, the Indica Honey Lemon Tincture maintained its fourth-place position from September, and the Sleep - Lavender Vanilla Tincture entered the top five. The CBD/THC 1:1 Relief Honey Lemon Tincture sold 209 units, but exact sales figures for the other top products are not disclosed to maintain data confidentiality.