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Oct-2024
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Overview
Market Insights Snapshot
The performance of Canyon in the Colorado cannabis market has shown some fluctuations over the past few months, particularly in the Edible category. In July 2024, Canyon was ranked 18th, but by October 2024, it had slipped to 21st place. This movement indicates some challenges in maintaining its position among the top brands in this category. The sales figures also reflect this downward trend, with a notable decrease from $106,381 in July to $75,058 in October. Such a decline may suggest increased competition or shifts in consumer preferences within the state.
Interestingly, Canyon's rank in Colorado did see a brief improvement in September 2024, climbing back up to 17th before falling again in October. This temporary rise suggests that there may have been specific factors or promotions that helped boost its visibility or appeal during that month. However, the inability to sustain this improvement highlights potential volatility in its market performance. The absence of Canyon from the top 30 brands in other states or provinces suggests that its presence and influence are currently concentrated in Colorado, which could be both a strategic focus and a limitation in its market reach.
Competitive Landscape
In the competitive landscape of the Colorado edible market, Canyon has experienced fluctuations in its ranking over the past few months, indicating a dynamic and challenging environment. In July 2024, Canyon held the 18th position, but by August, it dropped out of the top 20, only to recover to 17th in September before slipping again to 21st in October. This volatility suggests a need for strategic adjustments to maintain a stable presence in the market. Notably, Coda Signature showed a strong upward trend, climbing from 22nd in July to 14th in September, before slightly dropping to 20th in October, potentially capturing market share from Canyon. Meanwhile, NFuzed maintained a relatively stable performance, closely competing with Canyon, as it ranked 17th in July and 22nd in October. The rise of Joyibles from 49th in July to 23rd in October highlights the increasing competition from emerging brands. As sales figures indicate, Canyon's sales have decreased over the months, suggesting that the brand may need to innovate or enhance its marketing strategies to regain its competitive edge in this evolving market.
Notable Products
In October 2024, the top-performing product for Canyon was Chew It - CBD/THC 1:1 Sour Lemonade Gummies 40-Pack (100mg CBD, 100mg THC), maintaining its number one rank from September despite a decrease in sales to 1184 units. Suck It - Sativa Strawberry Lemonade Hard Candy 40-Pack (100mg) climbed to the second position from fourth in September, showing a notable increase in sales. Suck It - Indica Blue Raspberry Hard Candy 40-Pack (100mg) held steady in the third position, while Suck It - CBD/THC/CBN 1:1:1 Pink Lemonade Hard Candy 40-Pack (100mg CBD, 100mg THC, 100mg CBN) dropped to fourth from a shared second place in September. Chew It - Sativa Sour Cherry Limeade Gummies 40-Pack (100mg) fell to fifth place, indicating a consistent decline in sales over recent months.
Top Selling Cannabis Brands
Data for this report comes from real-time sales reporting by participating cannabis retailers via their point-of-sale systems, which are linked up with Headset’s business intelligence software. Headset’s data is very reliable, as it comes digitally direct from our partner retailers. However, the potential does exist for misreporting in the instance of duplicates, incorrectly classified products, inaccurate entry of products into point-of-sale systems, or even simple human error at the point of purchase. Thus, there is a slight margin of error to consider. Brands listed on this page are ranked in the top twenty within the market and product category by total retail sales volume.
