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Aug-2024
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Overview
Market Insights Snapshot
In the state of Colorado, Canyon has shown a consistent presence in the Edible category. Over the span of four months, the brand has maintained a steady ranking, starting at 18th place in both May and June 2024, improving to 16th in July, and slightly dipping to 17th in August. This sustained performance indicates a stable market presence, with a notable peak in sales during July, where they achieved $119,571 in sales. The slight decline in August to $114,372 suggests a need for strategic adjustments to maintain or improve their ranking.
The fluctuations in Canyon's rankings and sales figures in Colorado highlight both strengths and areas for potential growth. Despite not breaking into the top 15, the brand's ability to climb from 18th to 16th in July shows positive momentum. However, the dip back to 17th in August indicates that competition remains stiff, and further analysis into market dynamics and consumer preferences could be beneficial. The absence of Canyon from the top 30 in other states or categories emphasizes the need for targeted expansion strategies to enhance their market footprint beyond Colorado.
Competitive Landscape
In the competitive landscape of the Colorado edible cannabis market, Canyon has shown a steady performance with slight fluctuations in rank from May to August 2024. Canyon's rank improved from 18th in May and June to 16th in July, before slightly dropping to 17th in August. This indicates a generally positive trend, especially considering the notable increase in sales from $86,011 in May to $119,571 in July. Competitors such as Rebel Edibles and Nove Luxury Chocolate have also shown strong performances, with Rebel Edibles consistently ranking higher, peaking at 14th in July, and Nove Luxury Chocolate maintaining a stable position around the 14th to 15th ranks. Meanwhile, Coda Signature and Muncheez have experienced more variability, with Coda Signature moving from 24th in May to 18th in August, and Muncheez dropping out of the top 20 in June. These dynamics suggest that while Canyon is holding its ground, there is significant competition, particularly from Rebel Edibles and Nove Luxury Chocolate, which could impact Canyon's market share and necessitate strategic adjustments to maintain and improve its ranking and sales.
Notable Products
In August 2024, the top-performing product from Canyon was Chew It - CBD/THC 1:1 Sour Lemonade Gummies 40-Pack (100mg CBD, 100mg THC), maintaining its first-place ranking for four consecutive months with sales reaching 1767 units. Suck It - Sativa Strawberry Lemonade Hard Candy 40-Pack (100mg) ranked second, showing a notable increase in sales to 850 units. Chew It - Sativa Sour Cherry Limeade Gummies 40-Pack (100mg) held the third position, despite fluctuating rankings in previous months. Suck It - Indica Blue Raspberry Hard Candy 40-Pack (100mg) remained steady at fourth place, with consistent sales growth. Suck It - CBD/THC/CBN 1:1:1 Pink Lemonade Hard Candy 40-Pack (100mg CBD, 100mg THC, 100mg CBN) secured the fifth spot, rebounding in rank after not being listed in July.
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.
