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Oct-2024
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Overview
Market Insights Snapshot
Petra's performance in the California edibles market has shown a noticeable decline over the past few months. Starting at the 16th rank in July 2024, Petra has slipped to the 20th position by October 2024. This downward trend is mirrored by a decrease in sales, with a notable drop from $376,899 in August to $322,060 in October. In contrast, Petra's presence in the Michigan edibles market has been relatively stable, with minor fluctuations in rankings, moving from 23rd in July to 27th in October. Despite a dip in sales in August, the brand managed to stabilize its sales figures around the $295,000 mark by October, indicating a more consistent performance in this state.
In Illinois, Petra's ranking has remained consistently outside the top 50, indicating a challenging market presence, as it hovered around the 53rd to 55th positions throughout the months. This consistent ranking outside the top 30 suggests limited traction in this state. Similarly, in Massachusetts, Petra failed to break into the top 30, with rankings around the 60s, and even dropped out of the top 30 entirely by October. Meanwhile, in Ohio, Petra's ranking slightly improved from 31st in July to 29th in September, but dropped back to 32nd in October, reflecting some volatility in its market performance. These movements across different states highlight the varied challenges and opportunities Petra faces in the edibles category across the U.S.
Competitive Landscape
In the competitive landscape of the Edible category in California, Petra has experienced notable fluctuations in its market position over the past few months. Starting in July 2024, Petra held a respectable 16th rank, but by October 2024, it had slipped to the 20th position. This decline in rank is mirrored by a downward trend in sales, with a significant drop from July to October. Meanwhile, competitors such as Happy Fruit have shown more stability, maintaining their rank at 18th in both August and October, and even showing a slight increase in sales. Space Gem has also maintained a consistent presence around the 19th and 20th positions, with a noticeable sales increase in October. These dynamics suggest that while Petra remains a key player, it faces stiff competition from brands that are either maintaining or improving their market positions, which could impact Petra's future strategies and sales performance.
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Notable Products
In October 2024, Petra's top-performing product was Moroccan Mints 40-Pack (100mg), maintaining its number one rank consistently since July 2024, with sales of 13,408 units. The THC/CBN 2.5:1 Blackberry Mints 40-Pack (100mg THC, 40mg CBN) rose to the second position, showing a steady climb from fourth place in July. Pineapple Mints 40-Pack (100mg) slipped slightly to third place after holding the second spot for three consecutive months. The THC/CBN 2:1 Blackberry Mints 40-Pack remained in fourth place, showing a slight recovery from a dip in August. Tart Cherry Mints 40-Pack (100mg) maintained its fifth position since September, although its sales have been declining.
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.
