V. Competitive Analysis
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Direct & Indirect Competitors
The following companies are located within a 10-mile radius of [Company Name], thus providing either direct or indirect competition for customers:
Established in 2019, Hemp House has quickly become a popular location for cannabis products in [location]. They offer a variety of products to their customers, including vape pens, edibles, oils, and more.
While we expect Hemp House to continue to thrive, its location is inconvenient to much of the city. To visit the shop, most customers must drive downtown and pay for parking. [Company Name]’s location will be far more convenient for customers who live on the outer edges and suburbs of [location]. Furthermore, their selection of edibles is small and will not be able to compete with our inventory.
Local Leaf Snacks
Local Leaf Snacks opened in 2021 as the city’s center for edible cannabis products. Whether it be chocolates, gummies, brownies, or anything else, Local Leaf Snacks has you covered.
While they are popular for their edibles, all of their products are sourced from other companies. Local Leaf Snacks does not make its own edibles. [Company Name] will have the advantage of selling locally-made edible products.
City Cannabis is a popular location for cannabis products. The shop is large and sells a wide variety of vapes, edibles, topicals, and more. City Cannabis has been the most popular spot in [location] for cannabis as it was the first major business to open up after cannabis became legal in the state. Therefore, it has become a small tourist spot, which has boosted its traffic and customer base.
However, while City Cannabis’ selection is impressive, their edibles inventory is still smaller than ours and not locally sourced. Individuals looking for local edible products will be more interested in frequenting [Company Name].
[Company Name] enjoys several advantages over its competitors. These advantages include the following:
- Location: [Company Name] will set up shop in a high-traffic area that is easily accessible by many residents of [insert location here].
- Variety of products: Edibles are our specialty, so we will offer a much greater variety of products than our competitors.
- Moderate pricing: Cannabis products can be quite pricey, and soaring demand only makes this worse. [Company Name] will remain competitive by selling our products for more moderate prices and offering coupons and deals to returning customers.
- Management: Our management team has years of experience in the edibles business that will help our business market its products effectively and operate efficiently.