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Aug-2024
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Overview
Market Insights Snapshot
Banned Cannabis Edible Co. has shown a consistent presence in the Michigan market, particularly in the Edible category. Over the past few months, the brand's ranking has fluctuated slightly, starting at 18th place in May 2024 and moving to 23rd by August 2024. While this downward trend in rankings might seem concerning, it is important to note that the brand has managed to stay within the top 30, indicating a steady demand for its products. The sales figures reflect a slight decline from $437,488 in May to $378,323 in August, suggesting that while the brand's popularity may have dipped, it remains a significant player in the Michigan edibles market.
Examining the month-to-month performance, Banned Cannabis Edible Co. experienced a minor drop in rankings from May to June, moving from 18th to 20th place, and then slightly improving to 19th in July before falling back to 23rd in August. This indicates a variable but generally stable position within the competitive landscape of Michigan's edibles market. The brand's ability to maintain a top 30 ranking throughout these months is a testament to its resilience and continued consumer interest. However, the decline in sales and ranking over the summer months could signal a need for strategic adjustments to regain its earlier momentum.
Competitive Landscape
Banned Cannabis Edible Co. has experienced fluctuations in its ranking within the Michigan edible cannabis market from May to August 2024, indicating a competitive landscape. In May, the company held the 18th position, but by August, it had dropped to 23rd. This decline in rank is notable, especially when compared to competitors like High Minded, which maintained a higher rank throughout the same period despite a similar downward trend, and Lost Farm, which consistently hovered around the 20th position. Additionally, North Cannabis showed a positive trajectory, moving from 29th to 25th, suggesting increased market penetration. These shifts highlight the need for Banned Cannabis Edible Co. to reassess its market strategies to regain and improve its standing against these rising competitors.
Notable Products
In August 2024, the top-performing product for Banned Cannabis Edible Co. was Watermelon Cluster Gummies 4-Pack (200mg), which ranked first with sales of $6095. Blueberry Gummy (200mg) maintained its second place from July 2024, demonstrating consistent performance with $5890 in sales. Berry Melon Nerdless Gummies 4-Pack (200mg) improved its ranking to third place from fourth in July 2024. Lemonade Gummies 4-Pack (200mg) dropped one spot to fourth place in August 2024. Finally, Blueberry Lemonade Gummies 4-Pack (200mg) debuted in the rankings at fifth place, showing promising initial sales.
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.
