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Aug-2024
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Overview
Market Insights Snapshot
Drip (MI) has shown consistent performance in the Vapor Pens category within Michigan. Despite a slight dip in ranking from 5th in May 2024 to 7th in June 2024, the brand quickly regained its position, returning to 5th place by July and maintaining this rank through August 2024. This resilience in the rankings suggests a strong consumer base and effective market strategies. The sales figures also support this trend, with a notable increase from approximately $2 million in June to nearly $2.3 million in July, and a further rise to over $2.7 million in August, indicating a positive trajectory in consumer demand.
However, it is important to note that Drip (MI) did not appear in the top 30 brands in any other state or category during this period. This absence could be interpreted as a limitation in the brand's market penetration outside of Michigan, or a strategic focus on dominating the local market before expanding further. The brand's ability to maintain a top 5 position in Michigan's competitive Vapor Pens category is commendable, but the lack of presence in other states highlights areas for potential growth and diversification. Observing how Drip (MI) navigates these opportunities in the coming months will be crucial for understanding its long-term market strategy and potential for expansion.
Competitive Landscape
In the competitive landscape of vapor pens in Michigan, Drip (MI) has shown a resilient performance amidst strong competition. Over the past four months, Drip (MI) has maintained a relatively stable rank, fluctuating between 5th and 7th place. Notably, Crude Boys has demonstrated a significant upward trend, climbing from 7th place in May 2024 to 4th place by August 2024, which may indicate a shift in consumer preference that Drip (MI) needs to monitor closely. Meanwhile, Platinum Vape has experienced a decline, dropping from 4th to 7th place over the same period, potentially opening opportunities for Drip (MI) to capture more market share. Additionally, Muha Meds has shown some volatility but remains a strong competitor, consistently ranking in the top 6. The consistent high performance of Breeze Canna, holding the 2nd place for three months before slipping to 3rd in August, underscores the competitive pressure in the market. Drip (MI)'s ability to maintain its rank amidst these shifts suggests a solid customer base, but the brand must stay vigilant and adapt to the evolving market dynamics to improve its standing and sales.
Notable Products
In August 2024, Blue Dream Distillate Cartridge (1g) maintained its position as the top-performing product for Drip (MI) with sales reaching 24,854 units. Granddaddy Purple Distillate Cartridge (1g) climbed to the second spot, showing a significant resurgence with sales of 24,153 units. Super Lemon Haze Distillate Cartridge (1g) held steady in the third position, demonstrating consistent popularity with 23,633 units sold. Green Crack Distillate Cartridge (1g) re-entered the rankings at fourth place after a brief absence, while Zkittlez Distillate Cartridge (1g) debuted in the fifth position. Notably, Blue Dream has consistently been the top product for the past four months, while Granddaddy Purple showed a remarkable comeback after not being ranked in June and 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.
