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Aug-2024
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Overview
Market Insights Snapshot
GreenCo Ventures has shown a significant upward trend in the Concentrates category in Michigan. Starting from a rank of 27 in May 2024, the brand climbed to the 12th position by August 2024. This steady improvement is reflected in their sales figures, which saw a notable increase from $171,292 in May to $354,458 in August. The brand's consistent rise in the rankings indicates a growing consumer preference for their concentrates, which could be attributed to product quality, effective marketing strategies, or increased distribution channels within the state.
However, GreenCo Ventures' performance in the Flower category in Michigan presents a contrasting picture. The brand did not appear in the top 30 rankings for May, June, or July, only making an entry at the 100th position in August 2024. This late appearance suggests that the brand may be struggling to establish a foothold in the highly competitive flower market. The absence from the top 30 for three consecutive months highlights areas where GreenCo Ventures might need to reassess their strategy, whether it be product offerings, pricing, or marketing efforts, to improve their standing in this category.
Competitive Landscape
In the Michigan concentrates market, GreenCo Ventures has shown a notable upward trajectory in rankings and sales over the past few months. Starting from a rank of 27 in May 2024, GreenCo Ventures climbed to 12 by August 2024, indicating a significant improvement in market position. This rise is particularly impressive when compared to competitors like 710 Labs and Redemption, which have maintained relatively stable ranks but have not demonstrated the same level of upward momentum. For instance, 710 Labs fluctuated between ranks 9 and 11, while Redemption improved from rank 15 to 10 over the same period. Additionally, Midwest Extracts made a remarkable leap from rank 51 to 15, showing that the market is highly competitive and dynamic. Despite this, GreenCo Ventures' consistent climb suggests effective strategies and growing consumer preference, positioning it as a strong contender in the Michigan concentrates category.
Notable Products
In August 2024, the top-performing product for GreenCo Ventures was Lemon Cherry Gelato Full Spectrum Live Resin (1g) in the Concentrates category, which achieved the number one rank with sales of $8,422. Strawberry Runtz Live Resin (1g) followed closely in the second position, maintaining its high performance from the previous month despite a slight drop from the top spot. Gmoreoz Live Resin (1g) held steady at third place, showing consistent demand. Superboof Live Resin (1g) entered the rankings at fourth place, while First Class Funk Live Resin (1g) moved up to fifth place from being unranked in previous months. Overall, the Concentrates category saw significant activity, with notable shifts in product rankings compared to earlier months.
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.
