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Dec-2023
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Overview
Market Insights Snapshot
In the Capsules category, Henotic Hemp has been performing considerably well in Michigan. The brand managed to maintain its position within the top 20 brands in the state, even improving its ranking from 11th in September 2023 to 10th in October 2023. However, it is crucial to note that there was a missing rank for November 2023, indicating that it did not make it to the top 20 that month. Despite this, Henotic Hemp made an impressive comeback in December 2023, securing the 9th position, which suggests a strong recovery and resilience.
As for sales, there's a noteworthy upward trend for Henotic Hemp in Michigan. While the exact sales figures for November 2023 are not disclosed, it's evident that the brand's sales in December 2023 significantly outperformed both September and October, with a substantial increase to 1036 units sold. This increase aligns with the improvement in ranking, suggesting a positive correlation between the two. However, the dip in October sales to 234 units, down from 409 units in September, may have contributed to the brand's temporary fall from the top 20 in November.
Competitive Landscape
In the competitive landscape of the Capsules category in Michigan, Henotic Hemp has shown a positive trend, moving from rank 11 in September 2023 to rank 9 in December 2023. This improvement in rank suggests a growth in market share, despite not being in the top 20 in November. Among its competitors, Mary's Medicinals has maintained a steady presence in the top 10, while Tree House CBD has shown a similar trend to Henotic Hemp, but was also not in the top 20 in November. Michigan Organic Rub has consistently ranked higher than Henotic Hemp, but experienced a drop in rank from 5 to 7 between September and December. Legit Labs has had a more erratic presence, not ranking in the top 20 in October and November, but maintaining a rank of 10 in the months it did appear.
Notable Products
In December 2023, the top-performing product from Henotic Hemp was the Mind Caps 60-Pack (1200mg CBD) under the Capsules category. This product maintained its top rank from September to December, showing a consistent performance throughout the quarter. A notable sales figure for this product in December was 27 units, a significant increase from the previous months. The steady ranking of the Mind Caps 60-Pack (1200mg CBD) indicates a strong and stable demand for this product. The sales data suggests that this product has been a key driver of Henotic Hemp's sales in the last quarter of 2023.
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.
