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Aug-2024
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Overview
Market Insights Snapshot
Lit Labs has shown notable fluctuations in its performance across various categories in Michigan. In the Concentrates category, the brand saw a significant improvement from May to June 2024, jumping from rank 44 to 18. This surge was sustained in July, but the brand experienced a drop to rank 33 in August. This movement suggests a volatile but generally positive trend in the Concentrates market. On the other hand, the Edible category shows a gradual decline, with Lit Labs ranking 55 in May and falling to 65 by August. The Vapor Pens category did not see the brand making it to the top 30 in any month after May, indicating a weaker performance in this segment.
Analyzing sales data, the Concentrates category experienced a peak in June with a significant increase in sales, followed by a decline in August. This indicates a possible seasonal or market-driven fluctuation that could be worth investigating further. Edibles, however, show a consistent downward trend in sales from May to August, which may point to either increased competition or a shift in consumer preferences. The absence of Lit Labs from the top 30 in the Vapor Pens category for three consecutive months highlights a potential area for strategic improvement or market repositioning. Overall, while Lit Labs has shown strengths in certain areas, there are clear opportunities for growth and stabilization across different product segments.
Competitive Landscape
In the competitive landscape of the Michigan concentrates market, Lit Labs has experienced notable fluctuations in rank and sales over the past few months. Despite a strong performance in June and July 2024, where Lit Labs held the 18th rank, the brand saw a significant drop to the 33rd position by August 2024. This decline is particularly concerning given the consistent upward trends of competitors like Redbud Roots and Magic, which improved their ranks to 38th and 31st respectively in August 2024. Additionally, Levitate maintained a relatively stable presence, peaking at the 32nd rank in July before a slight dip to 34th in August. Meanwhile, Society C consistently outperformed Lit Labs, holding the 30th rank in August. The competitive pressure from these brands, coupled with their increasing sales, suggests that Lit Labs needs to reassess its market strategies to regain its footing and drive sales growth in the Michigan concentrates category.
Notable Products
In August 2024, the top-performing product from Lit Labs was Strawberry Rosin Gummies 20-Pack (200mg), which climbed from the second position in July to the first rank with notable sales of 2493 units. Watermelon Gummies 10-Pack (100mg) secured the second spot, maintaining a strong presence despite a slight decrease in sales to 2043 units. The newly introduced Watermelon Rosin Gummies 20-Pack (200mg) debuted impressively at the third position. Blue Razz Full Spectrum Vegan Gummies 10-Pack (200mg) dropped one rank to fourth place with a significant decrease in sales to 1633 units. San Fran Pie Live Resin (1g) entered the top five for the first time, indicating a rising interest in concentrates among consumers.
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.
